March 16, 2018.
After a number of losing days, the market is seeking new headlines to justify more buying. Buying pressure though doesn’t have to be driven by good news. The market loves to buy the corrections produced by bad news. What the bears fail to realize time in and time out is that there are more and more people are seeking reasons to buy rather than sell. The inclination of investors now is to buy the market rather than flee. Bad news create better entry points and therefore such news is well-received on Wall Street, fear seemingly barred at present. No Fear!
Technically, the indexes seem to be in a good position. The S&P 500 succeeded in maintaining their support around the 2,747 point level, through which the 50-period EMA passes. The index can allow itself to break up this level and slide lower, but if it tests the 2,700 point level that would already be a reason for greater worry.
Yesterday, the S&P 500 ended slightly off, stretching its losing streak to 4, its longest losing streak since December ’17. The earning season has wrapped up and therefore, political development, like this week’s canning of Secretary of State, Rex Tillerson, substantially affects stocks’ direction. The market is looking for something – anything – to transpose it form the trading range in which it’s been locked.
Earlier, the S&P 500 opened up after governmental figures showed that initial unemployment claims fell last week, pointing to job market strength. Additional proof to the market’s strengthening came from manufacturing surveys from the N.Y. and Philadelphia Fed which also noted job market strength.
Daily Summary: The Dow Jones rose 0.47%, the S&P 500 shedding 0.08%. The NASDAQ ended lightly off by 0.20%.
One of the stocks that stood out in yesterday’s trading was Alibaba (BABA) which soared 3.4% against the backdrop of reports that the online commerce giant is planning to list its shares in China.
Dollar General (DG) rose 4.8% after the dollar store chain report quarterly sales that trounced analyst forecasts.
Qorvo (QRVO) fell 3.9% after Bank of America analysts expressed concern that the radio chipmaker is likely to be bumped from the iPhone, in its stead, to be replaced by a solution from Broadcom (AVGO).
Trading volumes came to 6.65 billion shares on U.S. exchanges, compared to the 7.08 billion average over the last 20 trading days.
Index | Last | Daily change | |
| DJX | 24,874 | 0.47% | Up |
| SPX | 2,747 | (0.08%) | Down |
| NASDAQ | 7,482 | (0.20%) | Down |
Hot Stocks: ADBE, OSTK, JBL, ZUMZ, TIF
IPOs: ZS
Have a great trading day!
Economic Calendar
| ||||
| DAY | TIME (EST) | Event | Forecast | Impact |
| Tuesday | 8:30 | Consumer Price Index | 0.2 % | Medium |
| Wednesday | 8:30 | PPI-FD | 0.2 % | Medium |
| Wednesday | 8:30 | Retail Sales | 0.4 % | Medium |
| Wednesday | 10:00 | Business Inventories | 0.5 % | Medium |
| Wednesday | 10:30 | Oil Inventories | 2.4 M barrels | Low |
| Thursday | 8:30 | Jobless Claims | 230 K | Medium |
| Thursday | 8:30 | Philadelphia Fed Business Outlook Survey | 23.3 | Medium |
| Thursday | 8:30 | Empire State Mfg Survey | 14.6 | Medium |
| Thursday | 8:30 | Import and Export Prices | 0.3 % / 0.3% | Medium |
| Thursday | 10:00 | Housing Market Index | 72 | Medium |
| Friday | Quadruple Witching | |||
| Friday | 8:30 | Housing Starts | 1.284 M | Medium |
| Friday | 9:15 | Industrial Production | 0.3 % | Medium |
| Friday | 10:00 | Consumer Sentiment | 98.5 | High |
| Friday | 10:00 | JOLTS | 5.800 M | Medium |
Earning Calendar
| |||
| Symbol | Company | AM/PM | Day |
| QD | Qudian Inc. | AM | Monday |
| WUBA | 58.com Inc. | AM | Monday |
| GBT | Global Blood Therapeutics Inc. | PM | Monday |
| COUP | Coupa Software Incorporated | PM | Monday |
| DKS | Dick’s Sporting Goods, Inc. | AM | Tuesday |
| GDS | GDS Holdings Limited | AM | Tuesday |
| SIG | Signet Jewelers Limited | AM | Wednesday |
| WSM | Williams-Sonoma, Inc. | PM | Wednesday |
| YRD | Yirendai Ltd. | PM | Wednesday |
| JUNO | Juno Therapeutics, Inc. | PM | Wednesday |
| CTRP | Ctrip.com International, Ltd. | PM | Wednesday |
| BITA | Bitauto Holdings Limited | AM | Thursday |
| DG | Dollar General Corporation | AM | Thursday |
| JBL | Jabil Inc. | PM | Thursday |
| ULTA | Ulta Beauty, Inc. | PM | Thursday |
| AVGO | Broadcom Limited | PM | Thursday |
| TIF | Tiffany & Co. | AM | Friday |
Today’s Picks – Day Trading!
| Symbol | Breakout | Breakdown | Momentum | Momentum |
| TAL | 39.28 | FEYE | TLRD | |
| MOMO | 38 | BITA | ||
| AAOI | 26.11 | ENB | ||
| HAL | 44.98 | AAOI | ||
| CMCM | 11.65 | TPX | ||
| WMB |
New York Strategy Swing
| # | Date | Stock | Long\ Short | Status | Data Close | Profit\ Loss |
| 1 | 3.1.2018 | VOYA | Long | Close | 8.1.2017 | +0.67% |
| 2 | 4.1.2018 | TER | Long | Close | 10.1.2017 | +0.45% |
| 3 | 9.1.2018 | SCG | Long | Close | 10.1.2017 | -3.35% |
| 4 | 11.1.2018 | CREE | Long | Close | 16.1.2018 | +1.84% |
| 5 | 11.1.2018 | CF | Long | Close | 16.1.2018 | +1.66% |
| 6 | 18.1.2018 | MARK | Long | Close | 22.1.2018 | -0.67% |
| 7 | 1.2.2018 | SM | Long | Close | 2.2.2018 | -1.06% |
| 8 | 14.2.2018 | HOLX | Short | Close | 15.2.2018 | -2.7% |
| 9 | 26.2.2018 | FOSL | Long | Close | 9.3.2018 | -1.47% |
| 10 | 28.2.2018 | APA | Short | Close | 2.3.2018 | -0.87% |
| 11 | 5.3.2018 | AKAM | Long | Close | 13.3.2018 | +4.14% |
| 12 | 5.3.2018 | FOX | Long | Close | 13.3.2018 | +2.25% |
| 13 | 12.3.2018 | CBG | Long | Open | -0.83% | |
| 14 | 13.3.2018 | BOX | Short | Close | 15.3.2018 | +0.22% |
Today’s Picks – Swing “New-York Strategy”
No.1 – TAL
| Company Name | TAL Education Group |
| Entry Point | 39.28 |
| Stop Area | 37.80 |
| 1st Target | 39.90 |
| Swing Target | – |
| Avg. Volume | 5.69M |
| Sector | Services | Rental & Leasing Services |
| Earning Date | – |
| Risk Rate | Normal |
| Risk\Reward Ratio |
Risk Rates: Normal – Regular size, High –Consider reducing size, Low – Consider increasing size