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.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.