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Market Lab Report - Premarket Pulse 5/2/17

Major averages rose on lower volume continuing their overall uptrends. The NASDAQ closed at a new all-time high while the S&P 500 remains in a tight range up against its prior March highs.

A trifecta of tech juggernauts reports earnings this week including Apple (AAPL) on Tuesday then Facebook (FB) and Tesla (TSLA) on Wednesday after the close.

The FOMC meeting concludes this Wednesday with their announcement at 2 pm ET. Five Fed members including Janet Yellen will speak on Friday after the jobs reports is released. It will be interesting to see how they spin the latest GDP data as they have not only told markets to expect two more rate hikes this year but have also said they want to start the process of unwinding the $4.5 trillion in bonds they are holding on their balance sheet sometime this year.

Focus List Review

BZUN broke out of last week's tight action along its 50-day moving average which corrected the wedge it had formed the week before. We had mentioned BZUN in last week's webinar as one to watch.

TWTR closed just above its 200-day line though it may have to back-and-fill here since it shot straight up from near lows.

Tech leaders NFLX, AMZN, and FB all continue higher with FB reporting after the close on Wednesday.

AMZN tested the 924.99 intraday low of Friday's gap-up move yesterday and turned higher.

CC reported earnings last night and beat handily. The stock is set to gap up slightly this morning, but so far not enough to qualify as a buyable gap-up.

NOW remains within buying range of last Thursday's buyable gap-up range, using the 93.30 BGU low as a selling guide.

TTD is holding tight along its 10-dma and just below its 50-dma. Earnigs are expected next week, but the stock could make a move back above its 50-dma before then, thus it is potentially buyable here based on the tight action while using the 10-dma as a tight selling guide.

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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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