Major averages staged a major comeback on higher volume yesterday to close near breakeven to slightly higher after trading significantly lower for much of the day. In this sideways market environment, such turnarounds often are indicative of a floor being reached as the market wends its way back toward old highs, only to then meet resistance and turn back down once again. But as we know in this trendless environment, a number of stocks have scored big profits this year. That said, a few new pocket pivots hit our screens:
Telecommunications infrastructure provider Dycom (DY) had a pocket pivot off its 50dma. Earnings are strongly accelerating, group rank 49. DY gapped higher after its prior earnings report.
Drug maker Regeneron Pharmaceuticals (REGN) had an upside reversal pocket pivot through its 10dma. We had reported on REGN a few times including its July 10 pocket pivot and August 4 buyable gap up after reporting strong earnings. It had since undercut the low of its gap up by 3.9% due to a correcting market. REGN sales are strongly accelerating, pretax margin 41.7%, ROE 52.3%, group rank 6.
Custom software designer Luxoft Holdings (LXFT) had a pocket pivot off its 50dma. Earnings and sales are accelerating, ROE 41%, group rank 52.
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