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Market Lab Report - After the Open 9/6/17

Major averages fell on mixed volume, higher and above average on the NASDAQ Composite. After yesterday's surge in volatility, the majors managed to climb back with both the S&P 500 and NASDAQ finishing roughly midbar.

Focus List Notes:

ANET tested its 10-dma on higher selling volume yesterday, but managed to close a nickel above the line. Volume was higher but still -2% below-average. Selling volume has picked up relative to buying volume over the past several days, which may indicate that a test of the 20-dema is likely.

APPN posted a pocket pivot as it bounced off its 10-dma yesterday and rallied to post an all-time high, closing near its intraday highs. The only way to try and buy the stock has been to wait for pullbacks to the 10-dma, and yesterday's pullback would have presented just such an opportunity. However, it would have been difficult to step in and buy shares in the face of yesterday's sharp index sell-off.

EA has failed on last week's attempt pocket pivot breakout to new highs as selling volume has picked up over the past three trading days. It was able to close above its 20-dema, however, which keeps it alive and could put it in a lower-risk entry position using the 20-dema or yesterday's low as a tight selling guide.

VRTX tested its 10-dma yesterday and closed well above the line on light volume that was -30% below average. We would look for the stock to stabilize further along the 10-dma where it would present a lower-risk entry opportunity if the general market selling dissipates.

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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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