Major averages gapped higher yesterday on lower volume. The steep gains over the last two days off lows is similar to prior major lows over the last 2 years where the major markets continued into new high ground. The 421 point gain in the Dow is the largest gain the average has had in 3 years, and the 48 point gain in the S&P 500 is the largest gain in 2 years. The Russell 2000 is showing relative strength vs. its larger-cap brethren as it attempts to break out. Stock futures are up around 0.5% at the time of this writing as the rally continues.
Social networking company Facebook (FB) had a pocket pivot yesterday- Robust earnings and sales, institutional sponsorship has increased all 11 quarters since the company went public, pretax margin 48.2%, group rank 68.
Network security infrastructure company Palo Alto Networks (PANW) posted a buyable gap-up move yesterday using the intraday low of 122.11 as your guide for a downside stop- Robust earnings and sales, group rank 1.
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