MLR - PMP 9/30/14
Major averages gapped lower yesterday at the open then finished well off their lows, close to break even on higher volume with both the S&P 500 and NASDAQ Composite closing just above their respective 50-day moving averages. The NASDAQ also continues to find support along the top of its July/August double-bottom range. A few leading stocks performed well including GPRO, ANET, PANW, and MBLY. FB also closed at a new high as it attempts to buck the general downtrend over the past couple of weeks. Still, a number of damaged leaders remain technically tentative as the market continues its struggle. Futures are up this morning on what is the last day of the third quarter where we might expect names that have performed strongly thus far in 2014 to be supported.
Cloud networking company Arista Networks (ANET) had a pocket pivot yesterday. Earnings and sales are skyrocketing, ROE 95.8%, group rank 34.
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