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MLR - PMP 7/30/13

Major averages fell on lower volume yesterday. The market has been moving sideways more or less over the last two weeks, consolidating gains after its uptrend that lasted 3 weeks. Leading stocks continue to act well overall.

Alkermes (ALKS) broke out of a base but its initial buy point was in the form of a pocket pivot buy point on which we reported two days ago on July 25.

Three-D Systems (DDD) broke out on a move that was also a pocket pivot after shaping a constructive base since May. The company announced earnings this morning and missed estimates of 24 cents a share by 4 cents, coming in with earnings of 20 cents. The stock is down slight pre-open, but DDD reports that they are spending money to meet strong demand for their products.

Acadia Pharmaceuticals (ACAD) also had a pocket pivot as it moved back to the top of its current base. While earnings and sales are still poor, it is a biotech, for which such numbers are not uncommon. Bio-techs still lead the market, ranking #4 among all industry groups, and among these ACAD is a leader given its 99 RS rating.

Yelp (YELP) had a continuation pocket pivot yesterday and has shown accelerating earnings and sales. The company reports earnings tomorrow and is currently extended from its base breakout closer to the 35 price level.

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