Tag Archives: market lab report

MLR – PMP 2/17/15

Major averages rose on lower volume ahead of the 3-day weekend but managed to break through resistance. The S&P 500 closed at all time-highs and the NASDAQ Composite closed at multi-year highs. Other bullish signs include the price of oil which may have found at least a temporary low, bellwether AAPL closing at new all-time highs, and the NYSE advance-decline line turning positive. But the bearish backdrop remains intact as the euro’s days are numbered, issues in Greece are ongoing, and the economic slowdown in China shows no signs of reversing as of yet. Indeed, the global recession remains intact but so does quantitative easing which has helped push markets into their 7th “bullish” year.

MLR – PMP 2/13/15

Major averages moved past resistance yesterday with the NASDAQ Composite matching highs not seen since March 2000. While the NASDAQ has clear the highs of the market’s recent two-month range, the S&P 500 still remains below the upper band of this range as the NASDAQ takes the leadership role. Bellwether big-stock NASDAQ name Apple (AAPL) continues to push into new high ground, while network security software company. Overall this is constructive for the general market and one reason why the NASDAQ has led the market to higher highs at the current time. CyberArk Software (CYBR) is set to gap-up huge this morning after a strong earnings report that was announced yesterday after hour. We already reported on CYBR’s roundabout type of pocket pivot as the stock first came up through its 50-day moving average on Tuesday, and today’s move constitutes a potential buyable gap-up once the market opens for trading. Earnings and sales are soaring, group rank 10. MasterCard (MA) had a pocket pivot yesterday, as did Salesforce.com (CRM). Both stocks are attempting to come out of new potential bases.

MLR – PMP 2/12/15

Major averages were flat to slightly up on unimpressive volume almost matching the prior day’s volume. The NASDAQ Composite and S&P 500 are flirting with old highs once again, yet proper actionable buy points remain scant. Furniture retailer SCSS had a pocket pivot on a strong earnings report. Earnings and sales are accelerating, group rank 40. This is a thinner name. Cloud security company QLYS gapped up on earnings news on Tuesday, and yesterday, pulled back on lighter volume. While it too is a thinner name, earnings are strongly accelerating, institutional sponsorship has grown last 4 quarters, group rank 9. Keep in mind the market has not shown itself to be on any firm trend as of yet though is flirting with psychologically important levels.