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Market Lab Report - Premarket Pulse 10/12/17

Major averages rose on higher volume. JPMorgan (JPM) kicked off earnings season delivering its fiscal third quarter results this morning, beating both earnings and revenue estimates and officially kicking off the third quarter earnings season. Also in the financial group, Citigroup (C) will report this morning then Bank of America (BAC) and Wells Fargo (WFC) will report on Friday.

In economic news, producer prices rose 0.4% in September matching estimates while core producer prices rose 0.4% vs. est 0.2%. Year-over-year, core producer prices are up 2.2%. The latest weekly initial jobless claims count totaled 243,000 vs. est 255,000.

Focus List Notes:

FEYE has pulled into its 10-dma as volume declined to -41% below-average yesterday. This could put it in a lower-risk add point for any position taken on the original buyable gap-up back in early September.

NFLX continues to remain within buying range of last week's cup-with-handle base breakout. Again, we would look to use the 20-dema as a tighter selling guide rather than the standard O'Neil-style 7-8% stop-loss.

VRTX was able tor rally back and close above its 50-dma after breaching the line earlier in the day. Volume came in at 29% above-average, qualifying as a pocket pivot supporting day at the 50-dma. However, keep in mind that earnings are expected on October 23rd, so one would look for a sizable upside move ahead of earnings to provide some cushion if one intends to hold their position through the report.

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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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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