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Market Lab Report - Premarket Pulse 7-6-17

Major averages finished flat to up on higher volume which is natural given that Monday was a half session day, though volume remained below average. 

The Fed's minutes showed that "several" members were in favor of starting the reduction of its $4.5 trillion balance sheet within a "couple of months." The minutes showed concern that financial conditions have not much changed even with higher interest rates. The Fed seemed confident that inflation will recover after recent soft readings though some were concerned that the low unemployment rate may eventually spark inflation forcing the Fed to hike rates at a faster pace than intended, thus jeopardizing the economic recovery.

CME FedWatch tool shows the December FOMC meeting as the most likely time for the next rate-hike with an implied probability of 61.7%.

The number of Americans who applied for unemployment benefits rose slightly at the end of June to a seasonally adjusted 248,000 but remained near the lowest level in years.

Focus List Notes:

With only seven names left on the list it is clear that the overall market situation is deteriorating rapidly. TSLA, for example, was removed from our list on Monday and yesterday broke sharply below its 50-day moving average after gapping down on the open.

Other names that remain on the list are suspect as well. For example, AAOI is now living below its 50-dma and appears to be in a head and shoulders formation with a neckline along the 60 price level.

Other names on the list are holding above near-term support for now, but ANET, LITE, and TTWO should be watched carefully as they are currently in what appear to be vulnerable positions.

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