Major averages rose on lower volume.
Government debt in the US topped $20 trillion while this year's deficit will exceed $800 billion. Governments have never been able to repay such onerous levels of debt if 5000 years of recorded history is any example. The rise and fall of Rome two millennia ago is one well known example.
North Korea said it will redouble efforts to increase its strength and establish a "practical equilibrium" with the United States.
As further evidence of global economic weakness which is keeping rates at historical lows despite nine years of quantitative easing, Reserve Bank of Australia member said economic strength is a byproduct of U.S. dollar weakness and that economic growth in Australia is not strong enough to support a rate hike.
Focus List Notes:
ANET continues to hold along its 20-dema as volume dries up. This remains in a buyable area using the 20-dema as a selling guide.
EA keeps fiegning downside breaks, only to find support at its 10-dma and 20-dema. This appears to remain in a lower-risk entry zone using the 20-dema or 50-dma as selling guides.
FB is holding its ground after last Thursday's pocket pivot. Yesterday the stock tucked into its 10-dma on volume that was -32% below average. This keeps it within buying range of the prior pocket pivot.
GRUB has dipped below its 10-dma on above-average volume following Monday's pocket pivot move. It may turn out that a pullback to the 20-dema allows for a more opportunistic entry.
JD was added back to the Focus List after posting two five-day pocket pivots along the 10-dma and then the 50-dma over the past two days. We like to see clusters of five-day pocket pivots in lieu of a single ten-day pocket pivot. The 50-dma would serve as a selling guide.
MOMO was added back to the Focus List based on its Ugly Duckling set-up that includes a single five-day pocket pivot eight trading days ago followed by tight action along the 10-dma over the past seven trading days as voluime dries up. This is typical of the "LUie" formation we discuss in our live webinars and in the VoSI VooDoo Report. We would anticipate at least another five-day pocket pivot, although the stock is in position for a standard ten-day pocket pivot.
SNAP is pulling into its 10-dma on above-average volume. The stock was hit today on news that AAPL was adding features to its iMessage app that could compete with SNAP. We would watch to see how the stock holds up today as the reaction could be short-lived.
VRTX has pulled into its 20-dema on volume that was -58% below average yesterday, putting it in the lowest of lower-risk entry positions here using the 20-dema as a tight selling guide.
WTW was added to the Focus List based on the voodoo pullback to the 10-week moving average as volume dried up to -64% below-average yesterday. The low-volume pullback shows up on the daily chart, while support at the 10-week moving average is evident on the weekly chart, combining for a lower-risk entry opportunity.
Market Lab Report - Premarket Pulse 9/13/17
|Published:||13 Sep 2017 09:24 ET|
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