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Market Lab Report - Premarket Pulse 10/4/17

Major averages rose on mixed volume.  The September ADP Employment Change Report came in below expectations (135,000 nonfarm payrolls vs. est 160,000). The report is seen as a prelude to tomorrow's jobs data report, though the two reports don't always correlate.

Focus List Notes:

BABA was wedging up into its 10-dma as of Monday, but yesterday cleared its 10-dma on increased but below-average volume. The move did not qualify as a pocket pivot, and the stock remains within its current base with earnings expected at the end of the month.

FEYE broke out of a very short two-week flag on a pocket pivot move. We prefer to buy shares on pullbacks to the 10-dma.

NFLX recovered back to the topside of its 50-dma on light volume, finding resistance at the 20-dema. This remains in an unresolved position after a sharp price break off the peak last week on heavy volume. Earnings are expected on October 16th.

VRTX posted a bottom-fishing type of pocket pivot at its 10-dma on Monday from a position that is below its 50-dma. It held tight yesterday at the 10-dma on light volume,which is constructive. The stock would be considered buyable here using the 10-dma as a tight selling guide on the basis of Monday's pocket pivot.

WTW illustrates the uneven action in this market by pulling in sharply yesterday and giving up all of its gains from Monday's strong-volume pocket pivot. As is often typical of stocks in this market, a day of strong gains in a stock do not necessarily lead to any follow-through. The stock is back at the 50-dma, which might be considered a lower-risk entry position, but not so appetizing considering the quick give-up of Monday's strong gains.
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