The Unending Uptrend!

If you’re a “buy and hold investor” or an index investor, you’re presumably happy with the market’s movement yesterday. Indexes opened at a strong gap down, but very quickly stabilized and then rebounded, despite bad news about weak iPhone 8 orders for Apple (AAPL), grim numbers from EBay (EBAY) and things heating up in Catalonia, Spain. Even Black Monday, 30 years ago on October 19, 1987, when the market recorded its biggest and largest daily decline in history, cast a pall. But, when push came to shove, none of these factors mattered to correction buyers who again capitalized on the trading strategy which has worked the best in the last few years, “Buying the dips!” These very buyers lifted indexes, succeeding in fully closing the gap, the S&P 500 even ending yesterday in positive territory.

In summary for the day, nothing changed! Not only was the long-lasting uptrend unscathed, but market behavior and movement repeated themselves. At the beginning of the day, there was a chance there could be a false rebound after the S&P 500 had broken down to a new intraday low after the initial bounce. Simply put, though, there are too many computerized algorithms and too many adept traders. And both parties just capitalize on this movement and that’s the reason the intraday weakness isn’t translated into losses on the daily chart.

The unending uptrend continues!

Friday: Investors, on this last day of the week, will focus on existing home sales numbers which will be released at 10:00 N.Y. time as well as the news that President Trump prefers Jerome Powell as the next Federal Reserve Chair. Powell would presumably continue Janet Yellen’s course, something the market would seemingly like.

PayPal (PYPL) soared after closing by almost 4% after releasing better than expected numbers. The stock of sports apparel company, Skechers (SKX), skyrocketed over 23% in late trading after the company routed analysts’ top and bottom line forecasts. Celgene (CELG) will place a damper on the biotech sector today, the company’s stock having fallen over 6% after closing in light of the release that it will be ceasing the development of its Crohn’s medication.

IndexLastDaily change
DJX23,1630.02%Up
SPX2,5610.03%Up
Nasdaq6,605(0.29%)Down

Friday’s Hot Stocks: PYPL, CELG, SKX, HON, GE, KSU, SLB

IPOs: SE, REDU, LXL

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Empire State Mfg Survey20.0Medium
Tuesday8:30Import and Export Prices0.5 %Medium
Tuesday9:15Industrial Production0.1 %Medium
Tuesday10:00Housing Market Index64Medium
Wednesday8:30Housing Starts1.170 MMedium
Wednesday10:30Oil InventoriesLow
Thursday8:30Jobless Claims240KMedium
Thursday8:30Philadelphia Fed Business Outlook Survey20.2Medium
Thursday10:00Leading Indicators0.1 %Medium
Friday10:00Existing Home Sales5.300 MMedium

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
MU42.07FNSRCTRP
VFC65.71STLDNCLH
TSN72.22ACHC 
CMA78AIG 
 ADBE 
 QURE 

 

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%

 

Today’s Picks – Swing “New-York Strategy”

 No.1 –   JWN

Company NameNordstrom
Entry Point41.50
Stop Area42.53
1st Target41.05
Swing Target39.63
Avg. Volume2.40M
SectorServices | Apparel Stores
Earning Date
Risk RateNormal
Risk\Reward Ratio1.82:1

 Risk Rates: Normal – Regular size, High –Consider reducing size, Low – Consider increasing size