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Market Lab Report - Premarket Pulse 8/8/17

Major averages rose on lower volume. A number of names had strong advances including a number of Chinese stocks whose earnings are due this week such as ATHM (Aug 9), YY (Aug 10), WB (Aug 9), and SINA (Aug 9). All four had pocket pivots with WB and SINA breaking out of bases to new highs. Real estate company Zillow (Z) is also due to report today after the close. It had a pocket pivot off a convergence of its moving average lines which is bullish. Such action used to be a harbinger of strong earnings reports, but too often these days, it has become more like the flip of a coin. Thus playing earnings roulette can result in a large loss or large gain where price/volume action leading up to earnings day unfortunately does not offer sufficient predictive value as to whether a stock will gap higher or lower on earnings day.

Focus List Notes:

APPN broke out to new highs after posting an undercut & rally buy set-up as discussed over the weekend in our Focus List Review report. It is now extended, in our view.

NOW pulled back into its 10-dma on volume that was -52% below average, which could be considered a lower-risk entry point. We would, however, keep a tight leash on this, using either the 10-dma or the 20-dema as tight selling guides as this could easily morph into a short-sale target given the prior breakout failure last week.

NTNX is back on the Focus List as it rallied back above the prior 21.62 intraday low of its July 14th bottom-fishing buyable gap-up move to close yesterday at 22.16, triggering an undercut & rally type of buy set-up. Volume was light, however, and we would watch for the stock to hold the prior 21.62 low and the 20-dema on any pullback from here.

TTWO pushed to new highs yesterday after becoming buyable following last Thursday's BGU. It is slightly extended.

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