Major averages rose yesterday on lower, below average volume despite the S&P 500 and DJIA both closing at new highs. The Russell 2000 small-cap index finally regained its 50-day moving average, closing above the line yesterday in a strong confirming move as the upside momentum begins to broaden. A number of actionable names presented themselves which bodes well for the internals of the market tilting the odds in favor of a new uptrend, the likes of which we have not seen since 2014.
Mixed-signal ICS and embedded software maker CRUS is having a pocket pivot off its 10dma. Earnings and sales are sharply accelerating, ROE 25%, group rank 6.
Semiconductor SWKS had a pocket pivot off its 50-day average. Earnings and sales are robust, pretax margin 30%, ROE 26.9%, group rank 25.
Semiconductor QRVO had a pocket pivot. Earnings and sales are skyrocketing, pretax margin 27.5%, group rank 25. We reported on the buyable gap up by QRVO due to its strong prior earnings report.
Children's apparel retailer CRI had a pocket pivot after it gapped up on strong earnings a couple of weeks ago. ROE 28.4%, accelerating earnings, group rank 37.
Biotech BMRN had a pocket pivot. Institutional sponsorship has grown last 3 quarters, group rank 3.
Biotech LGND had a pocket pivot. It responded favorable to its recent earnings report. Institutional sponsorship has grown over the last 9 quarters, pretax margin 49.4%, ROE 85.5%, group rank 1.
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