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.

IndexLastDaily change
DJX23,5630.03%Up
SPX2,5940.14%Up
Nasdaq6,7890.32%Up

Thursday’s Hot Stocks: AEP, SRCL, CTL, MNST, HOLX, PRGO, COTY, DISH

IPOs: APLS, SOGO

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 Sentiment100.0 High

 

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
CHRW81.35ATVIACAD
VLO82.19EAWTW
PSX95CCETWX
BYD29.89CMCM 
TOL46.63  
HA32.50  

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%
143.11.2017AKAMLongClose8.11.2017+1.37%
15      
16 
17
18      

Today’s Picks – Swing “New-York Strategy

No.1 –    SKX

Company NameSkechers U.S.A
Entry Point31.33
Stop Area30.70
1st Target31.90
Swing Target34.87
Avg. Volume3.04M
SectorConsumer Goods | Textile – Apparel Footwear & Accessories
Earning Date
Risk RateNormal
Risk\Reward Ratio5.62:1