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Market Lab Report - Premarket Pulse 8/4/17

Major averages closed lower on mixed volume. The NASDAQ Composite retested its 20-day moving average while the Dow Industrials rose for the eighth day in a row.

July nonfarm payrolls hit 209,000 vs. est 181,000. The prior month's reading was revised to 231,000 from 222,000. Nonfarm private payrolls added 205,000 vs. est 175,000. The previous month's reading was revised to 194,000 from 187,000.

The unemployment rate declined to 4.3% vs. est 4.3%. Average hourly earnings increased 0.3% vs. est +0.3%, while the previous month's reading was left unrevised at 0.2%. The average workweek was reported at 34.5, as expected. The previous month's reading was left unrevised at 34.5.

Two of our Focus List names yesterday exemplified how to handle earnings roulette: TTWO and AAOI. We sent out this report.

Focus List Notes:

AAOI is gapping down over 20% this morning after giving poor guidance in last night's earnings report. We previously discussed selling the stock based on the fact that it had become more than 20% extended from the 10-dma two weeks ago.

ANET violated its 50-dma over the past severall days but is gapping to 167, above its prior highs, after last night's earnings report.

Both AAOI and ANET illustrate the double-edged nature of playing "earnings roulette" by holding positions through earnings. Spin the right number and you win, spin the wrong one and you can lose big.

APPN also illustrates the earnings roulette principle as it is gapping down this morning after reporting earnings yesterday after the close.

TTWO posted a buyable gap-up move after reporting earnings Wednesday after the close. The intraday low of yesterday's BGU price range was 86.02.
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