Major averages gapped higher yesterday on lower volume. The steep gains over the last two days off lows is similar to prior major lows over the last 2 years where the major markets continued into new high ground. The 421 point gain in the Dow is the largest gain the average has had in 3 years, and the 48 point gain in the S&P 500 is the largest gain in 2 years. The Russell 2000 is showing relative strength vs. its larger-cap brethren as it attempts to break out. Stock futures are up around 0.5% at the time of this writing as the rally continues.
Social networking company Facebook (FB) had a pocket pivot yesterday- Robust earnings and sales, institutional sponsorship has increased all 11 quarters since the company went public, pretax margin 48.2%, group rank 68.
Network security infrastructure company Palo Alto Networks (PANW) posted a buyable gap-up move yesterday using the intraday low of 122.11 as your guide for a downside stop- Robust earnings and sales, group rank 1.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
