Major averages bounced hard on firmly higher volume after the Fed minutes came out. The rally was more of a relief rally as the Fed stayed rate friendly and said nothing new. The 50dma could act as resistance to the NASDAQ Composite and S&P 500 though price/volume of leading stocks and major averages was constructive. In times past, the market tends to become increasingly volatile near floors and such may be the case. That said, QE ends this month so the bounce may be shorter lived than expected. MDM continues to watch for signs of a bounce that can follow through vs a market that wants to continue its downtrend.
A number of quality pocket pivots ensued:
Twitter (TWTR) had a pocket pivot off its 10-day moving average. Earnings positive last 3 quarters, sales soaring, group rank 11. We hold a position in TWTR.
Cannabinoid manufacturer GW Pharmaceuticals (GWPH) had a pocket pivot off its 200-day moving average.
Semiconductor Silicon Motion (SIMO) had a pocket pivot. Earnings and sales have (FL) had a pocket pivot. Earnings are accelerating, group rank 27.
Of the three biotechs Regeneron Pharmaceuticals (REGN), Illumina (ILMN), and Alexion Pharmaceuticals (ALXN) we mentioned that were getting close to pocket pivot volume, REGN traded enough volume for a pocket pivot.
Gilead Sciences (GILD) also had a pocket pivot yesterday coming up through its 10-day moving average.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
