February 28, 2018.

The major U.S. stock indexes fell for the first time in 4 days on Tuesday on the heels of the congressional testimony of the new Fed Chair, Jerome Powell, which sent bond yields rising. The new Fed Chair signaled that the central bank is likely to hike rates 4 times this year, one rate hike over and beyond both investors’ forecast and the central bank’s prior forecast of just 3 hikes. Powell conditioned the pace of rate hikes on the strength of the economy and the efforts needed to prevent the economy from overheating and piquing inflation.

Daily Summary: The Dow Jones fell 1.16%, the S&P 500 dropping 1.27% and the NASDAQ slipping 1.27%.

There was nothing surprising in what Powell had to say. In his speech he was neither dead set in favor of hiking rates or adamantly against slowing the pace of new hikes, but his appearance before Congress was a trigger for movement. It doesn’t really matter for computerized algorithms the direction the market charts for itself. Simply put, they’re just looking for movement – and this time it was down.

So, what’s next? The last time we saw a trigger similar to yesterday’s, it led to a collapse of the ETF shorting volatility, creating a breathless market plunge. We could very well see the same thing playing out again, but there’s no way to really know what will happen in practice.

The best assumption at this point is indeed to expect further losses. There’s no immediate technical support level and like we’ve seen already, the market’s tendency over the last month has been to see ongoing, continuous movement – in either direction! The market closed yesterday at its daily low, the candle recorded on the daily chart looking very similar to the one we saw on January 30th.

Index

Last

Daily change

DJX25,410(1.16%)Down
SPX2,744(1.27%)Down
NASDAQ7,330(1.23%)Down

Wednesday’s Hot Stocks: ETSY, ELF, ESRX, CELG, AAXN, WTW, PZZA, HTZ, VRX, TJX, LOW

IPOs: None

Have a great trading day!

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday10:00New Home Sales600 KMedium
Tuesday8:30Durable Goods Orders-2.0 %Medium
Tuesday8:30Wholesale Inventories0.3 %Medium
Tuesday9:00S&P Corelogic Case-Shiller HPI0.7 %Medium
Tuesday9:00FHFA House Price Index0.5 %Medium
Tuesday10:00Consumer Confidence126.0High
Tuesday10:00Jerome Powell SpeaksHigh
Wednesday8:30GDP2.5 %High
Wednesday9:45Chicago PMI65.0 Medium
Wednesday10:00Pending Home Sales Index0.5 %Medium
Wednesday10:30Oil Inventories-1.6 M barrelsLow
Thursday8:30Jobless Claims230 KMedium
Thursday8:30Personal Income and Outlays0.3 %Medium
Thursday9:45PMI Manufacturing Index55.7Medium
Thursday10:00ISM Mfg Index58.6High
Thursday10:00Construction Spending0.3 %Medium
Thursday10:00Jerome Powell SpeaksHigh
Thursday11:00William Dudley SpeaksMedium
Friday10:00Consumer Sentiment99.5High


 

Earning Calendar

 

SymbolCompanyAM/PMDay
PANWPalo Alto Networks, Inc.PMMonday
SBACSBA Communications CorporationPMMonday
BRK-ABerkshire Hathaway Inc.PMMonday
CLVSClovis Oncology, Inc.PMMonday
IONSIonis Pharmaceuticals, Inc.AMTuesday
EVEaton Vance Corp.AMTuesday
DISCADiscovery Communications, Inc.AMTuesday
MMacy’s, Inc.AMTuesday
LAMRLamar Advertising Company (REIT)AMTuesday
TOLToll Brothers, Inc.AMTuesday
SERVServiceMaster Global Holdings, Inc.AMTuesday
AZOAutoZone, Inc.AMTuesday
AMTAmerican Tower Corporation (REIT)AMTuesday
PRGOPerrigo Company plcAMTuesday
ALBAlbemarle CorporationPMTuesday
SQSquare, Inc.PMTuesday
EOGEOG Resources, Inc.PMTuesday
WDAYWorkday, Inc.PMTuesday
ESRXExpress Scripts Holding CompanyPMTuesday
PCLNBooking Holdings Inc.PMTuesday
BUFFBlue Buffalo Pet Products, Inc.PMTuesday
JAZZJazz Pharmaceuticals Public Limited CompanyPMTuesday
VEEVVeeva Systems Inc.PMTuesday
DXCMDexCom, Inc.PMTuesday
ACADACADIA Pharmaceuticals Inc.PMTuesday
EVHCEnvision Healthcare CorporationPMTuesday
WTWWeight Watchers International, Inc.PMTuesday
TSROTesaro, Inc.PMTuesday
RRCRange Resources CorporationPMTuesday
ETSYEtsy, Inc.PMTuesday
TDOCTeladoc, Inc.PMTuesday
HZNPHorizon Pharma Public Limited CompanyAMWednesday
DYDycom Industries, Inc.AMWednesday
VRXValeant Pharmaceuticals International, Inc.AMWednesday
LOWLowe’s Companies, Inc.AMWednesday
TJXThe TJX Companies, Inc.AMWednesday
ADIAnalog Devices, Inc.AMWednesday
MYLMylan N.V.PMWednesday
MNSTMonster Beverage CorporationPMWednesday
LBL Brands, Inc.PMWednesday
CRMSalesforce.com, inc.PMWednesday
BLUEbluebird bio, Inc.PMWednesday
BOXBox, Inc.PMWednesday
BIDSotheby’sAMThursday
KSSKohl’s CorporationAMThursday
BBYBest Buy Co., Inc.AMThursday
VMWVMware, Inc.PMThursday
NKTRNektar TherapeuticsPMThursday
GPSThe Gap, Inc.PMThursday
SPLKSplunk Inc.PMThursday
JWNNordstrom, Inc.PMThursday
NTNXNutanix, Inc.PMThursday
SRPTSarepta Therapeutics, Inc.PMThursday
PSTGPure Storage, Inc.PMThursday
FLFoot Locker, Inc.AMFriday
JDJD.com, Inc.AMFriday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
DISCK25.27 DISCACRC
TMHC 22.83 AKRX
KBH 28.56 XOM
APA 34.50 TOL
    PRGO

 

 

New York Strategy Swing

#DateStockLong\

Short

StatusData CloseProfit\

Loss

16.12.2017SPLKLongClose8.12.2017+1.51%
211.12.2017NKTRLongClose2.1.2017+4.57%
318.12.2017SYYLongClose19.12.2017+0.14%
43.1.2018VOYALongClose8.1.2017+0.67%
54.1.2018TERLongClose10.1.2017+0.45%
69.1.2018SCGLongClose10.1.2017-3.35%
711.1.2018CREELongClose16.1.2018+1.84%
811.1.2018CFLongClose16.1.2018+1.66%
918.1.2018MARKLongClose22.1.2018-0.67%
101.2.2018SMLongClose2.2.2018-1.06%
1114.2.2018HOLXShortClose15.2.2018-2.7%
1226.2.2018FOSLLongOpen +0.29%

  

Today’s Picks – Swing “New-York Strategy”

No.1 –   APA

Company NameApache Corporation
Entry Point34.50
Stop Area36.55
1st Target33.60
Swing Target
Avg. Volume4.24M
SectorBasic Materials | Independent Oil & Gas
Earning Date
Risk RateHigh
Risk\Reward Ratio 

Risk Rates: Normal – Regular size, High –Consider reducing size, Low – Consider increasing size