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MLR - PMP 8/12/14

Major averages rose yesterday on lower volume. The NASDAQ Composite managed to close above its 50-day moving average but S&P 500 and Russell 2000 remain under their respective 50-day moving average and 200d-day moving averages. The NASDAQ Composite is less than 2% under its all time high while the S&P 500 is less than 3% under its all time high, as both averages attempt the claw their way back into new high ground after falling as much as 4.3% off peak. There is a subtle shift that is seeing the NASDAQ assume a leadership role, and this must be watched closely since this is where strength is developing should the market be able to move higher. That said, the bounce over the last two days has been on anemic volume as well as the large number of distribution days prior to the bounce which generally bodes poorly for a sustained bounce. This QE market, however, have seen the indexes recover on light volume after a sell-off, so investors should be ready for anything.

Chinese online discount retailer Vipshops (VIPS) had a pocket pivot yesterday. ROE 39.8%, soaring earnings and sales, institutional sponsorship has grown 5 quarters in a row, group rank 24.

Pharmaceutical company Intermune (ITMN) had a pocket pivot yesterday. Sales are soaring.

Cannabidiol-based pharmaceutical company GW Pharmaceuticals (GWPH) traded enough volume for a pocket pivot yesterday coming off the 50-day line and the top of its prior base. We have reported on this stock before.

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