Major averages rose yesterday on mixed volume. Though volume was lighter on the NASDAQ Composite, the index closed for the second consecutive up day in a row above 5000 and at a new 14-year closing high while major averages closed near the top of their respective trading ranges. Leading stocks continue to act well which tilts the odds in favor of a new uptrend.
Footwear retailer Skechers (SKX) had a pocket pivot. Earnings stellar and sales accelerating, came up off its 10dma on a strong earnings report, group rank 40. We reported on SKX when it had a pocket pivot on March 18.
Big-stock social-networker Facebook (FB) announced earnings yesterday and sold off initially but this morning is edging back above the 84 level after trading down to 82 in after-hours trade last night. FB issued a pocket pivot on Monday.
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