Major averages rose yesterday on near breakeven volume after being in the red early in the trading day. This action is particularly frustrating after a high volume reversal day just the prior day where leading stocks continued to falter. Nevertheless, one must always remain sufficiently nimble in such rip-tide, indecisive environments. While the market’s volatility remains elevated, it may be best to move to the sidelines once again in terms of timing the market as dead cat bounces or otherwise can move higher and faster than expected in this choppy environment. At the time of this writing, futures are trading lower by about -0.5% on the NASDAQ and almost -1.0% on the S&P 500. The U.S. economy grew by a 2.6% annual pace in the fourth quarter, slowing from a 5.0% pace in the third quarter,and below expectations of 3.2%. Consumer spending rose 4.3% which is the biggest gain since the first quarter of 2006. The PCE index, the Fed’s preferred inflation gauge, fell at a 0.5% annual rate in the October-to-December period which is the biggest drop since the first quarter of 2009, which gives the Fed more room to keep interest rates low. Pocket pivots: Pharmaceutical Alexion Pharmaceuticals (ALXN ) had a pocket pivot on a big outside reversal to the upside after a strong earnings report. ALXN is just closing above its 50-day moving average. Robust earnings, group rank 1. Semiconductor system-on-a-chip Cavium (CAVM) had a pocket pivot on a big outside reversal to the upside – ROE 28%, institutional sponsorship grew last 4 quarters, group rank 13. Airline JetBlue Airways (JBLU) had a pocket pivot on a big outside reversal to the upside. JBLU is benefiting from low oil prices, accelerating earnings, group rank 2. Network security infrastructure company Palo Alto Networks (PANW). The stock has obeyed its 50-day moving average for many months, has strongly accelerating earnings and sales, institutional sponsorship grew last 6 quarters, group rank 7.