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Market Lab Report - Premarket Pulse 10/3/16

Major averages rallied Friday on above average volume as a strong rebound in Deutsche Bank (DB) after the bank's CEO described the bank's capital position as solid, noting that liquid reserves are well above pre-crisis levels from 2007. In addition, AFP reported the bank's MBS settlement with the Department of Justice may be reduced to $5.4 billion from $14.0 billion, though a final settlement has yet to be reached. Shares of DB are trading roughly flat to Friday's close at the time of this writing.

The S&P 500 closed a nickel below its 50-day moving average while the NASDAQ Composite is making another stab at new highs. The two indexes are continuing to diverge slightly as the S&P 500 lags, but leading stocks on our Focus List continue to hold up, offering actionable buy points on constructive pullbacks as demonstrated by a number of reports we have emailed to members.

It is not clear how much progress the market will be able to make ahead of the early November Presidential Election, and we would not be surprised to see the indexes continue to chop around through October. However, as the months of August and September proved, material opportunities in individual stocks can emerge despite the trendless index action. Therefore investors should remain focused on the action of individual stocks, where profitable moves can be found.

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