Major averages finished roughly flat to up on mixed volume, closing near the top of their respective trading ranges.
Federal Reserve Chair Janet Yellen testifies today, delivering her semi-annual monetary policy testimony at 10:00 ET, but her prepared remarks were released at 8:30 ET. She said that "the evolution of the economy will warrant gradual increases in the federal-funds rate over time to achieve and maintain maximum employment and stable prices." She plans to continue to hike rates due to rates still being near historic lows but also said she does not believe they would need to be hiked much further to sustain the economic expansion. Futures strongly advanced on those words as Yellen gives the market a Goldilocks scenario of a recovering economy with a possible end to rate hikes in sight.
Focus List Notes:
APPN found support atits 20-dema yesterday and rallied to close up on the day. Pullbacks to the 20-dema still represent your lower-risk entries.
FB posted a new closing high, but did so on light volume. As is the case with most big-stock NASDAQ names, FB will be announcing earnings before the end of the month, so buying into current action may mean exposing oneself to playing "earnings roulette" as earnings approach.
LITE pulled into its 20-dema yesterday as volume declined to -28% below average. This puts it in a lower-risk entry position using the 20-dema or 10-dma as tight selling guides.
Market Lab Report - Premarket Pulse 7-12-17
|Published:||12 Jul 2017 09:30 ET|
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