Wall Street Preview:

Quiet Before the Storm?

 

Stocks on Wall Street yesterday ended mixed after a quiet trading day, investors taking the time to take in the damage Hurricane Harvey wreaked on Houston, Texas, along with its catastrophic flooding. There was movement yesterday, if you knew where to find it, and it was primarily in precious metals, which rallied higher.

In light of the storm battering Houston and other parts of Texas, some of the refineries situated there were forced to put operations on hold. Refinery stocks soared, including VLO, PSX, and MPC. The storm, in the meantime, led to an unprecedented amount of torrential rain and flooding in Houston, the fourth largest U.S. city. Investors will try to understand whether significant damage was borne by refineries, which, as a preventative measure, had halted activity.

A number of dynamics are moving the market as of now. First-off, headlines more inundated with fear about the political mêlée surrounding the credit ceiling. Second, the Fed plans on setting off on its quantitative tightening initiative next month. Third and last, stocks are vulnerable to a price correction, the number of stocks taking the lead becoming narrower and narrower, risk indexes bright red and valuations having hit extreme levels.

Daily Summary: The Dow Jones lost only a fraction of a percent. The S&P 500 tacked on 0.1%, the NASDAQ rising 0.3%. The Russell 2000 rose 0.4%, just barely climbing past its 200-period EMA.

 

Health stocks led the way higher with gains of 0.6% after Kite Pharma (KITE) soared 28% on the heels of the announcement that it would be taken over by Gilead (GILD) in a deal valued at close to $12 billion. Expedia (EXPE) fell 4.1% after the release that its CEO would apparently leave the company to take the reins of Uber.

Tuesday: In so far as market concerns go, North Korea has been up there all summer long – and could definitely be investors’ focus today after Kim Jong-un shot a ballistic missile that cruised above Japan before exploding above the Pacific Ocean. Future contracts, in response, fell substantially by about 0.5%, as of the writing of these lines. The Economic Diary will feature the Case Shiller real estate index at 9:00 N.Y. time. The August Consumer Confidence Index will be released at 10:00.

IndexLastDaily change
DJX(0.02%)21,808Down
SPX+0.05%2,444Up
Nasdaq+0.28%6,283Up

Today’s Hot Stocks: FINL, NKE, FL, UAA, DKS, CTLT, BBY, HAIN

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday9:00S&P Case-Shiller0.5%Medium
Tuesday10:00Consumer Confidence120.0 High
Wednesday8:15ADP Employment Report182,000Medium
Wednesday8:30GDP2.8%Medium
Wednesday10:30Crude Oil InventoryLow
Thursday8:30Jobless Claims237 KMedium
Thursday8:30Personal Income and Outlays0.4 %Medium
Thursday9:15Chicago PMI58High
Thursday10:00Pending Home Sales Index0.8%Medium
Friday8:30Nonfarm Payroll180,000High
Friday8:30Unemployment Rate4.3 %High
Friday8:30Average Hourly Earnings0.2%High
Friday10:00ISM Mfg Index56.6High
Friday10:00Construction Spending0.6%Medium
Friday10:00Consumer Sentiment97.2High

 

 

Earning Calendar

 

SymbolCompanyAM/PMDay
BBYBest Buy Co., Inc.AMTuesday
HAINThe Hain Celestial Group, Inc.AMTuesday
HRBH&R Block, Inc.PMTuesday
BF-BBrown-Forman CorporationAMWednesday
GLNGGolar LNG LimitedAMWednesday
ADIAnalog Devices, Inc.AMWednesday
WDAYWorkday, Inc.PMWednesday
CTRPCtrip.com International, Ltd.PMWednesday
BOXBox, Inc.PMWednesday
FIVEFive Below, Inc.AMThursday
DGDollar General CorporationAMThursday
CPBCampbell Soup CompanyAMThursday
CIENCiena CorporationAMThursday
NTNXNutanix, Inc.PMThursday
PANWPalo Alto Networks, Inc.PMThursday
LULULululemon Athletica Inc.PMThursday

 

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
MCD$160.00CBISFM
KEM$21.39PBFBITA
AKAM$44.65HFCWUBA
BZUN$25.74AEMMOMO
DISH$56.22NEMADSK
 AMBAHP

 

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

114.6.2017SIGShortClose23.6.2017+2.29%
216.6.2017AABA (YHOO)LongClose26.6.2017+3.14%
321.6.2017KRShortClose27.6.2017-2.75%
429.6.2017DKSShortClose3.7.2017+1.04%
56.7.2017HAINLongClose18.7.2017+2.52%
66.7.2017DKSShortClose13.7.2017+3.96%
710.7.2017ORCLLongClose13.7.2017+1.38%
813.7.2017YUMCShortClose31.7.2017+2.12%
918.7.2017LBShortClose20.7.2017+1.34%
1020.7.2017FIVEShortClose26.7.2017+1.97%
1121.7.2017HOGShortClose27.7.2017+0.39%
122.8.2017AKAMShortClose3.8.2017-1.12%
133.8.2017NKELongClose8.8.2017+0.02%
144.8.2017SBUXShortClose16.8.2017+2.40%
158.8.2017NTAPLongClose9.8.2017-1.17%
1622.8.2017ATHMLongClose23.8.2017+0.16%
1723.8.2017AAPShortClose26.8.2017+0.98%
1828.8.2017CREEShortOpen -1.08%