Major averages finished mildly higher yesterday on mixed volume though semiconductors and small caps led the day, both up nearly 1%. That said, both indices had undergone deeper "mini"-corrections compared to the other averages. The Dow Industrials Index is now up 12 days in a row, and the market has now gone 94 days without a correction of 1% or more, continuing to prove just how meaningless such statistics are in determining near-term market direction.
Leading stocks remained fairly quiet with many of them rising mildly to moderately or bouncing after sharper pullbacks. U.S. Steel, which looked to be in a death spiral last week after failing on a breakout attempt, bounced off of its 50-day moving average and will gap up this morning on an analyst upgrade.
Other names on our Focus List held tight or closed up on the day within constructive patterns, such as AMZN, FB, FTNT, GKOS, BABA, NFLX, NTES, NTNX, QTNA, SQ, TWLO, THO, and VEEV, while CUDA posted a pocket pivot at its 10-day moving average.
Futures are roughly flat this morning as European markets act in a similar fashion overnight.
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