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Market Lab Report - Premarket Pulse 10/19/16

Major averages rose yesterday on higher volume, though closed in the lower half of their trading ranges with the NASDAQ Composite closing a hair under its 50-day moving average. It was helped by FANG stocks NFLX which reported stellar earninigs and GOOG which broke out to new highs.

Cloud-based human capital management software company Paycom (PAYC) had a pocket pivot. It is still at its 50-day moving average so the risk here is low. Earnings and sales are soaring, ROE 27.2%, group rank 7.

Internet TV show and movie provider Netflix (NFLX) had a buyable gap up on a strong earnings report. Earnings and sales are re-accelerating over the last 2 quarters, group rank 59. Yesterday's intraday trading range was tight so giving NFLX an undercut allowance of 2-3% would put risk at about 4-5%.

Keep in mind the correction may not yet be over so tread carefully.

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