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Market Lab Report - Premarket Pulse 2/15/17

Major averages finished yesterday at all-time highs once again on higher volume though financials led the way with the financials ETF XLF up 1.16%. Futures and European markets are slightly lower overnight. Some digestion of recent gains can be expected.

Fed Chairwoman Janet Yellen testified yesterday that the US economy is expected to continue to expand at a moderate pace, which should allow the Federal Reserve to raise interest rates at a gradual pace. At upcoming meetings, Yellen said, the Fed would look at incoming data to see if the labor market continues to strengthen and inflation is moving up to the central bank’s 2% target. If so, “a further adjustment of the federal funds rate would likely be appropriate,” Yellen said.

Economic data out of Australia showed that businesses and consumers are anticipating a rate hike from the Reserve Bank of Australia in the near term. The overall trend toward tighter monetary policy, or at least a slowing of QE from central banks such as the Bank of Japan and the European Central Bank seems to be taking hold. This suggests improving global economic conditions ahead.


Focus List Update

AGX violated the 50-dma but closed near the highs of its daily price range yesterday as it undercut and rallied back above the prior 68.85 low in the base to close at 69.15.
AKS is holding tight and just above the 10-dma after Monday's pocket pivot.
AMZN held tight on light volume as it sits near the top of its current cup-with-handle base.
BABA is testing its 20-dema and the prior 99.94 BGU low.
CC is holding tight after Monday's buyable gap-up.
CUDA pulled into the 10-dma on light volume.
FB found support yesterday at the 10-day line as volume picked up slightly.
FTNT is holding very tight after last week's BGU and found some volume support off of its intraday lows yesterday.
NFLX pulled down to its 20-dema on above-average selling volume. The 20-dema represents a key area of support for the stock.
NVDA found support at its 50-dma, which is the maximum selling guide for the stock, although it has been shortable on a tactical basis over the past two days based on our discussion of the stock over the weekend.
VEEV pulled into its 10-day moving average yesterday and found support.
ZION broke out decisively yesterday on about average volume as financials led the way.

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