MLR - PMP 1/22/14
The major market averages were up on lower volume, though the Dow Jones Industrial Average fell due to disappointing earnings from Travelers (TRV), Verizon (VZ) and Johnson & Johnson (JNJ). Earnings season is upon us as many companies are due to report this week. Keep a close eye on the size of your position if a stock you own is about to report earnings. You may wish to adjust your position size to stay consistent with your risk tolerance levels.
After we reported on NQ Mobile'd (NQ) buyable gap up last Wednesday, it had a pocket pivot yesterday, closing above its 3-week base. While the pocket pivot low is slightly extended from its 10dma, the overall chart formation is constructive so the pocket pivot provides another follow-up entry point after its initial BGU.
Netflix (NFLX) announces earnings after the close today, the first of the big-stock NASDAQ names to do so.
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