Scalper1 News
Major averages tiptoed higher on lower volume. James Bullard of the Federal Reserve said the markets reacted sharply earlier this summer when the Fed suggested they might taper sometime later in the year. Bullard said this suggests the markets are connecting the first tapering with the first rate hike, even though the two policies are separate. Nevertheless, Bullard said the Fed needs either to convince markets that the two policy tools are distinct or “learn to live with the joint effects of tapering on both the pace of asset purchases and the perception of future policy rates.” FSLR had a buyable gap-up on Friday following a strong earnings report. While FSLR gapped down on its prior earnings report, it has constructively traced out the rest of its base since then, and Friday’s gap up on earnings rectifies its prior gap down. Strong action in the solar stock group, currently ranked #1 among all industry groups, tilts the odds in its favor. U.S. Silica Holdings (SLCA) had a pocket pivot Thursday. After pulling back slightly on Friday It is currently trading close to Thursday ‘s closing price. SLCA had managed to trend higher in early October even in the face of market weakness following several pocket pivots that we report on when the stock was in the mid-20 price area. The fracking space is one of great interest, and SLCA is a leader in this technology as a supplier of silica sand used in the fracking proceess. Keep in mind that SLCA is expected to report earnings on November 7th. A number of solar names are gapping up in pre-open trade this morning, although it is not clear at this time whether any of them will constitute buyable gap-ups. We will apprise members accordingly. Scalper1 News
Scalper1 News