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Market Lab Report - Premarket Pulse 3/3/17

Major averages fell on lower volume reversing about half of Wednesday's gains. As we have said before, it does not take much of a correction in the major averages to produce greater corrections in leading names. A number of stocks including some on our Focus List should be closely monitored. While profits may have been taken in some names, one still may be sitting in partial or full positions in others which is okay. That said, as we have written in prior reports, keeping stops tight is key so should the market undergo a steeper correction, one's downside is minimized.

Focus List Update

VEEV is back to support on lower volume than Wednesday's big post-earnings day. It is sitting at its 10- and 20- day lines which are converging.

BOX breached its 10-dma and 20-dema lines yesterday on heavy selling volume following earnings. The stock is now sitting at the 50-dma and must hold support here to remain viable.

GKOS gapped up yesterday morning after reporting strong earnings, but the gap-up move reversed to close near the intraday lows. This should be watched closely since a failure to hold the gap and the 10-day moving average could indicate a near-term failure.

JD also gapped up after earnings yesterday morning but gave up the entire gap-up move as it closed up barely 26 cents and near the intraday lows.

MOS has violated its 50-day moving average, therefore the stock should be sold.

NFLX broke through its 20-dema on increased selling volume, but so far has been able to hold above the 138.25 intraday low of its January 19th buyable gap-up.

NTES failed to hold its 10-day moving average yesterday and the $300 Century Mark, but found support near its 20-dema. Selling volume was heavy so one would sell on a breach of the 20-dema and the 278.80 intraday low of its February 16th buyable gap-up move.

NTNX blew up after earnings, trading down some 24% in after-hours trade. This illustrates why we avoid playing "earnings roulette" unless we have a considerable profit cushion in a stock.

TWLO traded down to its 50-day moving average yesterday on increased selling volume albeit below average. This is critical support for the stock, and it should be watched for any breach of the line on volume as a sell signal.

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.
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