Scalper1 News
âMajor averages fell yesterday on higher volume with both the S&P 500 and DJIA closing once again below their respective 50-day moving averages. Another distribution day was added to the already high tally. The put-call spiked above 1.0 but as we have discussed before, the markets can head lower for a few days or more before finding their floor, so this indicator is secondary at best and must be placed in context with other factors. With levels of QE potentially on the rise in China and with the US Federal Reserve continuing to take a dovish stance, another uptrend could emerge as newly minted money has to fine a home. The stock market presents better returns than the bond markets which have been at near zero rates of interest and will probably continue to hover around such levels for a prolonged period. Pharmaceutical company Cambrex Corp. (CBM) had a pocket pivot breakout. It gapped up on its prior earnings report. Prior to this gap up, its pattern was sloppy, but now with this subsequent pocket pivot, the technical pattern is sufficiently actionable. Earnings and sales are accelerating, group rank 16. Scalper1 News
Scalper1 News