Major averages dropped yesterday on higher but below average volume. The market may be taking a brief pause here to digest its gains though futures are up around 0.5% at the time of this writing. The NASDAQ Composite has thus far run into resistance at its 200-day moving average, and yesterday peeled away from the line to the downside.
The number of actionable names continues though only a handful have performed well over the last several days such as MANH and IPHI. Tentative market action is not surprising with the number of distribution days building.
Supply chain management software company Manhattan Associates (MANH) had a buyable gap up on a strong earnings report. This comes two days after its pocket pivot on which we reported. Pretax margin 28%, ROE 48.5%, consistent and accelerating earnings, group rank 28.
Lighting products company Acuity Brands (AYI) had a pocket pivot. Earnings and sales are strong and steady, group rank 11.
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