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Market Lab Report - Premarket Pulse 5/23/17

Major averages rose on lower volume. Futures dipped last night after news of an explosion in Manchester, UK where a concert had just concluded late Monday night. The toll stands at 22 people killed and 59 injured. ISIS has claimed responsibility for the act, which marks the most deadly attack to hit the UK in over a decade.

Futures are currently up as are European markets which are shrugging off the news.

Focus List Review

AAOI launched higher in a continuation pocket pivot move on strong buying volume.

ANET has pulled back to its 20-dema on volume that was -10% below average, which would not be considered a "voodoo" type of volume decline. Furthermore, while volume as below-average, it did come in higher than the prior day's volume. However, if ANET can hold here at the 20-dema, it could be considered a lower-risk entry using the 20-dema as a tight selling guide.

BABA is somewhat out of position, but a low-volume pullback into the 10-dma would help stabilize the pattern and put the stock in a lower-risk entry position.

COHR has met up with its rising 10-dma on volume that was -29% below-average. This can be considered a lower-risk entry point, us ing the 10-dma as a tight selling guide, or the prior BGU intraday low of 140 as a wider selling guide. However, it would be very positive to see the stock simply move up and off the 10-dma, perhaps in a continuation pocket pivot type of move.

FB is holding at its 20-dema with volume drying up to -29%. Watch for the stock to continue holding the 20-dema as a constructive sign.

LITE broke out to new highs on above-average volume. Optical names in general rallied strongly yesterday, including AAOI, on analyst comments regarding "metro upgrades coming out of China."

MOMO reported earnings this morning and is currently gapping up towards yesterday's intraday highs.

NVDA pushed slightly higher yesterday but is still showing churning action up at the highs. For this reason one would want to look for a pullback into the 10-dma as a lower-risk entry opportunity.

NOW pushed through the $100 Century Mark on strong volume that was 42% above-average. However, after the close yesterday the company announced a $750 million convertible bond offering, which sent the stock lower in after-hours trading. This morning the stock appears to be holding above the $100 price level, which is constructive given the news.

SNAP is holding in a short five-day flag formation along the 20 price level. Volume dried up yesterday to -62% below-average as the stock pulled into the lows of this short bull flag. This actually looks constructive, and could put the stock in a buyable position using the 19.73 low of April 18th as a tight selling guide.

TSLA closed below its 20-dema on volume that was -29% below-average. The stock is trying to stabilize here, and continued tightening up along the 10-dma or 20-dema with volume drying up would be constructive.

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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