NASDAQ Hits 10 Straight Winning Days!

Wednesday’s rally had propelled the large Wall Street indexes up to new historic highs, leaving stocks in short-term overbought territory, and so it was no surprise that the market chose to take a breather and trade sideways yesterday.

Retail and apparel companies plunged after the Sears department store (SHLD) announced that it would be selling its Kenmore appliance division to Amazon (AMZN) and that it will be integrating Amazon’s digital helper, Alexa into its smart devices. SHLD, in response, soared 10.6%, while AMZN ended trading up 0.2%.

Other retailers’ stocks fell on the day in response. The do-it-yourself powerhouse, Home Depot (HD) fell 4.1%, making it the biggest weight on the S&P 500. Home Depot’s competitors, LOW, WHR, and BBY likewise each fell between 3.9% and 5.6%.

Earnings reports continued to stream into Wall Street yesterday. Overall, the results have been good, leading analysts on Wall Street to raise their Q2 earnings growth forecast to 8.6% and their revenue growth forecast to 4.6%.

Daily Summary: The Dow Jones recorded light losses of 0.13%, the S&P 500 ending negligibly off by 0.02% and the NASDAQ tacking on 0.08% and stretching its winning streak to 10, a feat not seen since February 2015.

About 5.92 billion shares traded on U.S. exchanges, compared to the 6.35 billion average over the last 20 trading days.

Friday: General Electric (GE) and Honeywell (HON) will be reporting before trading opens on Friday. Investors will continue to follow the NASDAQ and see whether it has the drive to stretch its winning streak to 11.

Microsoft (MSFT) is expected to be a factor in today’s trading, after falling on the heels of its earnings release after closing yesterday.  The kneejerk reaction saw MSFT tumble 4%, but by the time late trading closed, its losses narrowed to just 0.3%; the software giant beat expectations on the top and bottom line.

IndexLastDaily change
DJX(0.13%)21,612Down
SPX(0.02%)2,473Down
Nasdaq0.08%6,390Up

Friday’s Hot Stocks: SKX, V, EBAY, COF, HON

IPOs: PETQ

Have a great trading day!

 

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Empire Manufacturing13.0Medium
Tuesday8:30Export\Imports PricesMedium
Tuesday10:00NAHB Housing Market Index67Medium
Wednesday8:30Building Permits1196KMedium
Wednesday8:30Housing Starts1160KMedium
Wednesday10:30Crude Oil InventoriesLow
Thursday8:30Philadelphia Fed22.0Medium
Thursday8:30Initial Claims245KHigh
Thursday10:00Leading Indicators0.4%Medium

 

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
EXEL27.63PRGOSLCA
NKE59.71 BBY
  HD
  CHKP

 

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%
813.7.2017YUMCShortOpen-0.78%
918.7.2017LBShortClose20.7.2017+1.34%
1020.7.2017FIVEShortOpen+1.30%
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Today’s Picks – Swing “New-York Strategy

No.1 – HOG

Company NameHarley-Davidson,
Entry Point48.59
Stop Area49.75
1st Target48.05
Swing Target46
Avg. Volume2.56M
SectorConsumer Goods | Recreational Vehicles
Earning Date
Risk RateNormal
Risk\Reward Ratio2.23:1