Gil here. I'm taking a bigger role writing this every morning and I've been going with the old format...so far. However, if this is really a "Pre-Market Pulse" report, why does it mostly just rehash what happened yesterday? That would make it more of a post-market pulse report from yesterday, wouldn't it? So, herewith a little spin from the usual stale approach. I'm not sure if I'll be able to do this every morning, but I'll give it a shot this morning. If you like it let us know.
So, here's the pre-market "pulse" as I see it. Futures are up big after two big up days. No surprise there. Somebody was obviously beating on the overnight "goose the futures" button. Nothing new there. A lot of stocks are extended here so I wouldn't be surprised if some pulled back a little bit in normal reaction moves. As Jesse Livermore used to say, "Action, reaction, action, reaction." I also wouldn't be surprised if they all just kept going higher. Dow futures indicate that we will likely hit 25,000 this morning near the open.
Previously Reported Names:
Kennametal (KMT), which we first reported on as a pocket pivot down near its 10-dma about five weeks ago, is trying to break out of a cup-with-handle type of pattern. Earnings are expected at the end of the month.
Navistar (NAV) still looks okay as it sits along its 10-dma. That was a BGU that failed, but then set up again as a gap-fill which we also discussed as a secondary entry point.
Nuvasive (NUVA) posted a pocket pivot two days ago and pulled in slightly yesterday on lighter voluime. That was discussed in a prior Focus List Review Report, along with Exelexis (EXEL), which has gone a fair bit higher recently. NUVA is still in a buyable position, however, with earnings expected during the first week of February.
Random Stuff:
Stitch Fix (SFIX) had an amazingly strong flag breakout last week that then fizzled badly. Ouch. One reason why I hate buying these types of "strong" breakouts. Now it's dribbled back into its 20-dma with volume drying up. Maybe a place to take a lower-risk shot???
Roku (ROKU) posted a pocket pivot yesterday at the 10-dma but was downgraded today, taking it closer to the 10-dma. One name I've had my eye on over the past couple of months, as readers of the VooDoo Report know. Does this set up a buyable pullback? We'll see...
Focus List Notes:
Caterpillar (CAT) found support at its 10-dma line - this puts it in position for an add at the 10-dma, with the idea of using the 10-dma or the 20-dema as a stop for this portion of your position or the entire thing. If the market keeps going up, I have hard time thinking CAT is going to blow up, despite getting a bit extended after a long run that started in September.
Facebook (FB) followed through on Tuesday's big pocket pivot up through the 50-dma, and then broke out yesterday on light volume. Technically, this is one for base-breakout buyers, fools they may be, although the the light volume would no doubt cause many to shun this. Personally, I think the
Market Lab Report - Premarket Pulse for Thursday Morning, January 4, 2018`
| Published: | 4 Jan 2018 09:05 ET |
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