Futures for the S&P 500 index were little changed early Wednesday morning. Charles Schwab ( SCHW ), Palo Alto Networks ( PANW ), Ollie’s Bargain Outlet ( OLLI ) and Extreme Networks ( EXTR ) were top-rated stocks clearing buy points, at least intraday, as the S&P 500 index, Nasdaq composite and Dow industrials all hit record highs.
[ibd-display-video id=2354661 width=50 float=left autostart=true]Charles Schwab, Ollie’s Bargain Outlet and Extreme Networks all have Composite Ratings above 95 out of a possible 99. All-time winners often have Composite Ratings of at least 95 near the start of their big runs. Palo Alto Networks has an 87 Composite Rating. That CR is rising quickly as its Relative Strength Rating rebounds to a still-meh 67 to complement a best-possible 99 EPS Rating.
S&P 500 index futures fell a fraction vs. fair value. Dow and Nasdaq 100 futures edged higher.
Charles Schwab rose 2.1% to 46.08 on Tuesday, rising as high as 46.33 intraday and briefly clearing a 46.31 flat-base buy point . Volume was 22% above normal, which is pretty good in this holiday week.
One troublesome sign: Schwab’s Relative Strength line, which tracks the stock vs. the S&P 500 index, has made a series of slightly lower highs since peaking in late January.
Meanwhile, Schwab rival E-Trade Financial ( ETFC ) is closing in on its own breakout, while TD Ameritrade (AMTD) is already in a buy zone.
Palo Alto Networks
The cybersecurity software firm topped earnings and revenue targets late Monday, sending shares up 4.8% to 149.40 and gapping above their 50-day line. Palo Alto rose as high as 156.85, a nine-month best and briefly topping a 153.45 entry. Volume was very heavy in the post-earnings session. But the stock closed near session lows.
Ollie’s Bargain Outlet
Ollie’s Bargain Outlet rose 0.75% to 47, closing exactly on a 47 buy point. It was the closeout retailer’s third straight gain in accelerating, above-average volume after reversing higher from an intraday low of 42.36 last Friday. Ollie’s hit a record 47.20 intraday Tuesday.
Extreme Networks shot up 7.25% to 13.91 in double average volume, easily passing a 13.30 buy point from a short consolidation and hitting its best levels in nearly 16 years.
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