Major averages finished fractionally higher on slightly lower volume as the current string of baby-stepping up days may be starting to tire. Initial jobless claims count totaled 260,000 vs. est 265,000. Today's tally was below the unrevised prior week count of 272,000.
Focus List Notes:
ANET flashed a single five-day pocket pivot at its 10-dma yesterday. We like to see a cluster of such pocket pivot in lieu of a single ten-day pocket pivot.
BABA is back up near the highs of its current price range, and held tight yesterday as volume declined. The stock continues to recover well from the prior week's sell-off.
NFLX just missed posting a ten-day pocket pivot at the 10-dma after rallying above the line on a buy recommendation from UBS Securities, which set a $225 price target for the stock. Earnings are expected on October 16th.
TTWO posted a five-day pocket pivot at its 10-dma yesterday along with a new all-time closing high.
VRTX is holding tight along its 10-dma after posting a pocket pivot at the 10-dma on Monday. This puts it in a buyable position using the 10-dma as a tight selling guide.
WTW held support at its 50-dma after posting a strong pocket pivot on Monday and then giving up all those gains yesterday. Yesterday's pullback likely ran into overhead selling from the left side of the base, and came on light volume. Yesterday's action constituted a "voodoo" volume dry-up at the 50-dma as volume declined to -48% below average. The stock remains in a lower-risk entry position here using the 50-dma as a selling guide.
Market Lab Report - Premarket Pulse 10/5/17
|Published:||5 Oct 2017 09:24 ET|
Like what you read?
Let us help you make sense of these markets by signing up for our free Market Lab Reports:
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.