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Market Lab Report - Premarket Pulse for Tuesday, January 23, 2018

Market averages shrugged off the two-day government closure and held steady early in the day yesterday. Once the Senate broke the impasse and passed a compromise measure to re-open the government the indexes took off and made fresh all-time highs. The measure will keep the government running through February 8.

Futures are roughly flat at the time of this writing. Major averages remain somewhat extended from their 10-day lines. Earnings overall continue to add an upbeat tailwind to the markets.

Focus List Notes:
Most focus list names remain extended. In general, the list has done quite well since we added back several names early in January.
COHR was acting quite well after breaking out last week, but yesterday the stock sold off hard down to its 50-dma on heavy volume. While no specific news item was cited, as best we can tell, the sell-off was perhaps in sympathy to the pre-announcement of negative earnings results by Sanmina (SANM).
NFLX reported positive earnings, sales and subscriber growth yesterday after the close and is gapping up this morning. It is questionable whether this is a buyable gap-up since the stock is already in a very extended position. We would watch to see how well the stock acts on the gap-up this morning, as if it can set a firm intraday low, one could add to an existing position taken down near the 50-dma when we first reported on the stock as a pocket pivot on December 27th.
SQ posted a cup-with-handle breakout on volume that was 25% above-average. The stock has been acting well since last being buyable along the 50-dma per our prior notes.
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