MLR - PMP 1/23/14

Published : January 23 2014 at 9:21 ET

The major market averages were up yesterday on lighter volume, but the NASDAQ Composite made another new high on above-average volume. Earnings season is moving into full swing as Netflix (NFLX) and eBay (EBAY) both announced yesterday after the close with NFLX up sharply this morning while EBAY is up a little over a percent.

Small bio-tech Repligen (RGEN) traded enough volume for a pocket pivot yesterday that was also a standard base breakout on huge volume. Institutional sponsorship has increased nine quarters in a row. Earnings are skyrocketing although estimates over the next few quarters are not as high as earnings growth over the same quarters a year ago. The bio-tech group remains the market's #1 ranked industry group.

Rocketfuel (FUEL), a small tech company that provides an automated decision-making platform for the digital-advertising market, is gapping up this morning after guiding earnings and revenues higher yesterday after the close. FUEL was previously discussed by Gil Morales in the last two VoSI webinars, most recently on Monday of this week. Gil noted that the action reminded him of FireEye (FEYE), and FUEL's gap-up move this morning may qualify as a buyable gap-up. We will be monitoring the stock this morning and issue a report as appropriate.

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