‘Harvey’ Shows Up in the Economic Data

Rising shares of Boeing (BA) pulled the Dow Jones Industrial Average up to a record high on Thursday, while the S&P 500 fell as investors saw higher-than-expected inflation increasing the chances of an interest rate hike.

The Dow’s third consecutive all-time high was driven in part by Boeing (BA) which rose 1.36 percent after Deutsche Bank raised its price target on the aerospace and defense stock.

The S&P 500 and Nasdaq moved lower after a Labor Department report showed consumer prices rose more than expected in August, boosting the odds of another interest rate hike this year.

The consumer price index’s (CPI) 0.4% gain last month was its biggest in seven months and is the last major economic data to be released ahead of the Federal Reserve’s Sept. 19-20 policy meeting. We don’t think the market was expecting that kind of a strength in terms of inflation.

After the data, the odds of a hike in December rose above 50% for the first time since July, from 41.3%.

Daily Summary: The Dow Jones rose 0.2%, while the S&P 500 lost 0.11%. The Nasdaq dropped 0.48%, hurt by a 0.86% decline in apple (AAPL).

About 6.0 billion shares changed hands on U.S. exchanges, above the 5.8 billion 20-day average.

Friday: The ill effects of Hurricane Harvey could show up in industrial production and in consumer data Friday. Industrial production, reported at 8:30 a.m. ET, is expected to take a hit due to the shutdown of refineries in Harvey’s path along the Gulf Coast. Economists expect to see a gain of 0.1 percent, compared to 0.2 percent in July, and the number could be weak in September with the added impact of Hurricane Irma.

More than 25% of U.S. refining capacity was affected by Harvey, and some production remains offline this week.

Consumer sentiment, reported at 10 a.m., also may see some storm impact. The consensus is 95, and it came in at 96.8 last month.

Index Last Daily change
DJX 22,203 0.2% Up
SPX 2,496 (0.11%) Down
Nasdaq 6,429 (0.48%) Down

Hot Stocks: EFX, ORCL

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Tuesday 6:00 NFIB Small Business Optimism Index 104.8 Medium
Tuesday 10:00 JOLTS 6.010 M Medium
Wednesday 8:30 PPI 0.3 % High
Wednesday 10:30 Oil Inventories Low
Thursday 8:30 Consumer Price Index 0.4 % High
Thursday 8:30 Jobless Claims 300 K Medium
Friday 8:30 Retail Sales 0.1 % Medium
Friday 8:30 Empire State Mfg Survey 19.0  Medium
Friday 9:15 Industrial Production 0.1 % Medium
Friday 10:00 Business Inventories 0.2 % Medium
Friday 10:00 Consumer Sentiment 96.0  High

 

Earning Calendar

 

Symbol Company AM/PM Day
UNFI United Natural Foods, Inc. PM Wednesday
ORCL Oracle Corporation PM Thursday
 

 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
BA 246.50 BITA CAR
KURA 13.80 TEAM TIF
  HALO  
  ALDX  
  KURA  
  TDOC  
     
     
     

  

New York Strategy Swing

# Date Stock Long\

Short

Statues Data Close Profit\

Loss

1 2.8.2017 AKAM Short Close 3.8.2017 -1.12%
2 3.8.2017 NKE Long Close 8.8.2017 +0.02%
3 4.8.2017 SBUX Short Close 16.8.2017 +2.40%
4 8.8.2017 NTAP Long Close 9.8.2017 -1.17%
5 22.8.2017 ATHM Long Close 23.8.2017 +0.16%
6 23.8.2017 AAP Short Close 26.8.2017 +0.98%
7 28.8.2017 CREE Short Close 30.8.2017 -0.86%
8 30.8.2017 TRIP Long Close 11.9.2017 +3.88%
9 1.9.2017 VNTV Long Close 14.9.2017 +1.35%
10 12.9.2017 CPB Short Open   -0.13%
11  
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15
16  
17
18            

 

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


No.1 –  SAVE

Company Name Spirit Airlines
Entry Point 34.57
Stop Area 35.55
1st Target 34.05
Swing Target 30.32
Avg. Volume 1.75M
Sector Services | Major Airlines
Earning Date
Risk Rate Normal
Risk\Reward Ratio 4.34:1

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