MLR - PMP 6/6/14
Major averages rose on stronger volume yesterday as leading stocks continued to forge higher. Today's jobs number came in at 217,000 new non-farm payrolls vs. expectations of 230,000. This is also lower than last month's 273,000 jobs that were reported. With the jobs number not providing any big surprises either way, the market trend likely remains in place.
In yesterday's webinar we looked at a number of stocks that are setting up as they hold tight along their 10-day or 50-day moving averages and are in position for possible pocket pivot buy signals. Investors should be watching names behaving in such a manner closely for actionable buy points. We see increasing numbers of stocks setting up here. Some pocket pivots that emerged yesterday:
Illumina (ILMN) - Medical research company with accelerating sales, group rank 33. It is a biotech leader that looks to be completing its base as it breaks out of its handle. We reported on ILMN's much earlier pocket pivot coming up through the 50-day moving average on May 19th.
Diodes (DIOD) - Semiconductor company with strong earnings, group rank 9.
VipShops Holdings (VIPS) - Chinese online discount retailer with soaring earnings and sales, 9 quarters of institutional sponsorship growth, pretax margin 39.8%. VIPS is just breaking out of a basing pattern that coincides with a pocket pivot.
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