Major averages finished mixed on lower volume. While sloppiness under the market's hood has been prevalent all year, major averages continue to trend higher. The moving average lines have caught up with the Dow Industrials and the S&P 500 continues to baby-step higher. Of course, with the VIX under 10, the lower it goes, the greater the odds of another correction. While such setbacks have been scant on a percentage basis to the major averages, the drops are more precipitous on the few leading stocks. Tight stops are key.
Focus List Notes:
ANET is expected to report earnings today after the close.
BABA reported earnings this morning and beat estimates. The stock is gapping higher.
FEYE is gapping down after missing on earnings yesterday after the close. The stock was previously a sell per our prior notes when it violated its 20-dema.
NFLX is holding along its 10-dma as volume declines. This puts it in a lower-risk entry position using the 10-dma or 20-dema as tight selling guides.
Market Lab Report - After The Open 11/2/17
|Published:||2 Nov 2017 09:46 ET|
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