MLR - PMP 3/19/14
Major averages rose on higher volume as events in the Ukraine simmered down. Russian President Vladimir Putin put a lid on further brewing tensions by indicating that Russia is not looking to split up Ukraine. While this might also be interpreted as Putin saying he doesn't want to retake just part of Ukraine, but the whole enchilada, markets chose to see it as a lowering of tensions and the rally off of last week's very bearish-looking lows continued for another day. Meanwhile, the Federal Reserve's two day meeting concludes today when they make their announcement at 2pm EST. It will be the first time new Fed Chairwoman Janet Yellen gives a post-meeting press conference. She is considered to be a dove in that she favors continued quantitative easing as a tool to reduce the unemployment rate well below 6.5%.
Solar stock GT Advanced Tech (GTAT) had a continuation pocket pivot yesterday. Earnings are negative but future earnings are expected to be big. Group rank 2.
Lifelock (LOCK) had a pocket pivot yesterday as it rounds out the lows of a recent pullback.
SolarCity (SCTY) released its full earnings report yesterday after the close, beating estimates but lowering guidance. The stock is down only slightly this morning in pre-open trade, however, and we are watching to see how it holds its 50-day moving average.
Tesla Motors (TSLA) successfully tested its 20-day moving average and the 228.45 intraday low of the late February buyable gap-up move earlier this week. It is now in position for a possible pocket pivot if it can come up through its 10-day moving average on volume that exceeds 8,836,349 shares, the highest down-volume in the pattern over the prior 10 trading days.
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