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MLR - Premarket Pulse July 1, 2013

The NASDAQ Composite closed near breakeven while the S&P 500 closed down, both on higher volume due to Russell Index rebalancing. The Russell 2000 is above its 50-day moving average while the NASDAQ is roughly right at its 50-day moving average and the S&P 500 is just below its own 50-day line. The Fed's Primary Open Market Operations (POMO) through which it implements its bond purchasing program just published the latest schedule which confirms that quantitative easing is firing on all cylinders. While some resistance could be felt as the S&P 500 moves back up through its 50-day moving average, it would not be surprising to see the major indices continue higher, and indeed futures this morning indicate another gap-up open for the market.

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