Market Rallies, Euphoria Absent

Over the last few months, the market set new highs not only on a price basis but also in terms of the narrowness of the trading range and the extent to which volatility has been checked and restrained. All of this was germane on Friday! The NASDAQ let out a huge burst of energy, a smattering of tech giants, namely Amazon (AMZN), Google (GOOGL), and Microsoft (MSFT) whisking the index higher.

It was the second time in just one week that the market was propelled higher by just a few, numbered companies. On Tuesday, Caterpillar (CAT) and 3M (MMM) pushed the Dow to record substantial gains, the rest of the market, though, barely moving.

Narrow markets can always expand their range – and that’s what happened to a certain degree on Friday. If the current rally, though, doesn’t expand to include a larger number of participating stocks, and quickly at that, the basis for the latest movement will become weaker and the chance of a reversal can only grow.

The bulls are continuing to rally and the NASDAQ has once again thrown dust in the eyes of skeptics. The big movement on Friday got a lot of attention from the media, but that was nothing compared to the euphoria the financial media tried in vain to project. Regardless, the upward rally plods on and any attempt to pinpoint when the market has already peaked, is nothing more than a costly, extraneous waste of time.

Index Last Daily change
DJX 23,433 0.14% Up
SPX 2,581 0.81% Up
Nasdaq 6,701 2.20 % Up

Have a great trading week!  

 

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Monday 8:30 Personal Income and Outlays 0.4 % Medium
Tuesday 9:00 S&P Corelogic Case-Shiller HPI 0.5 % Medium
Tuesday 9:45 Chicago PMI 62.0 Medium
Tuesday 10:00 Consumer Confidence 121.0 High
Wednesday 8:15 ADP Employment Report 220,000 Medium
Wednesday 9:45 PMI Manufacturing Index 54.5 Medium
Wednesday 10:00 ISM Mfg Index 59.5 High
Wednesday 10:00 Construction Spending 0.1 % Medium
Wednesday 10:30 Oil Inventories Low
Thursday 8:30 Jobless Claims 235 K Medium
Thursday 8:30 Productivity and Costs 2.4 % Medium
Friday 8:30 Nonfarm Payrolls 323,000 High
Friday 8:30 Unemployment Rate – Level 4.3% High
Friday 8:30 Average Hourly Earnings 0.2 % High
 

 

  

Earning Calendar

 

Symbol Company AM/PM Day
NBL Noble Energy, Inc. PM Monday
SBAC SBA Communications Corporation PM Monday
CMI Cummins Inc. AM Tuesday
INCY Incyte Corporation AM Tuesday
AMT American Tower Corporation AM Tuesday
AET Aetna Inc. AM Tuesday
K Kellogg Company AM Tuesday
SHOP Shopify Inc. AM Tuesday
MA Mastercard Incorporated AM Tuesday
PFE Pfizer Inc. AM Tuesday
APC Anadarko Petroleum Corporation PM Tuesday
EA Electronic Arts Inc. PM Tuesday
CHRW C.H. Robinson Worldwide, Inc. PM Tuesday
CHKP Check Point Software Technologies Ltd. PM Tuesday
FISV Fiserv, Inc. PM Tuesday
EL The Estee Lauder Companies Inc. AM Wednesday
CTSH Cognizant Technology Solutions Corporation AM Wednesday
KHC The Kraft Heinz Company PM Wednesday
OXY Occidental Petroleum Corporation PM Wednesday
WMB The Williams Companies, Inc. PM Wednesday
TSLA Tesla, Inc. PM Wednesday
CTRP Ctrip.com International, Ltd. PM Wednesday
FB Facebook, Inc. PM Wednesday
MET MetLife, Inc. PM Wednesday
SYMC Symantec Corporation PM Wednesday
QCOM QUALCOMM Incorporated PM Wednesday
ALL The Allstate Corporation PM Wednesday
LBTYA Liberty Global plc PM Wednesday
PRU Prudential Financial, Inc. PM Wednesday
CI Cigna Corporation AM Thursday
YUM Yum! Brands, Inc. AM Thursday
DLPH Delphi Automotive PLC AM Thursday
BABA Alibaba Group Holding Limited AM Thursday
TEVA Teva Pharmaceutical Industries Limited AM Thursday
ADP Automatic Data Processing, Inc. AM Thursday
APA Apache Corporation AM Thursday
CBS CBS Corporation PM Thursday
ATVI Activision Blizzard, Inc. PM Thursday
AIG American International Group, Inc. PM Thursday
AAPL Apple Inc. PM Thursday
SBUX Starbucks Corporation PM Thursday
CC The Chemours Company PM Thursday
ED Consolidated Edison, Inc. PM Thursday
MSI Motorola Solutions, Inc. PM Thursday
AEE Ameren Corporation AM Friday

 


 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
SM 19.58 BYD UCTT
DLTR 93.68 CLR LVLT
TWZ 98.68 HES MRK
EW 101 FSLR CVS
ATVI  

 

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 Open   +4.90%

 

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

No.1 –   SKX

Company Name Skechers U.S.A.
Entry Point 33
Stop Area 32.45
1st Target 33.45
Swing Target 34.87
Avg. Volume 2.82M
Sector Consumer Goods | Textile – Apparel Footwear & Accessories
Earning Date
Risk Rate Low
Risk\Reward Ratio 3.40:1

 

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