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

 

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

 

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%
15            
16  
17
18            

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