Major averages made good upside progress though on lighter volume. Markets are trading higher as they look to continue their uptrends. The S&P 500, NASDAQ Composite, NASDAQ-100, and Dow Industrials all closed at new all-time highs.
Focus List Update
X had a pocket pivot off its 50dma after its pocket pivot through its 50dma about a week ago. These pair of pockets came after much up-down schizophrenic action as it broke down through its 50dma.
NVDA is gapping higher after reporting strong earnings.
YELP missed on earnings and is down 11% this morning - one reason why we refrain from playing "earnings roulette" UNLESS we have a reasonable profit cushion in a stock.
FCX is gapping higher on new copper mining permits.
ATVI is gapping higher on a strong earnings report, but as we advised over the weekend, it is best to wait until after it reports earnings before taking any short position. At this point, ATVI gapped into new high ground so should not be shorted.
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