Market Lab Report - Premarket Pulse 4/27/15
The number of actionable leading names over the past several days emailed to members in real-time has been pronounced. Indeed, a number of these names have continued to move higher and are now looking extended. While the major averages have been unable to muster any sort of longer term uptrend since December, markets do not stay in trading ranges forever, thus the recent action on behalf of leading stocks could mean a shift into a longer term uptrend. That said, it is entirely possible the market will once again find a short-term top and trip over itself as it has done many times since December. Taking profits when you have them in context with the chart and market conditions has been a key strategy to profiting in this environment. Thus if any of your stocks seem overbought at this juncture, taking at least half off the table can be prudent.
Web hosting business Rackspace Holdings (RAX) had a pocket pivot breakout on Friday. Earnings are accelerating, up 86% in the last quarter, group rank 12.
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