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.

IndexLastDaily change
DJX23,4330.14%Up
SPX2,5810.81%Up
Nasdaq6,7012.20 %Up

Have a great trading week!  

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Personal Income and Outlays0.4 %Medium
Tuesday9:00S&P Corelogic Case-Shiller HPI0.5 %Medium
Tuesday9:45Chicago PMI62.0Medium
Tuesday10:00Consumer Confidence121.0High
Wednesday8:15ADP Employment Report220,000Medium
Wednesday9:45PMI Manufacturing Index54.5Medium
Wednesday10:00ISM Mfg Index59.5High
Wednesday10:00Construction Spending0.1 %Medium
Wednesday10:30Oil InventoriesLow
Thursday8:30Jobless Claims235 KMedium
Thursday8:30Productivity and Costs2.4 %Medium
Friday8:30Nonfarm Payrolls323,000High
Friday8:30Unemployment Rate – Level4.3%High
Friday8:30Average Hourly Earnings0.2 %High
 

 

  

Earning Calendar

 

SymbolCompanyAM/PMDay
NBLNoble Energy, Inc.PMMonday
SBACSBA Communications CorporationPMMonday
CMICummins Inc.AMTuesday
INCYIncyte CorporationAMTuesday
AMTAmerican Tower CorporationAMTuesday
AETAetna Inc.AMTuesday
KKellogg CompanyAMTuesday
SHOPShopify Inc.AMTuesday
MAMastercard IncorporatedAMTuesday
PFEPfizer Inc.AMTuesday
APCAnadarko Petroleum CorporationPMTuesday
EAElectronic Arts Inc.PMTuesday
CHRWC.H. Robinson Worldwide, Inc.PMTuesday
CHKPCheck Point Software Technologies Ltd.PMTuesday
FISVFiserv, Inc.PMTuesday
ELThe Estee Lauder Companies Inc.AMWednesday
CTSHCognizant Technology Solutions CorporationAMWednesday
KHCThe Kraft Heinz CompanyPMWednesday
OXYOccidental Petroleum CorporationPMWednesday
WMBThe Williams Companies, Inc.PMWednesday
TSLATesla, Inc.PMWednesday
CTRPCtrip.com International, Ltd.PMWednesday
FBFacebook, Inc.PMWednesday
METMetLife, Inc.PMWednesday
SYMCSymantec CorporationPMWednesday
QCOMQUALCOMM IncorporatedPMWednesday
ALLThe Allstate CorporationPMWednesday
LBTYALiberty Global plcPMWednesday
PRUPrudential Financial, Inc.PMWednesday
CICigna CorporationAMThursday
YUMYum! Brands, Inc.AMThursday
DLPHDelphi Automotive PLCAMThursday
BABAAlibaba Group Holding LimitedAMThursday
TEVATeva Pharmaceutical Industries LimitedAMThursday
ADPAutomatic Data Processing, Inc.AMThursday
APAApache CorporationAMThursday
CBSCBS CorporationPMThursday
ATVIActivision Blizzard, Inc.PMThursday
AIGAmerican International Group, Inc.PMThursday
AAPLApple Inc.PMThursday
SBUXStarbucks CorporationPMThursday
CCThe Chemours CompanyPMThursday
EDConsolidated Edison, Inc.PMThursday
MSIMotorola Solutions, Inc.PMThursday
AEEAmeren CorporationAMFriday

 


 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
SM19.58BYDUCTT
DLTR93.68CLRLVLT
TWZ98.68HESMRK
EW101FSLRCVS
ATVI 

 

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%
1124.10.2017CVSShortOpen +4.90%

 

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

No.1 –   SKX

Company NameSkechers U.S.A.
Entry Point33
Stop Area32.45
1st Target33.45
Swing Target34.87
Avg. Volume2.82M
SectorConsumer Goods | Textile – Apparel Footwear & Accessories
Earning Date
Risk RateLow
Risk\Reward Ratio3.40:1

 

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