Scalper1 News
Major averages sold off yesterday on mixed volume but managed to recover about half their losses to close roughly in the mid-point of their daily trading ranges. However, the NASDAQ logged a distribution day in the process. After Monday’s heady gains, a breather is not unexpected as it gives the 10-day moving average a chance to catch up to the index’ current price levels. The number of actionable stocks has grown so constructive market pullbacks such as the one we saw yesterday can be an opportunity to pick up shares in stocks you may have missed, assuming they pull back constructively into logical areas of support. In cases where they do not it is imperative that investors have a clear stop-out level in mind. This morning futures are down as the NASDAQ 5,000 level may serve as a near-term area of psychological resistance. Camera chip-maker Ambarella (AMBA) is gapping up and out of a base this morning after announcing positive earnings yesterday after the close. This may develop into a buyable gap-up, and we will be monitoring the stock’s action closely once the market opens. Palo Alto Networks (PANW) came out with earnings on Monday after the close and sold off yesterday at the open before finding support at its 10-day moving average and trading back to the upside, flashing a continuation pocket pivot on very heavy volume in the process. Zeltiq Aesthetics (ZTQ) came out with earnings last night after the close, and is set to gap up slightly based on pre-open trade at the time of this writing. Scalper1 News
Scalper1 News