Ametek (AME), posted a buyable gap-up with a 2.27 point move on the open, much larger than its 40-day Average True Range of ... on today's 2.27 of .89 (ATR based on yesterday's close). Volume was 501% above average. Today's low at 43.84 is your guide for a downside stop, allowing for whatever porosity or lack of it that you prefer based on your own risk tolerance.
Momenta Pharmaceuticals (MNTA) is an interesting little bio-tech, and has flashed a couple of pocket pivots, one on March 18th and one today in its pattern as it tries to "round out" the potential lows of a base. The stock is a thinner, smaller bio-tech which therefore carries more risk, and it is expected to announce earnings in early May, which adds additional risk to the name. We might prefer to see how the stock acts after earnings, even it had a big gap-up move as a result of earnings, since this could turn out to be similar to numerous other gap-ups in bio-techs recently. MNTA reminds us a little bit of Jazz Pharmaceuticals back in late October of last year just before it gapped up on earnings. Something for the watch list, in our view, although those who like risk can always take the pocket pivot buy point today at face value using the appropriate selling guide, which we would see as the 50-dma.
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