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Market Lab Report - Premarket Pulse 8/17/16

Major averages fell yesterday on higher but below average volume.

July CPI came in flat, which was in-line with the Briefing.com consensus. Separately, core CPI rose 0.1% in July (Briefing.com consensus +0.2%), which pressured year-over-year core CPI to 2.2% from 2.3% in the prior month. The inflation reading led to a modest uptick in rate hike expectations after New York Fed President and FOMC voter William Dudley said the right time for a rate hike is approaching.

Dudley recently stated that a September rate hike remains in the realm of possibilities. The fed funds futures market currently estimates the implied probability of a rate hike at the September meeting at 12.0%, rising from Monday's estimate of 9.0%. It won't be until early 2017 that the probability of a rate hike rises to more than 50%.

The FOMC Minutes from the July meeting are out today at 2 pm ET.

Biotech giant Biogen Idec (BIIB) had an extended pocket pivot on 8-2-20 after gapping higher twice prior, once due to strong earnings. It has since retraced in a constructive manner which we call a volume dry-up (VDU) where price range narrows while volume remains quiet. We sent a report yesterday when it had just shown strength so became actionable around the 316 price level. It is currently still trading in its tight, consolidating pattern. 

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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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