MLR - PMP 6/18/14

Published : June 18 2014 at 9:03 ET

Major averages rose yesterday on higher volume with the risk-on small cap Russell 2000 up the most. The Fed's two-day meeting concludes today though the Fed is expected to keep the QE-pump flowing as interest rates aren't expected to rise until mid-2015 at the very earliest, though any hike could be delayed well into 2016 given how ineffective QE has been to jump start economies domestically and internationally.

Market internals remain strong as a number of constructive buy points continue to pop up.

Pocket pivots:

Chinese internet security software provider Qihoo 360 Technology (QIHU) had a pocket pivot yesterday coming up through its 200-day moving average. Earnings and sales are skyrocketing, pretax margin 37.4%, ROE 37.3%, group rank 54.

Clothing and accessories retailer Kate Spade (KATE) had a pocket pivot yesterday within the handle of a cup-with-handle base. Institutional sponsorship has grown 5 quarters in a row, group rank 72.

Therapeutics developer Horizon Pharmaceuticals (HZNP) had another pocket pivot within its base yesterday. Sales are soaring, institutional sponsorship has grown 11 quarters in a row since its IPO, group rank 2.

Biotech PCRX. Sales are soaring, group rank 38. Earnings are expected to go positive in Dec '14 quarter.

Another therapeutics developer Jazz Pharmaceuticals (JAZZ) also had a pocket pivot yesterday. When JAZZ was smaller and thinner, it had a few "spin-out" days where market makers let the price slip hugely in a matter of minutes or less. Those days seem far behind as JAZZ has been trading normally for close to two years now. Pretax margin 54.4%, ROE 32.1%, group rank 2.

Buyable gap ups:

Pharmaceutical manufacturer of plant-derived medical cannabinoids GW Pharmaceuticals (GWPH) had a buyable gap-up yesterday with an intraday low of 81.12. Group rank 38.

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