MLR - PMP 2/26/14
The major market averages closed nearly flat yesterday on lower volume. A good number of quality stocks continue to hold up well which bodes well for the internals of the market. More buyable gap-ups and pocket pivots were seen in leading stocks and emerging leading stocks:
Internet retailer Zulily (ZU) had a buyable gap up yesterday. after a strong earnings report. Group rank 29, soaring earnings and sales. ZU is a recent IPO, having come public last November, and as such represents some strong "new merchandise" which is always a healthy development for the market.
Solar power company SolarCity (SCTY) had a pocket pivot yesterday as the solar group remains the #1 ranked group in this market. SCTY initially sold off on Monday after the close after delaying its earnings announcement to March 3, but the stock turned and rallied yesterday on the small amount of information provided by the company regarding installed MWs and other "tidbits" to flash a pocket pivot breakout to all-time highs.
Tesla Motors (TSLA) gapped up and continued past the $250 level as it does its best to mimic General Motors (GM) in 1915.
This morning Taser International (TASR) is looking to have a buyable gap up at today's open. Institutional sponsorship has grown over the last 8 quarters, sales and earnings are accelerating, group rank 77.
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