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Market Lab Report - Premarket Pulse 6/8/16

Major averages finished nearly flat yesterday on mixed volume, though closed near the lows of their respective trading ranges. This is the opposite of what they have been doing in days prior by starting weak and finishing strong. Nevertheless, the overall trend remains up, but stay vigilant for signs of sudden pullbacks, common in these markets, by keeping stops tight, using such weakness to enter a stock on a constructive pullback.

Semiconductor stock Broadcom Ltd. (AVGO) gapped higher two days ago on a strong earnings report. It had gapped higher several times prior only to move sideways in all but one case. That said, given its current price action along with earnings and sales strongly accelerating, and given the overall tone of the stock market, the odds grow of the stock managing an uptrend. The low of the gap up day is about 2.6% from where it is currently trading. Pretax margin 40.6%, ROE 65.7%, group rank 69.

Telecom infrastructure service company Dycom (DY) had a pocket pivot. It gapped higher on its prior earnings report then traded sideways in a tight, constructive formation. Earnings and sales are sharply accelerating, group rank 55.

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