Major averages rose on lower volume, closing near the top of their trading ranges. Futures are down due to concerns the Republicans’ tax reform bill will get delayed or not passed at all. Hopes that President Donald Trump’s administration will deliver major U.S. tax reforms which include the business-friendly tax cut have helped boost markets. On Thursday, Senate Republicans are expected to unveil a tax plan that diverges from that of House Republicans by not fully repealing the estate tax.
Focus List Notes:
With futures down sharply this morning, expect Focus List names to pull back with the market. The question is whether they can hold near-term support.
ANET support is at the $200 Century Mark.
BABA initial support is at the 20-dema.
CAT initial support is at the recent lows in the 134-135 price area.
FB initial support is at the 20-dema.
NFLX held support yesterday at the 20-dema with volume drying up to -42% below-average, and was in a lower-risk entry position using the 20-dema as a selling guide. This morning the stock is trading below the 20-dema in pre-open trade, so it could still morph into an LSFB short-sale target.
TTWO support is at the 116.36 intraday low of yesterday's gap-up trading range.
WB was added to the Focus List yesterday as it was coming up through the 50-dma following a pocket pivot on Tuesday as discussed in the Pocket Pivot Report sent out to members yesterday during the trading day. Initial support is at the 50-dma.
WTW failed miserably on Tuesday's buyable gap-up move, quickly breaking below the 49.22 BGU intraday low very quickly yesterday. It has been removed from the Focus List.
Market Lab Report - Premarket Pulse 11/9/17
| Published: | 9 Nov 2017 09:08 ET |
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