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Market Lab Report - Premarket Pulse Aug 19, 2016

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.

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