Major averages put in a strong showing yesterday on higher volume with the NASDAQ Composite nearly reaching its 200-day moving average. The NASDAQ 100 Index was able to clear its 200-day line as big-cap names were strong, but it was the Russell 2000 that stole the show, with a 2.67% gain.
The rally was sparked by comments from Fed Chair Janet Yellen who said that financial conditions and the global economy are less favorable than they were in December which suggests the Fed will be putting off any rate hikes for the foreseeable future.
Electronic mortgage origination service provider Ellie Mae (ELLI) had a pocket pivot. It has shot higher on its last five earnings reports. Pretax margin 25.4%, institutional sponsorship has grown over the last 5 quarters, group rank 65.
Facebook (FB) had a pocket pivot breakout. Earnings and sales are accelerating, pretax margin 55.6%, institutional sponsorship has grown in every quarter since the company went public, group rank 55.
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