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Market Lab Report - Premarket Pulse 5/11/17

Published : May 11 2017 at 9:24 ET

Major averages finished slightly higher on mixed volume. Te S&P 500 has been trading sideways along its 10-day moving average while the NASDAQ Composite bounced of its 10-day line. Both closed near the top of their trading ranges. Meanwhile, the Bank of England voted 7-1 to maintain its key interest rate and current levels of its QE purchasing program. It reduced its GDP growth in 2017 by 10 basis points. The EU, meanwhile, raised its 2017 GDP growth forecast to 1.9% from 1.6%, a ray of sunshine in an otherwise darkening horizon.

Focus List Review

MOMO found support at its 20-dema yesterday, putting it in a lower-risk entry position using the 20-dema s a tight stop. Earnings are expected in on May 23rd.

NOW is pulling into its 10-dma as volume declines. Look for a test of the10-dma with volume continuing to decline as a potentially lower-risk entry opportunity.

NVDA posted a buyable gap-up yesterday, which we reported on right at the open when the stock was trading around 115. It closed 121.29, just above the prior highs of its 19-week base, so would constitute a standard-issue base breakout that is within buyable range this morning based on pre-open prices.

SNAP crackled then popped on a weak earnings report, trading 22% lower in the after hours and is gapping down this morning after earnings. This illustrates why we do not advocate playing "earnings roulette" with stocks through earnings, preferring instead to wait for any actionable price reaction such as we saw yesterday in NVDA's BGU.

SQ continues to hold tight within a four-day bull flag following last week's buyable gap-up. Volume continues to dry up which is constructive.


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.