Major averages finished close to breakeven on mixed volume. The VIX closed at levels not seen since 1993. Today's market is artificially supported by QE from global central banks as well as optimistic expectations of Trump's economically favorable policies. Nevertheless, headwinds from slowing economies at home and abroad remain an issue.
Focus List Review
JD gapped higher on strong earnings to close at all time-highs. It could be considered a buyable gap up though has had a good run so far. That said, Chinese names continue higher so the low of yesterday's gap up allowing for a small undercut could be a selling guide.
CC is holding at its 10-dma with volume declining to -13% below average.
FB is holding at its 10-dma wit volume declining. This puts it in a lower-risk entry position using the 10-dma as a tight selling guide.
LITE continues to hold above its 50-dma. Look for any pullbacks towards the 50-dma as potential, lower-risk entry opportunities.
NFLX has been holding tight as its 10-dma catches up to the stock pricie. As the 10-dma meets up with the stock price this sets up the possibility of a voodoo buy point or a continuation pocket pivot, which should be watched for.
SQ is holding tight following last week's BGU as volume now dries up to below average. Volume may continue to dry up, but the stock remains in a lower-risk entry position using the 19.18 BGU low as a selling guide.
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