Major averages rose on mixed volume with both the NASDAQ Composite and S&P 500 closing at new all-time highs. First quarter GDP was revised upward to 1.2% vs. est 0.8%. This was up from its earlier report of 0.7%. The revised figure improves on what had been its weakest first-quarter growth in three years. The Federal Reserve will make the case the economy is indeed improving, but at 1.2 per cent, the revised figure is still the slowest since the start of 2016. Nevertheless, FANG stocks continue to show strength along with other leading stocks.
Focus List Review:
AAOI is finding support at its 10-dma. This would be a secondary, lower-risk add point for existing positions.
AMZN is within 1% of the $1,000 "Millennium Mark" as volume picked up sharply yesterday.
BABA is holding at its 10-dma and showed some volume supporting action at the line yesterday.
BZUN successfully tested and held its 20-dema, closing in the upper half of its daily trading range on above-average volume.
CC is sitting at its 20-dema with volume declining. This would offer a lower-risk entry point using the 20-dema as a selling guide.
MOMO is attempting to hold support at its 50-dma, closing in the upper half of its trading range yeserday on heavy volume.
NFLX gapped higher to all-time highs, breaking out of a short range. While volume was insufficient for a BGU, this could be treated as such, however, using the 160.55 intraday low as a tight selling guide.
SNAP posted a five-day pocket pivot on a sharp increase in buying volume as it cleared the 50-dma and is now attempting to fill the downside gap it posted after earnings three weeks ago.
VEEV reported earnings last night and beat estimates, triggering a gap-up move this morning. This should be watched for a possible BGU once an intraday low has been set.