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.

Index Last Daily change
DJX (0.13%) 21,612 Down
SPX (0.02%) 2,473 Down
Nasdaq 0.08% 6,390 Up

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

IPOs: PETQ

Have a great trading day!

 

 

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Monday 8:30 Empire Manufacturing 13.0 Medium
Tuesday 8:30 Export\Imports Prices Medium
Tuesday 10:00 NAHB Housing Market Index 67 Medium
Wednesday 8:30 Building Permits 1196K Medium
Wednesday 8:30 Housing Starts 1160K Medium
Wednesday 10:30 Crude Oil Inventories Low
Thursday 8:30 Philadelphia Fed 22.0 Medium
Thursday 8:30 Initial Claims 245K High
Thursday 10:00 Leading Indicators 0.4% Medium

 

 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
EXEL 27.63 PRGO SLCA
NKE 59.71   BBY
    HD
    CHKP

 

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 Open -0.78%
9 18.7.2017 LB Short Close 20.7.2017 +1.34%
10 20.7.2017 FIVE Short Open +1.30%
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17
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Today’s Picks – Swing “New-York Strategy

No.1 – HOG

Company Name Harley-Davidson,
Entry Point 48.59
Stop Area 49.75
1st Target 48.05
Swing Target 46
Avg. Volume 2.56M
Sector Consumer Goods | Recreational Vehicles
Earning Date
Risk Rate Normal
Risk\Reward Ratio 2.23:1