Major market indexes rallied up to their 50-dmas yesterday and stalled slightly on higher volume. The 50-dma may present a major test for the indexes, but if they can successfully regain their 50-dmas it would certainly add confirmation to last week's follow-through. The primary issue, however, remains finding suitable new leaders that have the potential to post big price moves. So far, the pickings have been rather slim.
Futures are up about half a percent at the time of this writing on positive earnings news out of NFLX which is up about 7% in pre-market trading after it clobbered estimates for subscriber growth in the first quarter, and the company raised its profit guidance for Q2. Goldman Sachs (GS), Johnson & Johnson (JNJ), and UnitedHealth (UNH) are also trading higher on strong earnings.
Focus List Notes:
FTNT posted a new all-time high yesterday, but volume was -34% below-average. Earnings are expected on May 3rd.
LITE was hit hard after the Commerce Dept. announced a ban on sales of optical products to Chinese company ZTE. The news crushed optical names across the board.
NFLX reported earnings after the close yesterday and is set to gap up this morning. In after-hours trade it was unable to clear its prior early March highs.
SQ violated its 50-dma, However, it remains roughly right at its prior cup-with-handle breakout point in the 47 price area.
Market Lab Report - Premarket Pulse for Tuesday, April 17, 2018
|Published:||17 Apr 2018 08:05 ET|
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. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.