Major averages rose on lower volume. The market overall continues its uptrend despite troubles in the Ukraine, China's economic slowdown, record margin debt which imply overly bullish investors, and the Investors Intelligence survey showing that 55.1% of newsletter advisers were now bullish, up from 54.6% in the prior week. Bull markets can run far longer than expected as history has shown, and currently with the unprecedented levels of quantitative easing, a bull market that persists well past its expiration date would not be surprising.
Biotech Intrexon (XON), which develops DNA gene programs had a pocket pivot yesterday as it tries to round out the lows of a potential new base. XON just reported its first positive earnings quarter but the next 4 quarters are estimated to be in the red. Insider buying is strong, group rank #2.
Airline Wi-Fi provider Gogo (GOGO) beat earnings estimates by a penny this morning and is looking to gap up at the open. We will report on this if and as a potential buyable gap-up in the stock develops.
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