Major averages closed yesterday near breakeven on slightly higher volume in slight churning action. Thanksgiving trading week tends to be on the quiet side as institutional fund managers break away for the holiday, although the day after Thanksgiving in 2009 saw a relatively steep drop of about -1.7% in the NASDAQ.
Various pocket pivots in yesterday's action:
Biotech Medivation (MDVN) had a continuation pocket pivot - Earnings and sales are soaring, group rank 6.
Aluminum manufacturer Century Aluminium (CENX) had a pocket pivot on a cup-with-handle breakout - Earnings are strongly accelerating, group rank 103.
Mattress retailer Mattress Firm Holding (MFRM) had a continuation pocket pivot - Earnings and sales are accelerating, group rank 16. Note that the stock is a very thin trader, averaging 192,000 shares a day.
We wish all our members in the U.S. a very Happy Thanksgiving, and a great day off from trading the U.S. markets for our international members.
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