PPR - CTXS and EMC Pocket Pivots
Citrix Systems (CTXS) broke out of a tight 3-week flag formation on a move that was also a pocket pivot buy point. Reminds us a little bit of GMCR on Monday. We would look for CTXS to hold the 84 level, roughly the upper boundary of its flag formation on a closing basis.
EMC Corp. (EMC) flashed a pocket pivot buy point coming up off of its 10-week moving average. EMC is a large-cap stock, hence a bit slower.
Despite uneven action in the general market indexes, some of these pocket pivots, such as GMCR, CMG, and NFLX from Monday, have so far produced upside gains since we issued Pocket Pivot Reports on each, and in each case investors had plenty of time to get into these three stocks berfore they moved materially higher. Thus one should make no negative assumptions about today's pockets in CTXS and EMC.
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