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MLR - PMP 7/19/13

Major averages rose on higher volume, but with the NASDAQ only up an inch. Big NASDAQ stocks eBay (EBAY) and Intel (INTC) gapped down on earnings yesterday and this morning Google (GOOG), Intuitive Surgical (ISRG) and Microsoft (MSFT) are all set to gap down, dragging NASDAQ futures down with them.

GOOG and MSFT reported after the bell, sending them down 5% and 6% lower, respectively. The negative aftermarket tone pushed the NASDAQ futures down about 1%.

Linked (LNKD) had a pocket pivot/breakout in yesterday's trade. We reported on LNKD in prior reports including on July 11. Earnings and sales continue to rocket forward. Institutional sponsorship has grown over the last 6 quarters. Group rank 12.

Overstock (OSTK) which had previously broken down after a pocket pivot several days ago, resurged with a buyable gap up on a strong earnings report. Earnings and sales are accelerating strongly, it's group ranks #10, and institutional sponsorship is up 3 quarters in a row. The stock did show some strength on its prior break down following its pocket pivot prior to its BGU by obeying its 50-day moving average. One caveat: the stock is thin so position size accordingly.

Fracking play US Silica Holdings (SLCA), which supplies the sand used in fracking operations, flashed a pocket pivot buy point off of its 10-day moving average as it attempt to round out the lows of a new base.

Blackstone Group (BX) had a buyable gap up after a strong earnings report yesterday. Earnings and sales have strongly accelerated and institutional sponsorship has grown over the last 4 quarters. Note, this stock is a somewhat slower, less volatile name.

Given the action of the futures this morning, it remains to be seen how much worse the selling will get, but big NASDAQ names most certainly are under pressure this morning.

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