Market Lab Report - Premarket Pulse 3/2/17

Published:

2 Mar 2017 14:03 ET

Major averages gapped higher yesterday after Trump's speech and continued to move higher throughout the day on lower but above average volume. Financials led the charge as the XLF gapped to higher highs after several Fed heads expressed hawkish views in favor of a rate hike in March. The lower volume was unsurprising after Tuesday's spiking volume as nervous institutions sold ahead of Trump's speech.

Focus List Update

GKOS had a pocket pivot off its 20-dema. GKOS is gapping up this morning after earnings and should be watched for a possible actionable buyable gap-up move.

VEEV had a wild day yesterday as it gapped down at the open but then shook out sellers and reversed back to the upside on a pocket pivot move. It gapped lower after reporting earnings then after further selling near the open, rallied the rest of the day to finish in the upper part of its trading range. It can be psychologically tough to buy back after having sold it earlier in the day, but some stocks have acted in this manner to well outperform the markets after such price/volume action. That said, VEEV was quite volatile in yesterday's trade so it may exceed your risk tolerance levels.

ZION gapped higher just as many other financials did after Trump's speech.

BOX had a pocket pivot off its 20-dema.

CUDA had a pocket pivot yesterday. The stock remains in a buyable position using the 50-dma as a selling guide.

FTNT had a supporting pocket pivot yesterday at the 20-dema and is in a buyable position using the 20-dema as a selling guide.

JD is gapping up this morning after earnings and should be watched for a possible actionable buyable gap-up move.

MOS has breached its 50-day moving average and is now on the verge of violating the line.

NFLX continues to hold tight in constructive fashion.

NTES found support at it 10-dma on above-average volume as it held above the $300 Century Mark.

NTNX is expected to report earnings today after the close.

QTNA has pulled into its 20-dema in constructive fashion, putting it in a lower-risk entry position.

TWLO continues to hold tight at its 20-dema, putting it in a lower-risk entry position using the line as a selling guide.

X pulled a "re-breakout" move but has stalled around the $40 price level.

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