Major averages made a nice comeback on higher volume after earlier weakness due to Turkey shooting down a Russian military jet. Both the NASDAQ Composite and the S&P 500 Indexes found support at their 10-day moving averages. The Russell 2000 small-cap index surprisingly led on the upside with a 0.72% gain on the day vs. the NASDAQ's 0.01% and the S&P's 0.12%. Market weakness on such news events is usually short-lived, but the market's reaction is probably from spillover effects from the Paris attacks. Barring any unexpected news events, odds favor the markets trading quietly higher on the day before and after Thanksgiving.
Network security infrastructure provider Palo Alto Networks (PANW) had a buyable gap up on a strong earnings report. Earnings and sales are soaring, group rank 92.
Telecom infrastructure firm Maxlinear (MXL) had a pocket pivot. It gapped higher on its prior earnings report. Earnings and sales are soaring, group rank 51. It closed in the lower half of its trading range, a weak close given yesterday's comeback.
Telecom infrastructure firm Dycom (DY) had a pocket pivot. After reporting earnings, it was weak but has since made a high volume reversal to the upside. Earnings are soaring, sales are strongly accelerating, group rank 51. We reported on DY on Nov 2 when it had a pocket pivot.
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