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Market Lab Report - Premarket Pulse 7/12/18

Major averages sold off yesterday, but only the NASDAQ traded higher volume. The S&P 500 and Dow Jones Industrials escaped a distribution day after the U.S. proposed tariffs on another $200 billion worth of Chinese goods and services. Futures are moving higher this morning as the market shrugs off yesterday's sell-off and makes another move for new highs.

Futures are trading higher. Trade concerns remain at issue but meanwhile, QE remains a formidable force as markets get pushed higher on a string as we detailed in yesterday's Market Direction Report. In summary, markets and stocks this year have been largely trendless for the most part due to the tug-o-war between the Federal Reserve pushing for higher rates vs. global central banks which remain hamstrung on having to pump out continued near-record levels of capital flow via QE. The ingredients of the makings of a full blown trade war add to the rip-tide nature of the current market environment. Markets and stocks that rise on QE-vapor remain vulnerable.

Focus List Notes:
As earnings season approaches, aggressive purchases of Focus List names are obviously not advisable unless one believe one can gain a reasonable profit cushion ahead of earnings. That said, while all five names are holding up well, none are currently in buyable positions aside from BZUN, which is holding near-term support at its 50-dma and 20-dema.
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