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Market Lab Report - Premarket Pulse for Friday, December 8, 2017

Market averages were up yesterday, led by the NASDAQ, as beaten-down techs, internets and other growth leaders rebounded. This morning, the Bureau of Labor Statistics released its monthly jobs number, reporting 228,000 non-farm payrolls vs. expectations of 190-195,000. The unemployment rate remained unchanged at 4.1%, average wage growth came in at 0.2%, less than the forecasted 0.3%. Futures are up sharply in response, led by the NASDAQ 100 futures as the oversold rally in broken-down leaders takes firmer hold.

Focus List Notes:
CAT rebounded strongly off its 10-dma yesterday, but volume was light as the stock posted a new closing high. Pullbacks to the 10-dma remain your lower-risk entry opportunities.

Over the weekend we discussed the potential for moving average undercut & rally (MAU&R) set-ups appearing if and as broken-down leaders which had previously "violated" their 50-dmas regain their 50-dmas. FB, regained its 50-dma on Wednesday and further cleared the line yesterday on strong volume. That is a typical MAU&R which initially can be viewed as a possible short-sale as the stock rallies up to the 50-dma.

However, in an Ugly Duckling type of market, the MAU&R type of long set-up, where the short is negated and the stock morphs back into a long, is very common and something we discuss frequently in our weekly webinars. It was also discussed in this past weekend's Focus List Review. Other broken-down leaders, such as BABA, NFLX, NVDA, TTWO, and WB, which were previously on the focus list, remain below their 50-dmas, but if this oversold rally truly does have legs, then we might look for more MAU&R types of moves among these names as they potentially push up closer to their 50-dmas. Something to keep in mind as the oversold rally continues this morning.
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