Are The Bears Crying 'No Mercy' Yet?
I have three Stocks of the Day today:
AMZN is up huge on a giant short squeeze. Short interest in this stock had grown to 16% of float, a high number. Those who came into today short this stock are having a nightmare of a day. I bet they are having flashbacks of 1999.
AMZN is up +25% on giant volume. The quarter simply was not that great to justify this big of a move. I would like to short some, but do not want to step in front of this freight train. Maybe in the next day or two.
PMTI is breaking out of its long correction. The stock has fallen considerably from the mid-50s in early Feb. Today, it is gapping higher on a spike in volume. The stock looks like it could run. I would have taken a long position, but the company reports earnings tomorrow, and I don't want to take the event risk.
RVBD reported earnings last night that were much better than expected. Growth is on fire, and profitability is on the rise to boot. This stock is also gapping 20% higher today on enormous volume. I was long coming into today, thankfully, but took profits this afternoon. I still like the stock, but feel that this move is a bit overdone, and the stock will likely pull back a little.
The market is absolutely on fire today, on a day that no one was expecting a big rally. So many investors were caught off guard. Volume is very strong today also.