Major averages fell yesterday on lower volume, though the Russell 2000 managed a tiny gain. As noted, markets remain stuck in a trading range. And this morning the indexes are set to test the lows of the range once again as bond markets across the globe are selling off hard. Patience has been the market's middle name since December. Keep stops tight and take profits where you have them in context with the stock in question and the markets.
China cut interest rates again for the third time in six months to boost its economy. This time, however, it did not boost the US markets which is another piece of evidence that US markets are becoming increasingly resistant to QE-favorable news.
Drug maker Actavis (ACT had a buyable gap-up after announcing a strong earnings report). 8 quarters of institutional sponsorship growth pre-tax margins 28.4%, and group rank 4. Keep in mind, however, that buying into strength in this market has not been an efficient or effective way to buy stocks given the uneven action in the general market.
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