It Could Have Been Worse…

Stocks on Wall Street traded off on Thursday, after disappointing earnings numbers from retail chains, and first and foremost, Macy’s (M) and Kohl’s (KSS), ignited a sector-wide selloff in retail stocks, prompting concern that consumers are being too tight with their wallets to spur on the economy.

The dismal performance of Macy’s over Q1 sent the stock nosediving 17%, placing a damper on the whole consumer cyclical sector (XLY), which ended off 0.59%.

Kohl’s (KSS) fell 7.86% after reporting a quarterly sales decline, JWN and JCP each falling over 7%.

Traditional, brick and mortar retailers are taking a bigger hit than anybody expected. The weak retail sector earnings reports left investors on the edge of their seat in anticipation of today’s April retail sales numbers; they hope to glean signs as to whether consumers are simply shifting their purchasing habits to the digital arena or whether they’ve cut back on their purchases altogether.

Despite a sharp decline in indexes yesterday over the first 2 trading hours, the market managed to bottom and then, recover, closing near opening levels. In summary for the day, the Dow Jones ended off 0.11%, the S&P 500 and the NASDAQ each dropping 0.22%.

The main Wall Street indexes have traded of late in a narrow trading range, breaking out as recently as Wednesday to new historic highs. The S&P 500 has since gone up against March’s resistance level; a breakup above this level would have produced enduring, albeit measured technical movement that could have carried it to the 2,640 point level. The market’s current consolidation phase enables it to absorb its overbought levels without a loss of momentum.

The stock of Snapchat (SNAP) tumbled 21.45% after the company reported a downtick in both subscriber and sales growth in its first quarter as a publicly traded company.

On the S&P 500, 16 stocks rose to new 52-week highs, 9 dipping to new yearly lows; on the NASDAQ, 92 stocks recorded new 52-week highs, 65 falling to new yearly lows.

About 6.7 billion shares changed hands on U.S. exchanges, in keeping with the average over the last 20 trading days.

Friday: Today, investors will keep their eyes peeled for key reports on April’s retail chain sales figures, along with the Consumer Price Index. All of this will be at 8:30 N.Y. time. Then, at 10:00, the University of Michigan Consumer Confidence Index and business inventory figures will be released.

DJX20,919(-0.11%)Down
SPX2,394(-0.22%)Down236.91236.18235.30234.57233.69
Nasdaq6,116(-0.22%)Down132.73132.39132.04131.70131.35

 

Hot Stocks: JWN, ANF, CYBR, HAIN, FE

IPOs: SOI, GDI, VERI, ASV

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday10:00JOLTS – Job OpeningsMedium
Tuesday10:00Wholesale InventoriesMedium
Wednesday8:30Import PricesMedium
Wednesday8:30Export PricesMedium
Wednesday10:30Crude Oil InventoriesLow
Wednesday14:00Treasury BudgetLow
Thursday8:30PPIHigh
Thursday8:30Initial ClaimsHigh
Friday8:30CPIHigh
Friday8:30Retail SalesHigh
Friday10:00Mich Sentiment – PrelimHigh
Friday10:00Business InventoriesMedium

  

Earning Calendar

 

SymbolCompanyAM/PMDay
JDJD.COM, INC.PMMonday
TSNTyson Foods, Inc.AMMonday
MARMarriott International, Inc.PMMonday
HTZHertz Global Holdings, Inc.PMMonday
DISCADiscovery Communications, Inc.AMTuesday
DFDean Foods CompanyAMTuesday
WWAYFAIR INC.AMTuesday
TSROTesaro, Inc.PMTuesday
TRIPTripAdvisor, Inc.PMTuesday
DISThe Walt Disney CompanyPMTuesday
EAElectronic Arts Inc.PMTuesday
BIDSotheby’sAMWednesday
MYLMylan N.V.AMWednesday
NCLHNorwegian Cruise Line Holdings Ltd.AMWednesday
SODASodaStream International Ltd.AMWednesday
VMCVulcan Materials CompanyAMWednesday
SNAPSnap Inc.PMWednesday
FOXATwenty-First Century Fox, Inc.PMWednesday
KSSKohl’s CorporationAMThursday
TEVATeva Pharmaceutical Industries LimitedAMThursday
MMacy’s, Inc.AMThursday
JWNNordstrom, Inc.PMThursday
CYBRCyberArk Software Ltd.PMThursday
JCPJ. C. Penney Company, Inc.AMFriday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
RGLD75.68TEVAM
TSLA327.66NVDAJWN
DXC80.03VRXKSS
 DDD 

  

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

13.4.2017ARNCLongClose31.3.2017-2.52%
23.4.2017GMEShortClose10.4.2017+1.95%
35.4.2017IPXLLongClose11.4.2017+7.03%
413.4.2017NKTRLongClose21.4.2017+0.61%
525.4.2017LULUShortClose2.5.2017-0.17%
626.4.2017GNCLongClose28.4.2017-4.39%
728.4.2017CARALongClose1.5.2017-3.23%
81.5.2017AAOILongClose2.5.2017+0.54%
93.5.2017SCSSLongClose9.5.2017-1.71%
104.5.2017CRZOShortClose5.5.2017+0.30%
118.5.2017WTWLongOpen +6.10%
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