Tale of Two Markets
Wall Street closed at an all-time high on Wednesday against the backdrop of a surge in video game companies and the stock of Apple (AAPL), whose market cap skyrocketed to $900 million. All of the three large Wall Street indexes closed at all-time highs.
It’s a tale of two markets: on the one hand, a small band of stocks with large market caps have propelled indexes to new highs. On the other, most stocks have shown a tendency not towards gains but rather, losses. One of the truly scintillating figures is that even though indexes are traded at historic highs, only 56% of stocks are traded above their 200-period EMAs. That means that a large swath of stocks on the market are undergoing a significant price correction, and have not benefitted from this year’s gains. A mere glance at the indexes would give you the feeling that the market is very healthy. At the same time, investors not holding the big name tech stocks like AMZN, AAPL, NFLX, GOOGL, and FB, have apparently underperformed the market.
Take Two (TTWO) soared 10.58% after the video game maker released a stronger than expected revenue forecast for the last quarter of the year. That was enough to spark a rally in its competitors as well, ATVI surging 5.89% and EA tacking on 2.19%.
Apple basked in the optimism around the launch of its iPhone X, its stock ending up 0.82%. The company ended trading at a market cap of $905 billion, the company’s highest valuation ever.
Investors continue to exhibit anxiety about the possible outcome of the Republican tax plan which was showcased for the first time last week. Its tax cuts are aimed at corporations and individuals alike. The bill is expected to face strong resistance from interest groups.
The Republicans are still yet to record a significant legislative victory since Trump entered the White House last January, and that’s despite the party controlling both houses of Congress. It will take grueling negotiations and not insubstantial compromise before the final vote on the package hits the floor.
The S&P 500 is up some 21% since Trump was elected into office a year ago, part of the gains attributed to the president’s promises to cut taxes and take additional business friendly steps from the seat of the executive.
Snapchat (SNAP) fell 14.62%, a day after the company reported lower than expected advertising revenue, and slow user growth.
About 7 billion shares changed hands on U.S. exchanges, above the 6.5 billion figure over the last 20 trading days.
| Index | Last | Daily change | |
| DJX | 23,563 | 0.03% | Up |
| SPX | 2,594 | 0.14% | Up |
| Nasdaq | 6,789 | 0.32% | Up |
Thursday’s Hot Stocks: AEP, SRCL, CTL, MNST, HOLX, PRGO, COTY, DISH
IPOs: APLS, SOGO
Have a great trading day!
| Economic Calendar
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| DAY | TIME (EST) | Event | Forecast | Impact |
| Tuesday | 6:00 | NFIB Small Business Optimism Index | 105.0 | Medium |
| Tuesday | 10:00 | JOLTS | 6.082 M | Medium |
| Wednesday | 10:30 | Oil Inventories | – | Low |
| Thursday | 8:30 | Jobless Claims | 232 K | High |
| Thursday | 10:00 | Wholesale Trade | 0.3 % | Medium |
| Thursday | 10:00 | Consumer Sentiment | 100.0 | High |
| Earning Calendar
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| Symbol | Company | AM/PM | Day |
| CAH | Cardinal Health, Inc. | AM | Monday |
| CVS | CVS Health Corporation | AM | Monday |
| MYL | Mylan N.V. | AM | Monday |
| MCHP | Microchip Technology Incorporated | PM | Monday |
| PCLN | The Priceline Group Inc. | PM | Monday |
| SWKS | Skyworks Solutions, Inc. | PM | Monday |
| COH | Coach, Inc. | AM | Tuesday |
| EXPD | Expeditors International of Washington, Inc. | AM | Tuesday |
| HCN | Welltower Inc. | AM | Tuesday |
| RCL | Royal Caribbean Cruises Ltd. | AM | Tuesday |
| WB | Weibo Corporation | AM | Tuesday |
| WLK | Westlake Chemical Corporation | AM | Tuesday |
| AGU | Agrium Inc. | PM | Tuesday |
| CLR | Continental Resources, Inc. | PM | Tuesday |
| DVA | DaVita Inc. | PM | Tuesday |
| MAR | Marriott International, Inc. | PM | Tuesday |
| SNAP | Snap Inc. | PM | Tuesday |
| TTWO | Take-Two Interactive Software, Inc. | PM | Tuesday |
| HUM | Humana Inc. | AM | Wednesday |
| MGM | MGM Resorts International | AM | Wednesday |
| FOXA | Twenty-First Century Fox, Inc. | PM | Wednesday |
| HOLX | Hologic, Inc. | PM | Wednesday |
| MNST | Monster Beverage Corporation | PM | Wednesday |
| SQ | Square, Inc. | PM | Wednesday |
| COTY | Coty Inc. | AM | Thursday |
| DISH | DISH Network Corporation | AM | Thursday |
| JCI | Johnson Controls International plc | AM | Thursday |
| NCLH | Norwegian Cruise Line Holdings Ltd. | AM | Thursday |
| PRGO | Perrigo Company plc | AM | Thursday |
| DIS | The Walt Disney Company | PM | Thursday |
| LBTYK | Liberty Global plc | PM | Thursday |
| NVDA | NVIDIA Corporation | PM | Thursday |
Today’s Picks – Day Trading!
| Symbol | Breakout | Breakdown | Momentum | Momentum |
| CHRW | 81.35 | ATVI | ACAD | |
| VLO | 82.19 | EA | WTW | |
| PSX | 95 | CCE | TWX | |
| BYD | 29.89 | CMCM | ||
| TOL | 46.63 | |||
| HA | 32.50 |
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% |
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Today’s Picks – Swing “New-York Strategy
No.1 – SKX
| Company Name | Skechers U.S.A |
| Entry Point | 31.33 |
| Stop Area | 30.70 |
| 1st Target | 31.90 |
| Swing Target | 34.87 |
| Avg. Volume | 3.04M |
| Sector | Consumer Goods | Textile – Apparel Footwear & Accessories |
| Earning Date | – |
| Risk Rate | Normal |
| Risk\Reward Ratio | 5.62:1 |