Market Lab Report - Premarket Pulse 7/29/16
Major averages finished yesterday near the top of their respective trading ranges, roughly breakeven to slightly higher, on lower, below average volume. The S&P 500 remains in a tight, constructive trading range while the NASDAQ Composite continues to move higher on the earnings momentum of technology leaders such as AAPL, FB, AMZN, and GOOGL.
Notable action in the realm of individual stocks:
Medical device maker Boston Scientific (BSX) had a buyable gap up yesterday on strong earnings. Earnings and sales are accelerating, group rank 39. BSX has been mentioned a few times in past reports.
Ebix (EBIX) had a pocket pivot yesterday. We have mentioned EBIX in prior reports and also most recently in our weekend report sent out to members on July 24 as it was one of the stocks pulling back constructively and in a lower-risk buy position.
Amazon.com (AMZN) posted a pocket pivot breakout ahead of its earnings report yesterday. Earnings are skyrocketing, sales are accelerating, group rank is 40. AMZN posted strong earnings after yesterday's close and is currently trading about 2% higher before the open.
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