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Stock Market Shows Nice Follow-Up; Breakouts Pick Up – Investor's Business Daily

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U.S. stock indexes midday Thursday appeared on track for a fifth straight up day, as the market followed up on Wednesday’s shift to confirmed uptrend.

X The Nasdaq notched a 0.6% gain, while the S&P 500 and the Dow Jones industrial average added 0.3% each. The small-cap Russell 2000 rose less than 0.1%.

Volume in the stock market today was down on the NYSE and up on the Nasdaq compared with the same time Wednesday.

IBD’s approach to a new uptrend is test the rally with one or two stock buys. Breakouts began to pick up a bit Thursday.

Remote-connectivity provider LogMeIn (LOGM) broke out Wednesday in twice its usual volume. The stock remains in the 5% buy zone.

Data-storage firm Carbonite (CARB) cleared a 27.10 buy point Thursday but then ducked back under the buy point. Volume was three times its normal pace. Carbonite grew earnings about 32% last year. The Street expects 81% earnings growth this year and it beat views with its Q4 report two days ago. The stock is thinly traded, flipping about 275,000 shares daily.

Solar play SolarEdge Technologies (SEDG) gapped up above a 40 buy point in torrid volume. The stock reported Q4 results after Wednesday’s close. Earnings jumped 166% to 85 cents a share on a 70% revenue gain.

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Three other breakouts or attempted breakouts involved retailer Urban Outfitters (URBN), drugmaker Bristol-Myers-Squibb (BMY) and Boston Beer (SAM).


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