Major averages were up on higher volume, continuing their advance, as the NASDAQ Composite gapped up to a higher high and its highest levels since the market lows of 2009.
In economic news, first-time jobless claims were worse than expected, but chain store sales were better than estimates. A stronger economy would point to the Fed slowing quantitative easing sooner than later.
Celgene (CELG) had a buyable gap up yesterday after announcing positive results for its myeloma drug, Revlimid.. Biotechs have continued to lead despite recent setbacks, and in many cases are beginning to recover strongly. Biogen Idec (BIIB), after undercutting its 50-day moving average, had a pocket pivot yesterday's trade. Earnings and sales have accelerated in the last quarter. It's Industry group rank is #9 out of 202 groups.
LinkedIn (LNKD) just barely had a pocket pivot in today's trade. Earnings and sales continue to rocket forward. Institutional sponsorship has grown over the last 6 quarters, and its group rank is #14.
Video-chip maker Ambarella (AMBA) had a pocket pivot yesterday within its current base. Earnings and sales continue to grow at strong rates. Institutional sponsorship has grown since the company went public. AMBA is a small cap stock, so is subject to greater volatility. Position size accordingly.
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