Major averages fell, closing near the bottom of their trading ranges on higher volume. The correction that began last Thursday may not yet be over. The prior tech correction occurred on June 9 and took about a month to resolve. So far, leading technology names such as AMZN, GOOGL are showing weakness on weak earnings reports while others such as NFLX and FB are holding up okay having gapped higher on strong earnings reports. AAPL which is hovering at its 50-day moving average reports earnings today after the close.
Focus List Notes:
Caution is advised as many names on the list begin to take on a sluggish character. In most cases we don't believe it is necessary to take an aggressive stance towards picking up additional long positions or adding to existing positions, particularly where the stock is expected to report earnings within the next few days.
ANET has violated its 50-dma. Earnings are expected on Thursday.
VEEV is holding support at its 50-dma as volume declines.
YEXT has not yet violated its 50-day on a technical basis as it would need to move below the low of last Friday. It is currently holding along the prior base lows in the 13 price area.
Market Lab Report - Premarket Pulse 8/1/17
|Published:||1 Aug 2017 09:20 ET|
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