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Market Lab Report - Premarket Pulse 7/14/17

Major averages baby stepped higher on lower volume. While the Dow Industrials closed at new highs, technology stocks are still on the mend. This year, when markets look about ready to fall apart, they find a shallow floor and move higher courtesy of QE.

Futures are up on CPI news. Total CPI was unchanged vs est 0.0% in June while core CPI, which excludes food and energy, increased 0.1% vs. est 0.2%. On a year-over-year basis, total CPI is up 1.6% and core CPI has increased 1.7%.

Separately, June retail sales decreased 0.2% vs. est +0.1%. The prior month's reading was revised to -0.1% from -0.3%. Excluding autos, retail sales decreased 0.1% vs. est 0.2%. The prior month's reading was left unrevised at -0.3%.

Focus List Notes AAOI broke out on a buyable gap-up move yesterday on heavy buying volume after pre-announcing strong earnings results. APPN is pulling down into its prior trendline breakout point on light volume. LITE posted another pocket pivot on strong volume in sympathy to AAOI's move. The stock was last buyable along the 20-dema per our notes from the prior two days. NFLX held tight along its 50-dma yesterday as it constructively consolidated the prior day's pocket pivot move back above the 50-dma. The company is expected to report earnings next Tuesday after the close. YEXT posted its second pocket pivot in a row as it cleared the 50-day moving average yesterday on another pocket pivot volume signature. Watch for pullbacks to the 50-day line as potential lower-risk entry opportunities.
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