MLR - PMP 6/17/14
Major averages baby stepped higher yesterday on mixed volume as the "Iraqi Crisis Lite" doesn't seem to figure into the action. A number of stocks had actionable buy points which attests to the constructive underpinning of this current market rally phase and suggests that further upside is likely
Leading stock Tesla Motors (TSLA) had a solid pocket pivot breakout yesterday putting it into play once again as it broke out of a low handle. While earnings and sales were near flat in the prior quarter, earnings and sales in future quarters are looking to resume their steep growth. Group rank 40.
Palo Alto Networks (PANW) just missed having a continuation pocket pivot. It had a recent gap up on a strong earnings report. Earnings and sales are robust, group rank 57.
Solar stock First Solar (FSLR) had a pocket pivot yesterday. Group rank 86 but that is up from 176 the prior week. FSLR is moving along with Sunpower (SPWR), which broke out yesterday on big upside volume. We reported on SPWR much earlier down in the 33-34 price range as it was flashing buyable gap-ups and pocket pivots within the base.
Natural gas transport company Gaslog (GLOG) had a pocket pivot yesterday as the oil and gas sector continues to act well. It is coming back up through its 50-day moving average. Earnings and sales have skyrocketed, institutional sponsorship has grown over the last 6 quarters, pretax margin 24.9%, group rank 14.
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