Major averages rose on higher volume, closing near their highs. Small and mid-cap stocks were up the most playing catch up as they have been lagging. The NASDAQ Composite and NASDAQ-100 both made new closing highs.
Signs of economic growth over in Europe and in China have helped underscore the notion that deflation is less of a threat now than before. The European Central Bank plans to continue to use quantitative easing as a necessary tool, thus does not want to send a premature signal that it will be hiking rates anytime soon. Nevertheless, markets are taking this as a positive turn of events. This does not remove the strong possibility that all this money printing that has taken place since 2009 will have any sort of soft landing. As always, watch your stocks.
Focus List Update
MOMO posted a continuation pocket pivot off its 10-dma. We would prefer to have entered the stock when it was still sitting at the 10-dma on light volume, per our notes from yesterday.
SNAP is pulling into its 10-dma as volume dried up to -65.4% below average. This brings it into a lower-risk entry position near the 10-dma while using the line as a tight selling guide.
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