Major averages finished mixed on mixed volume with the S&P 500 and NASDAQ Composite nearly flat and the small caps Russell 2000 lower by about half a percent.
The Fed's minutes said the labor market, jobs growth, and economic activity have been strengthening while overall inflation excluding food and energy prices have declined and are running below 2 percent. Markets held steady then staged a very minor rally.
Futures are markedly higher on the NASDAQ as FB earnings came in strong, sending the stock higher by 6% in premarket trade. Further, AMZN which reports after today's close is also gapping higher by 1.5%.
Focus List Notes:
Most names on the list remain in extended positions and out of buying range.
LITE has pulled back towards its 10-dma after Monday's big-volume base breakout. This would bring it into a lower-risk entry position. Keep in mind that earnings are expected next week.
NOW reported earnings last night and is gapping up only slightly, but could be in a buyable position here using the 10-dma as a tight selling guide.
NTNX is testing its 10-dma, which puts it in a lower-risk entry position using the rising 20-dema, now at 21.68, as a selling guide. Preferably, the stock should hold along its 10-dma.
VEEV has pulled down towards its 10-dma following Monday's pocket pivot and trendline breakout, putting it in a lower-risk entry position here using the 10-dma as a selling guide.
YEXT is testing the 20-dema on below-average volume. Selling volume picked up yesterday, but we would look for the stock to hold above the 20-dema at best, or at worst the 50-dma which is only 2.2% lower.
YNDX is expected to report earnings tomorrow before the open.
Market Lab Report - Premarket Pulse 7/27/17
|Published:||27 Jul 2017 09:21 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2019 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.