Markets were higher on Tuesday with the Nasdaq leading the way with a .7% gain. Volume was lukewarm. Earnings releases continue to pour in and some names that surprised to the downside this morning were medical names like BMY and BSX. BMY fell 2% undercutting its 200 day SMA and has fallen 10 of the past 15 weeks. BSX sliced its 50 day SMA to the downside falling 6% and negating a promising flat base pattern that sported a 14.18 trigger. Daily volume was the largest in 6 months and look to see how well the 200 day SMA comforts the stock just above 12. A tale of two energy names also disappointed today, a day after NOV dropped more than 7%, but finding support at both its 50 and 200 day SMAs Monday. Tuesday came reports from a leader FTK, and a laggard GTLS. Both fell but their action could be considered constructive. FTK an oil service stock (think HAL BHI SLB) dropped more than 5% today testing its 50 day SMA for the first time since taking out a 24.00 cup base trigger on 2/11. Before last weeks slight drop FTK had gained ground 12 of the prior 14 weeks. GTLS today bungled a third consecutive earnings report. However this time, unlike the 9.6% drop on 2/25 and the 10.9% fall on 10/31/13 that closed hard upon their lows, it managed to go out on highs for the session displaying capitulation. It reversed higher by almost 7 handles off its intraday lows. Do I even have to mention what COH did today?
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