ACT/BMO gaps up in higher volume when market is down

Keep an eye on the spread of ACT/BMO, which broke out on Friday when the general market moved in the other direction (well this is a market neutral strategy).

It gapped up, finishing at the high of it's daily range, in higher volume and on a Friday, all of which are significant.

Actavis is a well held pharmaceutical stock which has good strength relative to the market and is due to post earnings on 18/2/2015 with the last quarter showing a 53% increase in EPS and an increase in like for like quarterly sales of 83%.

The Bank of Montreal Quebec finished down 4.87% on Friday in higher volume. It is also due to report earnings this month (around 25th February) although its own EPS last quarter was down 99% although it showed an increase in like for like quarterly sales of 3%.