Holy Cloud-Computing, Batman, but 45 minutes into the trading day and the market is ripping. Pocket pivots are looking like they are sprouting up everywhere, particularly in our favored cloud-computing plays. CTXS looks like its pulling one off as I type with volume up over 100% this early in the day. We anticipated this in our Follow The Stock report on CTXS of a couple of days ago, and here it is. Also, CRM, VMW, and FFIV also appear to be putting in pocket pivot buy points. We'll see how things hold up into the close, but so far we can't argue with this very positive price/volume action in our favorite group. Both Dr. K and I have to run off to a Barron's interview this morning, so we have no time to put up charts. I (Gil) am heavy long VMW, CRM, ARUN, and CTXS coming into this morning's open. We will try to update during the day with our Verizon wireless high-speed internet card and a laptop as we do interviews today with Barron's, Reuters, and Bloomberg Radio.
As I screen the market action this morning, I also notice stocks like VRX and PCLN, which is coming off a high-tight flag, putting in action that could be pocket pivots by the end of the day. It's okay to anticipate this, in our view, using the lows of the day as your rough guides for stops if the pocket pivots don't pan out by the close. Good luck!
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