Market Lab Report - Premarket Pulse 4/15/16

Published : April 15 2016 at 9:31 ET

Major averages closed yesterday mid-range at roughly break even levels on below average volume. This was constructive action given the market's sizable recent gains over the prior two days. The slight CPI miss gives the Fed additional room to put off any rate hikes.

Most leading stocks held tight along key moving averages as they also constructively digested their gains of the past two days. As we move into the heart of earnings season over the next 2-3 weeks, the potential for further upside will benefit from further clarity. Meanwhile, we continue to advise looking to buy leading stocks on weakness rather than chasing strength. In this market, patience is a virtue.

Economic data from China came in mostly better than expected last night, though a spokesperson said downward pressure on its economy cannot be underestimated. U.S. futures are currently trading slightly lower on the news as well as a pullback in oil prices this morning.

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