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Market Lab Report - Premarket Pulse 7/12/23

AI-meme stocks

This one trick pony AI-meme market which may be running out of steam, at least in the short term, remains the most bifurcated market we have observed in decades. That said, some of the leading names are correcting such as MSFT and AMD, both which are pulling back to their 50dmas, GOOGL which is trading below its 50dma, as well as AMZN and AAPL which touched their respective 21emas which could be bought with tight stops as discussed in prior reports directed at these AI-meme stocks that have not violated their respective major moving averages in a number of weeks. ADBE remains in play for those who bought a position when we sent a report on June 9 which also had a pocket pivot this past Monday. NVDA is exhibiting a minor volume dry up as it continues to trade tightly.

Remain on the lookout for pocket pivots, undercut & rallies, and volume dry ups in these AI-meme names for low risk entry points as futures trader Ed Seykota once famously said, the trend is your friend until the end when it bends.

We also have a CPI report out at 830 am EST which the Fed will use to gauge the odds of its next one or two hikes.
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