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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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