Senate Republicans Approve Tax Vote!

The Republicans finally seemed to get their act together, the Senate Budging Committee narrowly voting to advance the upper house’s tax bill. The catalyst? Two Republicans changed their votes to a “yes,” with a full Senate vote coming as soon as Thursday. Even though indexes ended at record highs, there was a blip along the way, though: “The Fatty.”

After North Korea’s leader, Kim Jong Un, otherwise known as “The Fatty”, announced that he launched an intercontinental ballistic missile that could strike “the whole mainland of the U.S.,” stocks pared early gains. The first strike in some two months, investors got spooked by the geopolitical tensions. The fear, though, didn’t last long, news breaking shortly thereafter that Republican’s tax proposal had moved a step closer to a Senate vote.

Market Summary: The blue chip, Dow, ended up 1.09%, the S&P 500 gaining 0.98%. The NASDAQ edged up 0.49%.

The Fed, too, served to help drive the market higher. Trump’s pick for new Fed chief, Jerome Powell, testified at a Senate confirmation hearing. While accentuating his credentials as a 5-year member of the FOMC committee, he stated that he hopes to continue in the vein of the reigning chief, Janet Yellen. As far as monetary policy specifics, he commented that he sees a December rate hike “coming together.” With investors and traders alike parsing his words, two words in particular gave the financial sector a boost. They were “tough enough,” Powell commenting that he saw the current regulations on the financial sector as just that, “tough enough.”

Banks reveled in the positive attention, the SPDR S&P Bank ETF (KBE) rising 3.2%. Bank of America (BAC) jumped 4%, Citigroup tacking on 3.2%. Navient Corp. (NAVI) surged 4.01%. Wells Fargo (WFC), shot up 3%, despite earlier reports that it had overcharged foreign-exchange clients. Every component on the KBE rose on the day.

Phoenix Financial Services chief market analyst, Wayne Kaufman, is certainly bullish: “This is a strong market that continues to grind up, and I expect the market will continue to move higher throughout the end of the year. The market is very comfortable with valuations here, and so long as earnings continue to move up, I don’t see that changing.”

Bitcoin also had a field day, rising past $10,000, speculation running rampant, along with equal concerns that we’re talking about just another bubble; from tulip bubbles to the dot-com bubble, skeptics alike say that the lights are going to go out, the bubble imploding in turn.

The stocks that saw outstanding movement, likewise included Buffalo Wild Wings (BWLD), which soared 6.3% after Arby’s Restaurant Group (owned by private equity group, Roark Capital) agreed to purchase the company for $157 a share. The deal, including debt, is valued at $2.9 billion.

On the macro front, despite all the geopolitical tensions out and about and the political wrangling, Consumer Confidence in November rose to a 17-year high. The U.S. National Home Price NSA Index jumped 6.2% in September, based on the S&P CoreLogic Case-Shiller.

Index Last Daily change
DJX 23,836.71 +255.93 (1.09%)
SPX 2,627.04 +25.62 (0.98%)
Nasdaq 6,912.36 +33.84 (0.49%)

Today’s Economic Calendar: The second reading for Q3 GDP is expected to be released at 8:30, Janet Yellen speaking at 10:00. Also at 10:00, be primed for pending home sales numbers, with the EIA Petroleum report coming out thereafter at 10:30. Then at 14:00, the Fed Beige Book will be released.

Wednesday’s Hot Stocks: ADSK, MRVL, NUAN, WESCO AIR

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\

Short

Statues Data Close Profit\

Loss

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%
17            
18