Major averages rose yesterday on mixed volume. Indexes gapped up sharply at the open but stalled to closed roughly mid-range on the day on a bit of churning action. Overall, the indexes remain within choppy ranges. The sideways move in markets has helped leading stocks set up actionable buy points over the last week as members have noticed.
Nevertheless, the market remains in a sideways quagmire, and futures are down more than 0.5% at the time of this writing due to rising bond yields in Europe as the ECB lifted its eurozone inflation forecast to 0.3%, from 0% expected previously. Overnight the China Shanghai Index went on a wild ride, selling off -5.4% before reversing sharply to close up 0.8% on the session.
Hardware/software security company Vasco Data Security (VDSI) had a pocket pivot breakout yesterday. Earnings and sales are soaring, pretax margin 22.7%, group rank 8.
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