The market really tried to bounce off that 50-day. Tech stocks, small caps, everything tried to make that move. The bad part was, the buyers simply didn’t step it enough to make it all happen. Rather than a strong bounce off that key technical level, the market simply ran out of gas. That doesn’t mean that all is last. Actually, it’s a great buying opportunity for folks to come in and find stocks well off their highs with strong earnings trends. That’s a fancy way of saying you can buy great companies that are on sale.

Image Source: Zacks Investment Research

Today’s Bull of the Day is a stock with a great earnings trend. I’m talking about Zacks Rank #1 (Strong Buy) Pure Storage (PSTG Quick QuotePSTG - Free Report) . Pure Storage, Inc. provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array.

The reason for the favorable ranks is that two analysts have jacked up their estimates for the current year and next year. The bullish sentiment has pushed our Zacks Consensus Estimate for the current year from 95 cents to a buck even while next year number is up from $1.11 to $1.18.