Major averages rose yesterday on lower volume but managed to close near the top of their trading ranges. They remain in consolidations for now while the largest gains were in the risk-on small cap Russell 2000 and Semiconductor (SOX) indices, both which have managed to move higher albeit reluctantly over the last two weeks.
Medical device maker Edwards Lifesciences (EW) had a pocket pivot after trading in a tight, constructive manner since its gap higher on strong earnings. Pretax margin 25.7%, ROE 21.6%, earnings and sales accelerating, group rank 16.
Beauty retailer Ulta Salon Fragrance & Cosmetics (ULTA) had a continuation pocket pivot yesterday. We have mentioned ULTA a number of times prior, so yesterday or today would be a bit late to be starting a new position. Nevertheless, ULTA continues to exhibit leadership characteristics. Earnings and sales are accelerating, ROE 23.8%, group rank 12. ULTA reports earnings after the close on August 25.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.