Scalper1 News
Major averages fell yesterday on mixed volume. The S&P 500 and Dow Jones Industrials each closed below their 50-day and 200-day moving averages, respectively, while the broad New York Composite Index moved sharply and further below its own 200-day moving average and the small-cap Russell 2000 Index sliced through its 50-day moving average on the downside. After-hours yesterday Amazon (AMZN) reported blowout earnings, and is set up gap up about 18% this morning. NASDAQ futures are trading higher by about 0.15% at the time of this writing. Whether the action of a few recent big-stock NASDAQ names can turn this market around before it falls further is questionable, and today’s action may be telling in this regard. Branded drug maker Valeant Pharmaceuticals (VRX) had a buyable gap yesterday up on strong earnings. Earnings and sales are accelerating, pretax margin 35.7%, ROE 54.6%, group rank 7. Medical care facilities operator Adeptus Health (ADPT) had a buyable gap up yesterday on a strong earnings report. Earnings and sales are skyrocketing, group rank 2. Keep in mind that buy signal reports sent during market pullbacks are often designed to let members know of constructive action in certain stocks which may make them actionable when the market finds its feet. Otherwise, members should exercise discretion when deciding to act on such signals during potentially unfavorable general market action. Scalper1 News
Scalper1 News