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Market Lab Report - Premarket Pulse 11/10/17

Major averages gapped down, finishing lower on higher volume, but managed to close near the top of their trading ranges. Market weakness was largely caused by the Senate tax plan proposed on Thursday which disappointed as it did not look much like real reform. The Senate's proposal called for delaying a cut in the corporate tax rate by one year.

Focus List Notes:

ANET remains extended. Near-term support lies at the $200 price level.

BABA found support near its 20-dema yesterday - that was near-term support and represented a lower-risk entry at that point.

CAT is testing its 20-dema on below-average volume, bringing it into a lower-risk entry position using the 20-dema as a tight selling guide.

FB found support yesterday at its 20-dema. That pullback represented a lower-risk entry opportunity as the stock bounced off the line.

NFLX has breached its 20-dema, but is still holding above its prior base breakout point, which now roughly coincides with its 50-dma. The stock did find support near its 50-dma yesterday. This could be considered a more opportunistic entry point here using the 50-dma as a selling guide, but the stock needs to hold the line in order to remain viable. The breach of the 20-dema is often a sign of an impending late-stage base-failure developing, so this must be watched for.

TTWO closed below the 116.35 intraday low of Wednesday's buyable gap-up move, but only by a little over 1%. This allows for a modicum of porosity below the BGU intraday low and the sock can be considered to be in a buyable position, using a 2% stop maximum from current price levels with the idea of seeing the stock regain the 116.35 price level quickly.

WB is near-term extended after Wednesday's huge pocket pivot and base breakout move. We would look for pullbacks into the 105 price area as potentially lower-risk entries.
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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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