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Market Lab Report - Premarket Pulse for Wednesday, January 31, 2018

Major averages gapped down at the open and continued lower on higher volume. Given the market's extended state after a strong start to the New Year, the sell-off was well within context. Futures are up sharply this morning after the State of the Union speech last night and a strong ADP jobs number showing 234,000 new jobs vs. estimates of 190,000.

Focus List Notes:
AMZN shrugged off the market sell-off and rallied on news that it was partnering up with J.P. Morgan and Berkshire Hathaway for enter the health care business. The news had the effect of slamming leading healthcare names like UNH, for example.
EA came in with a strong earnings report yesterday after the close and is gapping up this morning. Watch this closely for a possibly actionable buyable gap-up (BGU) once it has set an intraday low.
FB sold off during the day but rallied to close up on the day as it found support near its 50-dma. Earnings are expected to be reported today after the close.
SQ sold off with the market early in the day but found support at its 20-dema and the top of its prior cup-with-handle breakout of seven trading days ago.
TTWO is moving higher in sympathy to EA, but not by much.
WB gapped down and found support at its 20-dema, which would serve as a lower-risk entry point as well as our preferred selling guide. Bottom line: the stock needs to hold support here, otherwise a test of the 50-dma may be in store.

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