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Market Lab Report - Premarket Pulse 5/26/17

Major averages rose on mixed volume with both the NASDAQ Composite and S&P 500 closing at new all-time highs. First quarter GDP was revised upward to 1.2% vs. est 0.8%. This was up from its earlier report of 0.7%. The revised figure improves on what had been its weakest first-quarter growth in three years. The Federal Reserve will make the case the economy is indeed improving, but at 1.2 per cent, the revised figure is still the slowest since the start of 2016. Nevertheless, FANG stocks continue to show strength along with other leading stocks. 

Focus List Review:

AAOI is finding support at its 10-dma. This would be a secondary, lower-risk add point for existing positions.

AMZN is within 1% of the $1,000 "Millennium Mark" as volume picked up sharply yesterday.

BABA is holding at its 10-dma and showed some volume supporting action at the line yesterday.

BZUN successfully tested and held its 20-dema, closing in the upper half of its daily trading range on above-average volume.

CC is sitting at its 20-dema with volume declining. This would offer a lower-risk entry point using the 20-dema as a selling guide.

MOMO is attempting to hold support at its 50-dma, closing in the upper half of its trading range yeserday on heavy volume.

NFLX gapped higher to all-time highs, breaking out of a short range. While volume was insufficient for a BGU, this could be treated as such, however, using the 160.55 intraday low as a tight selling guide.

SNAP posted a five-day pocket pivot on a sharp increase in buying volume as it cleared the 50-dma and is now attempting to fill the downside gap it posted after earnings three weeks ago.

VEEV reported earnings last night and beat estimates, triggering a gap-up move this morning. This should be watched for a possible BGU once an intraday low has been set.

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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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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