Scalper1 News
Major averages fell yesterday on mixed volume. AAPL is gapping lower by about 7% after a disappointing earnings report causing NASDAQ futures to drop by -1.5%. S&P 500 futures, meanwhile, are off -0.5%. Such general market pullbacks can present buying opportunities in individual stocks but only in the right names that are positioned just right. Whether AAPL is in such a position remains to be seen, but the bottom line is that today’s opening weakness was clearly signaled by the severely lagging breadth seen over the past few days even as the NASDAQ pushed to an all-time high this past Friday. Caution is advised, and if one attempts to buy into this decline than one should only do so in a name that is in a low-risk position within its chart. Such a position would be defined by a major area of support or a key moving average, which can then serve as a reference point for a very tight stop. Ambulatory surgery center operator AMSG had an upside reversal pocket pivot, closing on its 50dma. Sales are soaring, pretax margin 23.7%, group rank 16. Scalper1 News
Scalper1 News