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.

Index Last Daily change
DJX 23,163 0.02% Up
SPX 2,561 0.03% Up
Nasdaq 6,605 (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

 

DAY TIME (EST) Event Forecast Impact
Monday 8:30 Empire State Mfg Survey 20.0 Medium
Tuesday 8:30 Import and Export Prices 0.5 % Medium
Tuesday 9:15 Industrial Production 0.1 % Medium
Tuesday 10:00 Housing Market Index 64 Medium
Wednesday 8:30 Housing Starts 1.170 M Medium
Wednesday 10:30 Oil Inventories Low
Thursday 8:30 Jobless Claims 240K Medium
Thursday 8:30 Philadelphia Fed Business Outlook Survey 20.2 Medium
Thursday 10:00 Leading Indicators 0.1 % Medium
Friday 10:00 Existing Home Sales 5.300 M Medium

 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
MU 42.07 FNSR CTRP
VFC 65.71 STLD NCLH
TSN 72.22 ACHC  
CMA 78 AIG  
  ADBE  
  QURE  

 

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%

 

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

 No.1 –   JWN

Company Name Nordstrom
Entry Point 41.50
Stop Area 42.53
1st Target 41.05
Swing Target 39.63
Avg. Volume 2.40M
Sector Services | Apparel Stores
Earning Date
Risk Rate Normal
Risk\Reward Ratio 1.82:1

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