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MLR - PMP 7/7/14

Major markets rose last Thursday on low pre-holiday half-session volume. The NASDAQ Composite is now 5.9% above its 50dma. Since 2013, whenever it gets 5-6% or above its 50dma, it tends to have a minor correction. Further, the VIX is at 7-year lows. When the VIX reaches such levels, markets tend to at least pause or experience minor corrections.

Major averages have been hitting new all time highs or multi-year highs recently, so if history is any guide regarding minor corrections which the markets seem to almost rhythmically obey, a minor correction or at least a sideways pause is due sooner than later to allow the moving averages to move closer to the price. On the other hand, quantitative easing continues to pump its way into the system, so perhaps markets start to accelerate to the upside much as they did in late 1999 when Greenspan relaxed monetary conditions in anticipation of the Year 2000 concern.

As usual, we continue to email members in real-time whenever any buy points emerge, and the numbers of actionable leading stocks over the past few weeks have been plentiful.

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