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Market Lab Report - Premarket Pulse 8/24/17

Major averages fell on lower volume as market direction remains in flux. QE could push the market higher or the sloppy downtrend that began earlier this month could continue.

The annual Jackson Hole meeting begins today among top central bankers then ends tomorrow with speeches from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The market will watch the speeches closely, but the minutes have already been released so any new information is less likely.

The Federal Reserve is well along the path to rate normalization having hiked a few times. It is widely expected to lay out its plan to begin shrinking its $4.5 trillion balance sheet that it said it would discuss at their policy meeting in September. Meanwhile, the ECB is still purchasing assets at a record level of 60 billion euros a month and holding interest rates at extraordinarily low levels. The question is whether Draghi will lay out a plan to begin winding those purchases down in 2018.

“I think people will most look forward to, but also be most disappointed by, the Draghi speech,” Bill Northey, chief investment officer at U.S. Bank Private Client Group said. “At most he will make some additions to what is already known, but it will be devoid of any real new policy information.”


Focus List Notes:

Five names remain on the list, with BABA and TTWO still pushing higher as they ignored the market's gyrations over the past two weeks.

ANET is sitting at its 10-dma with volume drying up, putting it in a lower-risk entry position using the 10-dma as a tight selling guide.

APPN posted a pocket pivot off the 10-dma yesterday, although we had previously discussed the stock as buyable along the 10-dma in previous notes.

NFLX continues to hold key support at the 50-dma, although it has shown little willingness to bounce off the 50-dma with more authority. This does, however, keep it in a lower-risk entry position using the 50-dma as a tight selling guide. A breach of the 50-dma, however, would likely bring the stock into play as a short-sale target.

Short-Sale Notes:

TSLA rallied just beyond its 50-dma yesterday on news that a Model 3 SUV beat a Lamborghini in a drag race. This brings the stock back up into shortable range once again, looking for a reversal back below the 50-dma as a short-sale trigger.

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