Major averages rose yesterday on higher, above average volume, closing at the top of their trading ranges. The Dow Jones Industrials finally and definitively broke through 20,000, after several weeks of sideways action. The S&P 500 and NASDAQ Composite Indexes also logged all-time highs as breadth was strong at roughly 2 to 1 on both exchanges.
Focus List Commentary
AGX, which has been on the Focus List since November 10th when we issued a Pocket Pivot Report at a price of 58.80, posted a pocket pivot yesterday on strong upside volume. Over the weekend we discussed this as potentially buyable along the lows of a possible new base.
VEEV is holding tight along its 50-day moving average with volume drying up. This puts the stock in a lower-risk entry position using the 52.02 price level (Tuesday's intraday low) as a selling guide.
GKOS should be watched for pullbacks to the 20-day exponential moving average as possible lower-risk entries.
TTD flashed a pocket pivot at its 50-day moving average yesterday. We discussed this as buyable along the 50-day line in our weekend Focus List Review.
FCX got hit after earnings but recovered to close near the top of its intraday trading range today after filling yesterday's gap-up price move. Volume was very heavy, suggesting supporting action. This puts the stock in a lower-risk entry point using the 10-day line as a tight selling guide.
All three steel names on the Focus List, AKS, STLD, and X, have violated their 50-day moving averages.