After Trump Blunder, Market Loses its Thunder

Stocks on Wall Street succeeded in strengthening slightly on Wednesday, but ended far from the daily high in the face of growing concerns about both Donald Trump’s agenda and the Fed minutes, the latter pointing to bankers’ apprehension about low inflation.

Indexes shed some of their gains after two prominent CEOs resigned from Trump’s Business Council, as the backlash grew about the support he voiced last weekend for white supremacists in Virginia. It was the exit of 3M CEO which caused Trump to disband the Manufacturing Jobs Initiative and the Strategic and Policy Forum, piquing concern about Trump’s ability to advance legislation from his election campaign platform.

Volatility was on display on Wall Street after the release of the minutes from the Fed’s last meeting. Concerned about low inflation, some bankers called for a halt in new hikes until it becomes apparent that this is a transient, temporary trend. Over the last few months, investors have had their finger on the pulse on the drop-off in inflation, which has stubbornly remained beneath the Fed’s 2% target.  On the one hand, this economic state of affairs is likely to support stocks if the Fed decides to push off its next round of rate hikes; on the flipside, though, it could turn out that the Fed hiked rates too early and before the economy could adapt accordingly.

Real estate figures were another factor impacting on the day’s trading, having come out beneath expectations. Building permits and starts recorded an unexpected decline last month.

Daily Summary: The Dow Jones ended up 0.12%, the S&P 500 tacking on 0.14%, and the NASDAQ ending up 0.19%.

On the S&P 500 49 stocks recorded 52-week highs, 10 falling to new yearly lows. On the NASDAQ, 98 stocks recorded new 52-week highs, with 85 falling to new yearly lows.

About 5.8 billion shares traded hands on U.S. exchanges, compared with the 6.3 billion average over the last 20 trading days.

Thursday: Today’s trading will continue to be conducted in the shadow of Trump’s political maneuvers and the many economic figures which will be released. Last week’s unemployment claims will be released at 8:30 N.Y. time. At 9:15, industrial output figures will be released, and at 10:00, the Leading Indicators index will be released.

The world’s # 1 retailer, Walmart (WMT), will be releasing its numbers before opening, likewise, wrapping up the Q2 earnings season. Another reporting company of note will be Alibaba (BABA), the online retail giant also releasing its numbers before opening.

Index Last Daily change
DJX 22,025 0.12% Up
SPX 2,468 0.14% Up
Nasdaq 6,345 0.19% Up

Today’s Hot Stocks: WMT, BABA, LB, CSCO, SNPS, VIPS, NTAP

IPOs: None

Have a great trading day!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Tuesday 8:30 Retail Sales 0.3 % Medium
Tuesday 8:30 Empire State 9.8 Medium
Tuesday 8:30 Import and Export Prices 0.2 % Medium
Tuesday 10:00 Business Inventories 0.4 % Medium
Tuesday 10:00 Housing Market Index 65 Medium
Wednesday 8:30 Housing Starts 1.225 M Medium
Wednesday 10:30 Oil Crude Inventories Low
Wednesday 14:00 FOMC Minutes High
Thursday 8:30 Jobless Claims 241 K Medium
Thursday 8:30 Philadelphia Fed Business Outlook Survey 17.0  Medium
Thursday 9:15 Industrial Production 0.3 % Medium
Thursday 10:00 Leading Indicators 0.3 % Medium
Friday 10:00 Consumer Sentiment 93.9 High
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 


 

Earning Calendar

 

Symbol Company AM/PM Day
SYY Sysco Corporation AM Monday
JD JD.com, Inc. AM Monday
AAP Advance Auto Parts, Inc. AM Tuesday
DKS Dick’s Sporting Goods, Inc. AM Tuesday
TJX The TJX Companies, Inc. AM Tuesday
HD The Home Depot, Inc. AM Tuesday
COH Coach, Inc. AM Tuesday
A Agilent Technologies, Inc. PM Tuesday
TGT Target Corporation AM Wednesday
CSCO Cisco Systems, Inc. PM Wednesday
NTAP NetApp, Inc. PM Wednesday
SNPS Synopsys, Inc. PM Wednesday
LB L Brands, Inc. PM Wednesday
VIPS Vipshop Holdings Limited PM Wednesday
MSG The Madison Square Garden Company AM Thursday
WMT Wal-Mart Stores, Inc. AM Thursday
BABA Alibaba Group Holding Limited AM Thursday
GPS The Gap, Inc. PM Thursday
ROST Ross Stores, Inc. PM Thursday
AMAT Applied Materials, Inc. PM Thursday
EL The Estee Lauder Companies Inc. AM Friday
DE Deere & Company AM Friday
FL Foot Locker, Inc. AM Friday

 

 

 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
WDAY 106.75 WUBA CTRP
PRGO 80 WDAY  
WB 88.88 BZUN  
DLPH 94.63 MYOK  
VIAB 29.65    
TEVA 16.81    
ATUS 30.30    
LNTH 15.40  

 

 

 

 

 

 

 

 

 

 

 

 

New York Strategy Swing

# Date Stock Long\

Short

Statues Data Close Profit\

Loss

1 14.6.2017 SIG Short Close 23.6.2017 +2.29%
2 16.6.2017 AABA (YHOO) Long Close 26.6.2017 +3.14%
3 21.6.2017 KR Short Close 27.6.2017 -2.75%
4 29.6.2017 DKS Short Close 3.7.2017 +1.04%
5 6.7.2017 HAIN Long Close 18.7.2017 +2.52%
6 6.7.2017 DKS Short Close 13.7.2017 +3.96%
7 10.7.2017 ORCL Long Close 13.7.2017 +1.38%
8 13.7.2017 YUMC Short Close 31.7.2017 +2.12%
9 18.7.2017 LB Short Close 20.7.2017 +1.34%
10 20.7.2017 FIVE Short Close 26.7.2017 +1.97%
11 21.7.2017 HOG Short Close 27.7.2017 +0.39%
12 2.8.2017 AKAM Short Close 3.8.2017 -1.12%
13 3.8.2017 NKE Long Close 8.8.2017 +0.02%
14 4.8.2017 SBUX Short Close 16.8.2017 +2.40%
15 8.8.2017 NTAP Long Close 9.8.2017 -1.17%
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Today’s Picks – Swing “New-York Strategy

No.1 –    KORS

Company Name Michael Kors Holdings
Entry Point 44.58
Stop Area 43.87
1st Target 45.20
Swing Target 46.26
Avg. Volume 2.85M
Sector Consumer Goods | Textile – Apparel Clothing
Earning Date
Risk Rate Normal
Risk\Reward Ratio 2.37:1

No.2 – COMM

Company Name CommScope Holding Company
Entry Point 32.68
Stop Area 33.38
1st Target 32.15
Swing Target 31.03
Avg. Volume 2.74M
Sector Technology | Communication Equipment
Earning Date
Risk Rate Normal
Risk\Reward Ratio 2.36:1