The market opened modestly higher and continued higher as Janet Yellen's first testimony before Congress began. The rally accelerated when Yellen said, "looking at valuations it does not suggest asset prices are in bubble territory". This has to be considered Janet Yellen's bullish version of Alan Greenspan's Irrational Exuberance comment in 1996. Janet Yellen single handedly added fuel to the rally.
The indexes marked their second accumulation day since they bottomed last Wednesday. While volume is lower, but above average than the recent distribution days, it is normal for rally's to start with lower volume and grow as traders gain confidence in the rally attempt.
Leading growth stocks continued their bullish action, breaking out and adding to recent breakouts.
Alexion Pharmaceuticals (ALXN), Facebook (FB), Yelp (YELP), Google (GOOG), Netflix (NFLX), Actavis (ACT), Michael Kors (KORS), Diamondback Energy (FANG), and Ligand Pharmaceuticals (LGND) added to their recent breakouts.
In the last two trading days Lannett Co (LCI) broke out of a rare ascending base, Tesla Motors (TSLA) broke out a cup shaped base, Regeneron Pharm (REGN) broke out of a cup and handle, Questcor Pharmaceuticals (QCOR) broke out of a double bottom with handle, Valeant Pharmaceuticals (VRX) broke out from a pullback to the twenty day moving average, and Kapstone Paper Packaging (KS) broke out of a late stage base flat base, but shook out traders at the open after last nights earning's report, before reversing and closing higher above its pivot point.
Northstar Realty Corp. (NRF) broke out of a cup and handle base in December and has advanced almost fifty percent in the last two and a half months. The stock has pulled back to the twenty day moving average in a very tight and orderly fashion. A breakout above $14.54 could see the stock rise to its upper trend line. Earnings are expected February 27th. The stocks dividend yield of 5.83% is not too shabby either.
Arris Group (ARRS) broke out on earnings in October and has advanced over sixty percent in the last four and a half months. The stock has pulled back to the twenty day moving average and formed a three weeks tight pattern. A breakout above $26.53 could see the stock rise to its upper trend line above $30. Earnings are expected February 19th.
The market is a bit extended and in need of a short pullback, but that has not stopped the market in the last year. Weak openings should be used to add or initiate new positions as they breakout. One day shakeouts have been enough to resume rally's in the last year.
The indexes marked their second accumulation day since they bottomed last Wednesday. While volume is lower, but above average than the recent distribution days, it is normal for rally's to start with lower volume and grow as traders gain confidence in the rally attempt.
Leading growth stocks continued their bullish action, breaking out and adding to recent breakouts.
Alexion Pharmaceuticals (ALXN), Facebook (FB), Yelp (YELP), Google (GOOG), Netflix (NFLX), Actavis (ACT), Michael Kors (KORS), Diamondback Energy (FANG), and Ligand Pharmaceuticals (LGND) added to their recent breakouts.
In the last two trading days Lannett Co (LCI) broke out of a rare ascending base, Tesla Motors (TSLA) broke out a cup shaped base, Regeneron Pharm (REGN) broke out of a cup and handle, Questcor Pharmaceuticals (QCOR) broke out of a double bottom with handle, Valeant Pharmaceuticals (VRX) broke out from a pullback to the twenty day moving average, and Kapstone Paper Packaging (KS) broke out of a late stage base flat base, but shook out traders at the open after last nights earning's report, before reversing and closing higher above its pivot point.
Northstar Realty Corp. (NRF) broke out of a cup and handle base in December and has advanced almost fifty percent in the last two and a half months. The stock has pulled back to the twenty day moving average in a very tight and orderly fashion. A breakout above $14.54 could see the stock rise to its upper trend line. Earnings are expected February 27th. The stocks dividend yield of 5.83% is not too shabby either.
Arris Group (ARRS) broke out on earnings in October and has advanced over sixty percent in the last four and a half months. The stock has pulled back to the twenty day moving average and formed a three weeks tight pattern. A breakout above $26.53 could see the stock rise to its upper trend line above $30. Earnings are expected February 19th.
The market is a bit extended and in need of a short pullback, but that has not stopped the market in the last year. Weak openings should be used to add or initiate new positions as they breakout. One day shakeouts have been enough to resume rally's in the last year.
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