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MLR - PMP 8/5/14

Major averages bounced on weak volume that was below average. The market sell-offs have been contained to with 6% since January 2013. Also, when put-call ratio spikes above 1.0 as it did on Friday, the market tends to find its floor. While it is easy to get complacent and assume history will repeat once again, the major divergence between the Russell 2000 and other major indices is pronounced. Damage to leaders as well as lack of breadth in stocks failing to keep up with the S&P 500 as it graces new highs has also been a red flag. We will continue to monitor the situation for clues of potential market breaks to the downside vs. a resumption of the uptrend.

Online travel company Priceline.com (PCLN) had a pocket pivot. It has been basing for 5 months. Pretax margin 38.4%, ROE 40.7%, group rank 68. PCLN is expected to announce earnings next Monday after the close.

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