Markets rose Tuesday as the Nasdaq took a back seat for a change to let the S&P 500 outperform. The S&P 500 rose .5%, and the Nasdaq basically UNCH. Volume was strong. Markets have been acting very bullishly, almost to well. Futures seem to be up premarket incessantly. Would love this market to display some textbook bullish traits fending off an early selloff. Breakouts occurred today but most were delivered in soft trade, including GNW which edged past a 10.84 flat base trigger in normal trade. Look for the stock to receive volume confirmation in the next couple of sessions. CRZO attempted to do breakout from a 27.43 flat base trigger, and a great example of why we demand a close above the breakout pivot, but ended up closing below it. Other recent breakouts to evaluate their behavior after the confirmation are RL FB. A tale of two different tapes. RL is doing just what you want from a recent breakout following its 180.00 flat base breakout on 4/30. The pivot was retested and passed and today sailed up 4 handles. FB on the other hand had the excuse of a poor earnings release from LNKD last Friday to blame for its subpar performance on a very strong tech tape that day. Well today completed its third straight 2% plus down day. Just the opposite of what you want to see. It did find a frigid “like” at its 50 day SMA however.
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