Major averages rose on lower volume. Netflix (NFLX) reported higher-than-expected growth in subscribers for the third quarter and beat forecasts on revenue, but profit came in weaker than expected, as Netflix continued to spend heavily on producing and owning its own shows. It is in stiff competition with Amazon (AMZN). It is currently off about a percent.
Focus List Notes:
ANET is testing its 20-dema, which it has held since its early August buyable gap-up (BGU). We would use this as a selling guide.
BABA held support at its 20-dema yesterday's volume declined.
FEYE dropped below its 20-dema yesterday on increased volume but volume that was light at -13% below average.
NFLX reported earnings after the close yesterday and this morning is set to open about 1% lower at the time of this writing. Stay alert for any move back below the $200 price level if the stock cannot develop any upside momentum.
VRTX started the day out rallying off its 50-dma in robust fashion, but comments from President Trump regarding high drug prices caused it to reverse off its intraday peak and close near the bottom of its daily trading range. The stock still closed above its 50-dma on volume that qualified as a pocket pivot signature.
WTW rallied back up through its 50-dma on increased volume, but volume was still below-average and did not qualify as a ten-day or five-day pocket pivot.
Market Lab Report - Premarket Pulse 10/17/17
|Published:||17 Oct 2017 09:26 ET|
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