MLR - PMP 5/29/14
Major averages fell fractionally on lower volume though some leading stocks were able to post gains. The number of actionable stocks has jumped over the last 2 days as major averages round out their cup formations or hit new highs. So while the US economy remains soft and concerns prevail over interest rates, the Fed has maintained its market-bullish stance of unusually low rates for a prolonged period.
Both Chinese provider of internet security, browsers, and online games company Qihu 360 Technology (QIHU) and enterprise cloud company Workday (WDAY) had buyable gap ups at yesterday's open as they both reported strong earnings and came through their respective 50-day and 200-day moving averages. After watching both closely, WDAY closed its gap but traded enough volume for a pocket pivot.
QIHU - Earnings and sales are skyrocketing, pretax margin 37.4%, ROE 37.3%, institutional sponsorship increased over the last 7 quarters.
WDAY - Sales have accelerated strongly over the last few quarters, institutional sponsorship increased over the last 7 quarters since the company went public.
For those of you who have been in the chat room over the past two days you will recall that Gil Morales called the low in Twitter (TWTR) on Monday, and the stock flashed a big-volume deep bottom-fishing pocket pivot yesterday. This morning the stock is looking to gap up another 3%. Gil will be in the chat room today at 8:00 a.m., and today's VoSI live intraday webinar for webinar subscribers is scheduled for 9:00 a.m. Pacific, Noon, Eastern. An announcement will be sent out shortly.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.