Major averages fell again yesterday on mixed volume, but once again closed in the upper half of their intraday trading range, a sign of support. As well, the S&P 500 found support at the top of its prior two-month range, a logical pullback point, while the NASDAQ holds up much better along its 10-day moving average. Leading stocks continued to hold up well, and so the pullback looks normal within the context of the prior, steep upside run-up off of the early February lows. Futures are slightly higher in pre-open trade at the time of this writing. The NASDAQ Composite may today make another run at 5000 which is just 0.66% away from yesterday's close.
Semiconductor Ambarella (AMBA) had a buyable gap up on a strong earnings report in the face of a market that is pulling back. Earnings and sales are skyrocketing, pretax margin 31%, ROE 32.7%, institutional sponsorship has grown last 3 quarters, group rank 16.
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