The Fed raised rates a quarter-point yesterday as expected, and the markets reacted in muted fashion, giving up a large portion of their strong intraday gains within the last hour of the day as they appeared to stall and churn on slightly higher volume. The Dow Jones Industrials Index posted another all-time closing high, but overall the action has a lackluster feel to it. The lack of actionable set-ups points towards taking a wait-and-see approach currently.
The last strong, actionable set-ups we saw were in Riot Blockchain (RIOT), for which we issued a Buyable Gap-Up Report on Monday, leading to huge gains in just two days, and Kennametal (KMT), for which we issued a Pocket Pivot Report on Tuesday when it posted a pocket pivot underneath the 46 price level. RIOT has since cooled down, but a situation where a stock more than doubles in just two days warrants taking profits. Gil tweeted on Tuesday when RIOT was trading over 31 that it was time to "pull the ripcord" on the stock and bail out. It closed yesterday at 23.03. KMT, meanwhile, has pushed to new highs, closing yesterday at 48.31.
We will continue to be on the lookout for actionable set-ups as we see them in real-time, and will selectively issue reports as such set-ups turn up.
This morning, futures are up slightly after the European Central Bank kept rates in the Eurozone steady and U.S. November retail sales came in ahead of expectations while unemployment claims came in well below estimates.
Focus List Notes:
CAT launched 3.59% or 5.15 points higher yesterday as it becomes further extended on the upside. The last lower-risk entry point occurred along the 10-dma last week.
FB held support at its 50-dma, and can be considered to be in a lower-risk entry position using the 50-dma as a selling guide.
Market Lab Report - Premarket Pulse for Thursday, December 14, 2017
| Published: | 14 Dec 2017 08:52 ET |
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