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Market Lab Report - Premarket Pulse 11/14/17

Major averages finished roughly flat near the top of their respective trading ranges on lower volume after trading lower for much of the day.

The House is expected to vote on its version of a tax reform bill this Thursday. The lower chamber's proposal along with the version that the Senate unveiled last week must match then be approved by both chambers before the bill can be signed into law.

The Producer Price Index increased 0.4% in October vs. est 0.1%. The core Producer Price Index also increased more than expected, climbing 0.4% vs. est +0.2%. Year-over-year, producer prices are up 2.8% and core producer prices have risen 2.4%.

Focus List Notes:

ANET made a new all-time high yesterday. It was last buyable along the $200 price level based on Jesse Livermore's Century Mark Rule on the long side, per our discussion in the stock two weekends ago in our Focus List Review piece.

BABA should be monitored closely as it looks to be set to retest its 20-dema. A constructive pullback to the line would put the stock in a lower-risk entry position. Otherwise, a breach of the 20-dema could result in a test of the 50-dma, which would be our maximum downside selling guide for the stock.

CAT held tight along its 20-dema as volume dried up to -47% below-average yesterday, putting the stock in a lower-risk entry position while using the 20-dema your primary selling guide.

NFLX found support at its 50-dma and bounced off the line yesterday, but volume was weak at -42% below average. The 50-dma remains the maximum downside selling guide for the stock, which is critical if the stock is to avoid becoming a late-stage failed-base situation as we discussed over the weekend in our Focus List Review piece.

TTWO was buyable per our comments over the weekend in our Focus List Review piece, and it came through with a move back above the 116.35 low of last Wednesday's buyable gap-up move. Technically it remains within buyable range of the BGU, but the optimal entry was to be found yesterday below the 116 price level early in the day per our weekend comments.

WB found support after a 50% retracement of the prior move from the 50-dma to the peak around 110, as we discussed it might in our weekend Focus List Review piece. Pullbacks into the 105 area, which has served as support for the stock over the past three days, remains buyable as long as they occur constructively.


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