Major averages finished roughly flat to slightly higher on higher volume, closing near the top of their trading ranges.
October nonfarm payrolls increased by 261,000 vs. est 300,000. The prior month's reading was revised to +18,000 from -33,000. Nonfarm private payrolls rose by 252,000 vs. est 307,000. The previous month's reading was revised to +15,000 from -40,000.
The unemployment rate fell to 4.1% from 4.2% vs. est 4.3%. Average hourly earnings were flat vs. est +0.1%, while the previous month's increase was left unrevised at 0.5%. The average workweek was reported at 34.4 matching estimates. The previous month's reading was left unrevised at 34.4.Focus List Notes:
ANET dropped -8.16% or 16.09 points yesterday to close at 181.17 after getting hit with an analyst downgrade. Then, in the after-hours the company reported earnings and the stock is now trading back above its 10-dma and 20-dema and near its prior highs around the $200 price level. This points to the bizarre difficulties one encounters in this market as it is likely that one would have sold the stock yesterday on the massive price break, only to see the stock gap-up to recover all the prior day's losses and then some.
BABA gapped up yesterday after reporting earnings but reversed to close down on heavy volume. The stock remains in an extended position anyway, so its a matter of seeing if and how the stock is able to settle down and perhaps set up again.
NFLX is still holding tight along the 10-dma as volume remains low. This remains in a lower-risk entry position, using the 10-dma or 20-dema as selling guides.
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. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.