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Market Lab Report - Premarket Pulse 9/15/17

Major averages finished mixed on mixed volume. There was a noted divergence between the Dow Industrials which finished higher and the NASDAQ Composite which finished lower by nearly -0.5%. The Dow Industrials have corrected the least all year as big cap stocks are bought up by central banks.

North Korea fired a missile over the northern Japanese island of Hokkaido on Friday morning marking the second launch over Japan in less than three weeks. The act of defiance comes just several days after the United Nations Security Council unanimously adopted new sanctions against Pyongyang. Such sanctions have been numerous and have done little to curb NoKo's aggressive stance. Even so, markets are taking the news in stride as futures are only off slightly. 

Focus List Notes:

AMZN pulled back into its 50-dma where it entered ino a lower-risk entry position following Wednesday's pocket pivot. The main issue, however, with this pullback to the 50-dma yesterday is that it occurred on increased selling volume. Therefore if it cannot hold the 50-dma we would not hesitate to sell it.

ANET remains in a lower-risk entry position alongits 10-dma and 20-dema. We would note, however, that the stock has flat-lined throughout the NASDAQ's recent rally off the lows of two weeks ago.

EA is trying to hold support along its 20-dema as selling volume continues to come in at above-average. It did show some slight supporting action yesterday, so remains in a lower-risk entry position using the 20-dema or yesterday's intraday low as a tight selling guide.

FB failed to hold its 10-dma and broke down to is 20-dema on a sharp increase in selling volume. This looks precarious here, and we would be using the 20-dema as a selling guide if yesterday's selling continues.

GRUB has broken below its 20-dema on heavy selling volume, which is bearish. We would not be holding the stock here based on the breach of the 20-dema on volume.

MOMO continues to move lower, and appears to be headed for a retest of its 50-dma. We would stand aside for now unless the stock can move above the 36.88 prior low in its now nine-day consolidaton.

SNAP is approaching a point of no return as it moves closer to its 10-dma with volume declining to -47% below average yesterday. This puts the stock in a lower-risk entry position using the 10-dma as a tight selling guide.

VRTX broke support at the 20-dema yesterday, which was our initial selling guide for the stock. It is now en route to testing its 50-dma, which would serve as a maximum selling guide. However, the stock's action yesterday as it broke the 20-dema on a sharp increase in selling volume is not constructive, and certainly not what we would want to see on a pullback.

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. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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