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MLR - Pre-Market Pulse for Tuesday, July 23, 2013

Major averages rose slightly on lower volume, not surprising after Friday's triple witching which boosts volume substantially. In after-hours earnings news yesterday Netflix (NFLX) traded down nearly 7% after the close when it reported that subscriber growth came in weak while semiconductor maker Texas Instruments (TXN) traded up a percent on a stronger outlook. This morning NFLX has recovered to...

Yesterday after the close we sent out a pocket pivot report detailing moves in Invensense (INVN), Biogen Idec (BIIB), and Actavis (ACT). We've reported previously on INVN and BIIB. ACT is merging with Warner Chilcott (WCRX) which has a similar look on its chart. ACT announces earnings on Thursday and analysts are looking for $2.00 a share, a 41% increase.
The markets look to be baby stepping their way higher once again as quantitative easing remains in full force across major central banks. The economy, meanwhile, seems to be slow to gain traction, adding to the likelihood that QE will remain a fixture in the marketplace for a fair bit longer.

The prices of precious metals seem to be confirming this as both silver and gold had sharp upside moves yesterday as they approach areas of upside resistance.. The SPDR Gold Shares (GLD) closed right at its 50-day moving average while the iShares Silver Trust (SLV) remains 3% below its 50-day moving averages. Both ETFs have made a series of higher highs and higher lows since bottoming out on June 28th. As of yet, however, no concrete buy points have emerged in either.


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