MLR – PMP 1/23/15

By | January 23, 2015

Scalper1 News

Major averages pushed through their respective 50-day moving averages on higher volume on news the European Central Bank would increasing its flow of QE to $70 billion a month for at least the next 19 months, up from about $12 billion a month. This is a significant amount, yet the overall action of leading stocks remains poor. Much of the QE-money will get used to to prop up debt of irresponsible EU members like Spain, Greece, etc. Indeed, European markets have been in a downtrend since June 2014 despite QE but perhaps this sizeable increase will help European markets find their floor, and this, in turn could be beneficial for US markets. The Market Direction Model remains on close watch. U.S. oil supplies hit their highest level in 80 years putting further selling pressure on the price of oil was its well-entrenched owntrend continues. Lack of global demand adds to the selling pressure not just in oil but across a basket of commodities as the Commodity Research Bureau index plumbs lows it has not seen since 2009. Airline Virgin America (VA) had a pocket pivot yesterday. Airlines have been doing well with industry group rank 2 due to the falling price of oil. Earnings have been shooting higher. Veterinary services company VCA, Inc. (WOOF) had a pocket pivot. Earnings are accelerating, group rank 41. WOOF has a tendency to violate its 50dma at times. For general VoSI members, Gil Morales will be in the VoSI Member’s Lounge chat room today at 7:30 a.m. Pacific, 10:30 a.m. Eastern. Also Gil is planning to host a Stock-Hunting Webinar this weekend for VoSI Webinar Members, time to be determined. A formal invite with the actual time and day of the webinar will be sent out to webinar members later today. Scalper1 News

Scalper1 News