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Market Lab Report - Premarket Pulse 10/6/17

Major averages rose on mixed volume. Markets are getting a bit extended as the VIX continues to trade near all-time lows.

Analysts say today's September Employment Situation Report was affected by Hurricane Harvey and Hurricane Irma. Even so, the reading was appreciably weak as it showed that nonfarm payrolls decreased by -33,000 vs. est +75,000. Average hourly earnings increased by 0.5% vs. est +0.2%.

This has not deterred the possibility of a rate hike. The CME FedWatch Tool puts odds of a rate hike in December at a virtual certainty of 98.2%, up from yesterday's 77.5%.

Focus List Notes:

ANET continues to hold tightaloing its 10-dma as volume declined to -58% below-average yesterday.

NFLX broke out of a cup-with-handle base on very heavy volume after the company announced a price increase for its online streaming media service.

TTWO broke out to an all-time high yesterday but volume was -20% below-average. This is not unusual, however, in this market where many stocks are able to move higher even on light volume.

VRTX continues to hold tight along is 10-dma after Monday's pocket pivot, although it has so far not followed-through to the upside following the Monday pocket pivot.

WTW again attempted to launch higher off its 50-dma but reversed off its intraday highs to close near its intraday lows on higher volume. The stock appears to be continuing to run into resistance from the left side of the pattern and the 49.32 August peak.

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