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Market Lab Report - Premarket Pulse 6/9/16

Major averages rose yesterday on mixed, below average volume. The S&P 500 is a breath away from all-time highs. Both the S&P 500 and the NASDAQ Composite logged new year-to-date closing highs.

Central banks remain supportive of QE as European Central Bank President Mario Draghi urged European governments to play their part in boosting growth and inflation in the region, warning that a lack of economic reforms is making the ECB’s job harder.

Though despite an onslought of QE over the past few years from global central banks, resulting in negative interest rates in some countries, inflation remains far short of the central bank’s near 2% target, coming in at minus 0.1% last month, while economic stagnation remains. Indeed, the World Bank lowered its 2016 global GDP growth forecast to 2.4% from 2.9% and slashed the U.S. growth outlook to 1.9% from 2.7%.

Nevertheless, investors are seeing the markets as half-full instead of half-empty, so the downgrades did not pressure stocks as investors interpreted the news as a sign that domestic and global monetary policy may remain highly accommodative.

Telecom equipment manufacturer Ubiquiti Networks (UBNT) had a pocket pivot off its 10-day moving average after trading down for the day. Upside reversals on volume are powerful patterns. UBNT gapped high on its prior earnings report. Earnings and sales are accelerating, pretax margin 32.8%, ROE 46.6%, group rank 58.

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