MLR - PMP 4/24/14
Major averages fell on lower volume. Megacaps GOOG and AAPL both reported strong earnings so are both gapping up in premarket trading. Futures are consequently trading appreciably higher with NASDAQ futures up 1.41% at the time of this writing. With a number of European markets hitting new highs and the S&P 500 on the verge of doing so, a resumption of this QE-induced uptrend is increasingly likely despite the serious damage done to leading stocks over the last several weeks.
Skyworks Solutions (SWKS) had a buyable gap up. Group rank 4, accelerating earnings, 25.4% pretax margin. SWKS bounced off its 50-day moving average and is breaking out of a 3 year base.
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