Scalper1 News
Major averages rose on higher volume with the NASDAQ Composite closing above its 50dma though other major averages are still under their respective 50dmas. The two-day Federal Reserve meeting concludes today with a statement due out at 2 p.m. EST. The odds of a rate hike in September are lower due to market turmoil in China and a continuing slide in commodity prices including oil. The Commodity Research Bureau Index is at 6-year lows, and is very close to breaking to 13-year lows. Thus, the dovish Fed’s hands are tied in terms of hiking rates seeing that weak demand is indicative of a recessionary global economy. Meanwhile, we had a number of new pocket pivots hit our radar. This does not mean to buy blindly since the market may not have yet found a floor. That said, the best stocks will often start to rise ahead of the pack, so keep a close watch and position size in line with your risk tolerance levels. Pharmaceutical maker ANIP had a pocket pivot. Earning are accelerating, pretax margin 34.6%, institutional sponsorship has grown over the last 8 quarters, group rank 9. Healthcare savings company HQY had a pocket pivot. Earnings and sales are accelerating, institutional sponsorship has grown since the company went public 4 quarters ago, group rank 51. Airliner JBLU had a pocket pivot. Earnings are skyrocketing, group rank 94. Medical product company EW had a pocket pivot on a strong earnings report. Pretax margin 20.6%, earnings are accelerating, group rank 18. Biotech XON had another pocket pivot. Earnings and sales are soaring, group rank 2. We reported on XON’s earlier pocket pivot on 6/5. Visualized analytics software company DATA had a pocket pivot. Earnings and sales are soaring, institutional sponsorship has grown over the last 6 quarters, group rank 21. Website hosting company GDDY had a bottom fishing pocket pivot. While the company is a strong leader in its space, it is an IPO with no earnings out to 2016 so is speculative, thus of higher risk.  Scalper1 News
Scalper1 News