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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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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. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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