Major averages gapped higher yesterday at the open on positive news of a debt agreement in Greece then continued to rally for the remainder of the trading day with closes near the top of their intraday trading ranges. Volume was higher but below average. The NASDAQ Composite, S&P 500, DJIA, and Russell 2000 all closed above their respective 50-day moving averages for the first time in about two weeks. Obviously, the ability of the market to sustain any kind of rally attempt will hinge on the averages being able to remain above their 50-day lines. Thus we would look for any consolidation that holds just above or along the 50-day line to as a constructive development from here.
Television station operator Gray Television (GTN) had a pocket pivot breakout yesterday. Earnings are skyrocketing, ROE 24.6%, group rank 18.
Medical company Edwards Lifesciences (EW) had a pocket pivot breakout yesteday. Earnings are strongly accelerating, pretax margin 20.6%, group rank 35.
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