Weakness under the Surface

A mere look at yesterday’s market performance chart is likely to camouflage the undercurrent at play. Trading activity continues to take a turn for the worse. Though the NASDAQ 100 (QQQ) ended in positive territory, the index’s depth was very weak, with only 840 winners and 2,100 losing stocks. A number of large stocks again “covered up” the weakness in the rest of the index’s securities. Apple (AAPL) and NVIDIA (NVDA), themselves, succeeded in hiding some of the weakness.

It’s been exactly a year since the U.S. election campaign came to a close, putting Donald Trump in the White House. And it’s been exactly a year since the huge rally, that started on November 8, 2016, catapulted the S&P 500 20% higher! The question that’s gnawing investors now is “How much longer can the rally last?” History has taught that a rally can last longer than anyone thought reasonable.

Strong earnings reports from American firms, along with an improvement in economic figure and hopes for changes in the U.S. tax code helped push stocks higher since President Trump was elected into office. Over the first and second quarters of the year, earnings of S&P 500 firms grew at a clip of 15.5% and 10.8% respectively. The last earnings season has also proven itself strong. As of now, the consensus is that Q3 earnings, year-over-year have risen 6.3%.

IndexLastDaily change
DJX23,5570.04%Up
SPX2,590(0.05%)Down
Nasdaq6,768(0.27%)Down

Wednesday’s Hot Stocks: WTW, MCHP, SWKS, WB, RCL, COH

IPOs: CBTX, IFRX, MCB

 

Have a great trading day!

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday6:00NFIB Small Business Optimism Index105.0Medium
Tuesday10:00JOLTS6.082 MMedium
Wednesday10:30Oil InventoriesLow
Thursday8:30Jobless Claims232 KHigh
Thursday10:00Wholesale Trade0.3 %Medium
Thursday10:00Consumer Sentiment100.0High
Tuesday6:00NFIB Small Business Optimism Index105.0Medium
Tuesday10:00JOLTS6.082 MMedium
Wednesday10:30Oil InventoriesLow
Thursday8:30Jobless Claims232 KHigh
Thursday10:00Wholesale Trade0.3 %Medium
Thursday10:00Consumer Sentiment100.0High
Tuesday6:00NFIB Small Business Optimism Index105.0Medium
Tuesday10:00JOLTS6.082 MMedium

 

 

Earning Calendar

 

SymbolCompanyAM/PMDay
CAHCardinal Health, Inc.AMMonday
CVSCVS Health CorporationAMMonday
MYLMylan N.V.AMMonday
MCHPMicrochip Technology IncorporatedPMMonday
PCLNThe Priceline Group Inc.PMMonday
SWKSSkyworks Solutions, Inc.PMMonday
COHCoach, Inc.AMTuesday
EXPDExpeditors International of Washington, Inc.AMTuesday
HCNWelltower Inc.AMTuesday
RCLRoyal Caribbean Cruises Ltd.AMTuesday
WBWeibo CorporationAMTuesday
WLKWestlake Chemical CorporationAMTuesday
AGUAgrium Inc.PMTuesday
CLRContinental Resources, Inc.PMTuesday
DVADaVita Inc.PMTuesday
MARMarriott International, Inc.PMTuesday
SNAPSnap Inc.PMTuesday
TTWOTake-Two Interactive Software, Inc.PMTuesday
HUMHumana Inc.AMWednesday
MGMMGM Resorts InternationalAMWednesday
FOXATwenty-First Century Fox, Inc.PMWednesday
HOLXHologic, Inc.PMWednesday
MNSTMonster Beverage CorporationPMWednesday
SQSquare, Inc.PMWednesday
COTYCoty Inc.AMThursday
DISHDISH Network CorporationAMThursday
JCIJohnson Controls International plcAMThursday
NCLHNorwegian Cruise Line Holdings Ltd.AMThursday
PRGOPerrigo Company plcAMThursday
DISThe Walt Disney CompanyPMThursday
LBTYKLiberty Global plcPMThursday
NVDANVIDIA CorporationPMThursday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
CHRW81.35GGPCMA
VLO82.19MACHTZ
PSX95NKTRMNK
RL83.26 QGEN
  CAR
  KSS
  SYY
  RL

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

11.9.2017VNTVLongClose14.9.2017+1.35%
212.9.2017CPBShortClose15.9.2017-1.10%
318.9.2017INSMLongClose22.9.2017+1.92%
425.9.2017GPSLongClose2.10.2017+1.69%
527.9.2017SQMLongClose29.9.2017+1.69%
62.10.2017ATILongClose6.10.2017+3.12%
72.10.2017TROXLongClose18.10.2017+13.93%
83.10.2017ABTLongClose11.10.2017+1.60%
99.10.2017ZGNXLongClose12.10.2017+3.26%
1016.10.2017INSMLongClose19.10.2017-2.82%
1124.10.2017CVSShortClose1.11.2017+4.77 %
1230.10.2017SKXLongClose31.10.2017-1.42%
1331.10.2017STXLongClose2.11.2017-0.15%
143.11.2017AKAMLongOpen +1.63%
15      
16 
17
18      

 

Today’s Picks – Swing “New-York Strategy

No.1 –    SKX

Company NameSkechers U.S.A
Entry Point31.33
Stop Area30.35
1st Target31.90
Swing Target34.87
Avg. Volume3.04M
SectorConsumer Goods | Textile – Apparel Footwear & Accessories
Earning Date
Risk RateNormal
Risk\Reward Ratio3.61:1