Dow Scales Past 24,000!

It’s hard to know where to start! FAANG stocks recouped losses, OPEC and Russia decided on a crude production cut extension, and the Senate’s tax vote was postponed, after much drama and fanfare. But what was most sensational was the meteoric climb of the Dow past 24,000 for the first time ever and conversely, Bitcoin’s bitter fall. The Dow, buoyed by its longest streak of monthly gains in 22 years, made history, investors growing more optimistic about the possibility of a U.S. tax overhaul. It wasn’t just the Dow, though; all major indexes rose on the day, likewise ending higher on the month.

The blue chip Dow skyrocketed 1.39%, ending at 24,272.35. The S&P 500 was up 0.8%, the tech heavy NASDAQ tacking on 0.73%. The small-cap Russel 2000 ended up 0.12%, though shed a lot of its gains from earlier in the trading day. All of the S&P 500 sectors ended up, the energy sector, though, crowned the biggest winner. The S&P 500, like the Dow, has now traded up for eight consecutive months. Some of the factors propelling the gains this year have included solid corporate profits, low interest rates – which add to the stock market’s attractiveness – and hopes that the White House and Congress will deliver business friendly tax cuts.

On the macro front, jobless claims came out beneath analysts’ forecasts last week, while consumer spending edged up 0.3% in October, beating the 0.2% forecast.

As mentioned yesterday, enabling corporations to repatriate earnings from abroad at lower cost, i.e. part of Trump’s tax package, would be a boon for stockholders, but over and beyond that, lowering tax rates on domestic earnings could have even a larger long-term effect.

BNY Mellon Investment Management investment strategist, Alicia Levine, honed in the effect that could have: “There are still a lot of details we don’t know, but if the corporate tax rate is moved down near 20%, you’d be adding $10 per share to S&P 500 earnings. If you do that, valuations are not out of whack with what growth rates will be.”

In terms of individual stocks, as noted above, the FAANG stocks bounced back! Facebook (FB) rose 1.2%, Amazon (AMZN) back to form with gains of 1.33%. Apple traded up 1.4%. Netflix (NFLX) was off 0.30%, Google (GOOG) barely budging. Juniper (JNPR) was off 5.9% on the day, after Nokia squelched rumors that it was interested in buying the company. Barnes and Noble (BKS) plunged 12%, the company reporting a larger than expected Q2 loss. Kroger (KR) rose 6.1%, L Brands rallying 6.7%.

Bitcoin (BTCUSD), which we’ve highlighted recently, plunged 6.7%, after having traded at over $10,000 in Asia. With bitcoin, the digital currency that’s received so much fanfare of late, it’s hard to know what the precise catalysts are behind its jagged movements. Soaring one day, whipsawed the next, fears of a bubble ever-rampant, and so many critics calling it just another Ponzi scheme, it’s really a matter of caveat emptor: “BUYER BEWARE.” This market doesn’t trade like other markets. A partial outage on Coinbase caused one coin to drop $2,000 from above $11,000. By late afternoon, a recovery brought the currency back up to just under $10,000. Trading bitcoins is tantamount to entering the lion’s den. Fortunes can be made and squandered in seconds.

Lastly, the dollar fell on news that the Senate tax vote would be postponed.

Index Last Daily change
DJX 24,272.35 +331.67 (1.39%)
SPX 2,647.58 +21.51 (0.82%)
Nasdaq 6,873.97 +49.58 (0.73%)

Today’s Economic Calendar: At 9:45, the PMI Manufacturing Index will be released, the ISM Mfg Index coming out at 10:00. Construction spending numbers will be released at 10:00. Pay special note to the Baker-Hughes Rig Count after the active movement we saw yesterday in energy stocks.

Friday’s Hot Stocks: ZUMZ, ULTA, AMBA, MYL, FIVE

Have a great trading day!

Economic Calendar


DAY TIME (EST) Event Forecast Impact
Monday 10:00 New Home Sales 620 K Medium
Tuesday 9:00 FHFA House Price Index 0.6 % Medium
Tuesday 9:00 S&P Case-Shiller 0.4 % Medium
Tuesday 10:00 Consumer Confidence 240 K High
Tuesday 10:00 Jerome Powell Speaks High
Wednesday 8:30 GDP 3.3 % High
Wednesday 10:00 Janet Yellen Speaks High
Wednesday 10:00 Pending Home Sales Index 1.0 % Medium
Wednesday 10:30 Oil Inventories Low
Thursday 8:30 Jobless Claims 240 K Medium
Thursday 8:30 Personal Income and Outlays 0.3 % Medium
Thursday 9:45 Chicago PMI 64.0 Medium
Friday 9:45 PMI Manufacturing Index 54.5  Medium
Friday 10:00 ISM Mfg Index 58.4  High
Friday 10:00 Construction Spending 0.5 % Medium



Earning Calendar


Symbol Company AM/PM Day
TECD Tech Data Corporation PM Monday
MOMO Momo Inc. AM Tuesday
ADSK Autodesk, Inc. PM Tuesday
MRVL Marvell Technology Group Ltd. PM Tuesday
PSTG Pure Storage, Inc. PM Tuesday
NUAN Nuance Communications, Inc. PM Tuesday
TIF Tiffany & Co. AM Wednesday
RY Royal Bank of Canada AM Wednesday
SNPS Synopsys, Inc. PM Wednesday
WDAY Workday, Inc. PM Wednesday
PVH PVH Corp. PM Wednesday
GWRE Guidewire Software, Inc. PM Wednesday
JACK Jack in the Box Inc. PM Wednesday
BOX Box, Inc. PM Wednesday
GLNG Golar LNG Limited AM Thursday
DCI Donaldson Company, Inc. AM Thursday
KR The Kroger Co. AM Thursday
VMW VMware, Inc. PM Thursday
ULTA Ulta Beauty, Inc. PM Thursday
NTNX Nutanix, Inc. PM Thursday
FIVE Five Below, Inc. PM Thursday
BIG Big Lots, Inc. AM Friday




New York Strategy Swing

# Date Stock Long\


Statues Data Close Profit\


1 1.9.2017 VNTV Long Close 14.9.2017 +1.35%
2 12.9.2017 CPB Short Close 15.9.2017 -1.10%
3 18.9.2017 INSM Long Close 22.9.2017 +1.92%
4 25.9.2017 GPS Long Close 2.10.2017 +1.69%
5 27.9.2017 SQM Long Close 29.9.2017 +1.69%
6 2.10.2017 ATI Long Close 6.10.2017 +3.12%
7 2.10.2017 TROX Long Close 18.10.2017 +13.93%
8 3.10.2017 ABT Long Close 11.10.2017 +1.60%
9 9.10.2017 ZGNX Long Close 12.10.2017 +3.26%
10 16.10.2017 INSM Long Close 19.10.2017 -2.82%
11 24.10.2017 CVS Short Close 1.11.2017 +4.77 %
12 30.10.2017 SKX Long Close 31.10.2017 -1.42%
13 31.10.2017 STX Long Close 2.11.2017 -0.15%
14 3.11.2017 AKAM Long Close 8.11.2017 +1.37%
15 10.11.2017 JUNO Long Close 14.11.2017 +1.26%
16 16.11.2017 FLR Long Close 25.11.2017 +2.16%