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Market Lab Report - Premarket Pulse 7/22/16

The percentage of NYSE and NASDAQ stocks above 150-day moving average is in a danger zone where markets often pull back. In particular, the NASDAQ number is beyond several prior peaks that have been associated with at least a market pullback. We got a pullback of sorts yesterday as major averages fell on higher though below average volume, snapping a nine-day winning streak for the Dow Jones Industrials.

QE continues to pump capital into the system though its only a matter of time before this "feel good" moonshine market becomes an explosive, bubble popping, molotov cocktail market. There are limits to such stimulus as the European Central Bank stood pat yesterday, refraining from taking interest rates further into negative territory.

But the overall trend is up, and markets could continue this QE-induced bull market that began in 2009 a lot longer than anyone expects. Central banks have pledged to keep the liquidity flowing, so the capital is finding its home in bonds, stocks, and hard assets.

Small molecule drug maker Medivation (MDVN) had a pocket pivot yesterday but closed mid-range as it pulled back with the markets. This company has been a buyout target. It deserves mention since it has traded in a tight band, and has had three gaps highs from its lows. Earnings have powered higher and sales are accelerating, pretax margin 27.95%, ROE 25.7%. MDVN is expected to report earnings on July 26.

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