Major averages rose yesterday on mixed volume with the S&P 500 and DJIA regaining their respective 50-day moving averages on slightly higher volume. One would have expected more volume given the contextually sizeable percentage gains in the majors, once again showing the market remains in a risk-off mode. If the S&P 500 can hold above the 50-day moving average, then it may stand a chance of putting in a low here, but for now that remains an open question.
Mortgage service company Ellie Mae (ELLI) had a pocket pivot. Earnings and sales accelerating, pretax margin 25.3%, group rank 15. ELLI gapped up on its prior earnings report.
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