MLR - PMP 2/13/15
Major averages moved past resistance yesterday with the NASDAQ Composite matching highs not seen since March 2000. While the NASDAQ has clear the highs of the market's recent two-month range, the S&P 500 still remains below the upper band of this range as the NASDAQ takes the leadership role.
Bellwether big-stock NASDAQ name Apple (AAPL) continues to push into new high ground, while network security software company. Overall this is constructive for the general market and one reason why the NASDAQ has led the market to higher highs at the current time.
CyberArk Software (CYBR) is set to gap-up huge this morning after a strong earnings report that was announced yesterday after hour. We already reported on CYBR's roundabout type of pocket pivot as the stock first came up through its 50-day moving average on Tuesday, and today's move constitutes a potential buyable gap-up once the market opens for trading. Earnings and sales are soaring, group rank 10.
MasterCard (MA) had a pocket pivot yesterday, as did Salesforce.com (CRM). Both stocks are attempting to come out of new potential bases.
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