Scalper1 News
Major averages rose yesterday on lower volume. The S&P 500 and Dow Jones Industrial Averages bounced off their respective 200-day moving averages while the NASDAQ Composite tested lows for the third time since mid-December. In the last 5 trading days, major averages have had two high volume reversals and a gap down. They have also tried to bounce on unimpressive volume. Overall, the price/volume action has been decidedly negative. Thus today’s bounce may have “dead cat” written all over it. But QE tends to make things muddy so the bounce could continue longer than expected perhaps in lackluster fashion as it did in late December. Medical systems company Zeltiq Aesthetics (ZLTQ) had a pocket pivot off its 10-day moving average. Earnings went strongly positive last two quarters, sales are strongly accelerating, institutional sponsorship grew last 5 quarters, group rank 6. Scalper1 News
Scalper1 News