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Market Lab Report - Premarket Pulse 1/26/17

Published : January 26 2017 at 9:20 ET

Major averages rose yesterday on higher, above average volume, closing at the top of their trading ranges. The Dow Jones Industrials finally and definitively broke through 20,000, after several weeks of sideways action. The S&P 500 and NASDAQ Composite Indexes also logged all-time highs as breadth was strong at roughly 2 to 1 on both exchanges.

Focus List Commentary

AGX, which has been on the Focus List since November 10th when we issued a Pocket Pivot Report at a price of 58.80, posted a pocket pivot yesterday on strong upside volume. Over the weekend we discussed this as potentially buyable along the lows of a possible new base.

VEEV is holding tight along its 50-day moving average with volume drying up. This puts the stock in a lower-risk entry position using the 52.02 price level (Tuesday's intraday low) as a selling guide.

GKOS should be watched for pullbacks to the 20-day exponential moving average as possible lower-risk entries.

TTD flashed a pocket pivot at its 50-day moving average yesterday. We discussed this as buyable along the 50-day line in our weekend Focus List Review.

FCX got hit after earnings but recovered to close near the top of its intraday trading range today after filling yesterday's gap-up price move. Volume was very heavy, suggesting supporting action. This puts the stock in a lower-risk entry point using the 10-day line as a tight selling guide.

All three steel names on the Focus List, AKS, STLD, and X, have violated their 50-day moving averages.


This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2017 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.