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Market Lab Report - Premarket Pulse for Thursday, February 8, 2018

Major market averages failed to hold their 50-dmas yesterday as the market faded into the close. The Dow was up some 270 points going into the last half-hour of trade during the regular session but those gains evaporated into the close, leaving it down -19.42 points. Such is the nature of what has become an extremely volatile and at times incoherent market that changes direction in an instant. During times like this, the chaotic movement of the indexes and stocks in general makes doing anything extremely dangerous, and for those who are not nimble swing-traders, staying in cash, or mostly cash, is probably the most prudent course of action at this time.

Futures are trading higher by about half a percent at the time of this writing. Central banks jawbone about maintaining accommodative monetary policy while suggesting higher rates could be in the cards. The Bank of England voted unanimously to keep its key rate and asset purchase program at their respective 0.5% and GBP435 billion, which was expected but set the stage for a rate hike in August. Bundesbank President and ECB member Jens Weidmann said that while accommodative policy is still needed, the ECB should not extend its asset purchase program. 

Focus List Notes:
AMZN is holding support at its 10-dma, but the stock looks set to move lower from here. We would look to take profits or at least keep the 20-dema in mind as a tight selling guide.
FB reversed to close back below its 50-dma after moving back above the line on Tuesday. The stock was already a sell when it could not hold the 10-dma on Monday per our discussion of the stock in our weekend Focus List Review, and for now is nowhere near an actionable long entry. If anything, this is starting to look like a short here using the 50-dma as a tight upside stop, to be frank.
NFLX ran into resistance at its 10-dma after bouncing off the 20-dema on Tuesday. The stock looks like it will likely retest the 20-dema, which should remain your maximum selling guide for the stock.
NVDA is expected to report earnings today after the close. The stock was already a sell on Monday, however, based on the breach of the 20-dema, which served as our maximum selling guide. After a sharp rebound off the 50-dma, which is well below its recent base breakout point, the stock rallied as high as its 10-dma yesterday before reversing to close lower.
TTWO reported earnings yesterday after the close and is gapping down this morning in pre-open trade. It has been removed from the Focus List.


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