MLR - PMP 12/27/13
The major market averages were higher on light holiday trading that was obviously higher than Tuesday's short Christmas Eve trading session. Quality stocks have been performing better including FB, NFLX, AMZN, GOOG, PCLN, and ILMN all which are driving to new highs along with the NYSE advance-decline line. New highs seen in NASDAQ and NYSE stocks have also been on the rise. With little to shake the markets in this quiet news period, and with quantitative easing on full blast, markets have continued their uptrend in unfettered fashion.
Small cloud staffing services firm Intercloud (ICLD) had a pocket pivot yesterday. Keep in mind this stock is a micro-cap so it is ultra-thin, trading about $13 million in daily dollar volume. What it has going for it is a possible quick play to the upside while possibly keeping a small core position for a longer-term move given its group rank of #2, first quarter of positive earnings, and outstanding return-on-equity of 41.9%. ICLD provides telecommunications staffing and specialty contracting services. Gil Morales first discussed ICLD in the VoSI Member's Lounge chatroom when it was trading under 10 about 2 weeks ago.
Workday (WDAY) had a subtle pocket pivot yesterday as it continues to move tight sideways near the top of a handle formation within an overall cup-with-handle base.
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