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Market Lab Report - Premarket Pulse 11/3/17

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.

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