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Market Lab Report - Pre-Market Pulse for Thursday, April 26, 2018

The S&P 500 Index found support at its 200-dma for the third time, setting the context for a general market rally off the intraday lows. Only the NASDAQ Composite Index finished in the red, but by a scant -0.5%. Volume was lower across the board, not what you want to see on an attempted bounce off major support. After the bell Facebook (FB) reported earnings and is gapping up this morning. This could set up a buyable gap-up move if the stock holds above the 50-dma.

Futures are higher as FB is gapping up 6% after a strong earnings report. Concerns over rapidly rising U.S. interest rates were still hanging over markets, as the yield on 10-year Treasury notes TMUBMUSD10Y, -1.14%  stayed above the psychologically important 3% level.

AMD and QCOM also are gapping higher on strong earnings. Yet, so far this season, while more than 80% S&P 500 companies have beaten forecasts, the better-than-expected results have often failed to lift the companies’ share prices. This is due to the QE-effect as we have discussed where companies flush with QE capital buy back shares which artificially boosts earnings.

Focus List Notes:
NFLX regained its 50-dma on an intraday basis. If the stock can continue to hold the 50-dma, then this would set up a moving-average undercut & rally long set-up using the 50-dma as a tight selling guide.

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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