Tech Day on the Market!

Stocks on Wall Street closed lightly down on Wednesday after gaining significant ground on the previous 2 trading days. Yesterday, the Trump administration revealed its plan to cut corporate taxes and offshore moneys companies are looking to repatriate. The proposal, though, offered no detail as to how the reform would be funded without increasing the federal budget.

Tax cut expectations were one of the catalysts behind the strong rally propelling the American stock market higher since November. The market has halted slightly over the last few weeks – after the Trump administration failed to pass key health care legislation. With that said, economic growth and firm earnings are likely to provide adequate support for current stock market levels.

All-in-all, S&P 500 earnings are expected to record Q1 growth of 11.8%, the fastest growth rate since 2011.

In Summary for the Day: The Dow Jones shed 0.1%, the S&P 500 ending negligibly down by 0.05%, with the NASDAQ trading unchanged.

One of the stocks that stood in yesterday’s trading was Twitter (TWTR), which soared 7.9% after its numbers hit analysts’ top and bottom line forecasts. Twitter likewise reported a 14% rise in daily user activity on its service offerings.

Wynn Resorts (WYNN) rallied 5.9% after a large earnings surprise, riding the wave of marked strength in its Macau and Las Vegas casinos.

On the negative side, U.S. Steel (X) fell 26.8% after the company fell short of analyst forecasts. Seagate (STX) tumbled 16.8% after its revenue miss, the company also announcing that its inventories were high.

On the S&P 500, 82 stocks rose to new 52-week highs, 3 dipping to new yearly lows; on the NASDAQ, 210 stocks recorded new 52-week highs, 28 falling to new yearly lows.

About 7.33 billion shares changed hands on U.S. exchanges, outstripping the 6.44 billion average over the last 20 trading days.

Thursday: Today will be dominated by the earnings releases of large tech companies, something that could very well spur the market on to new highs. Earnings numbers will start pouring into the market with UNP, BMY, F, CMCSA, DOW, and RTN before opening.

Large tech companies, some of which helped the market rally higher over the last few week, will be reporting after closing – and are likely to constitute a substantial catalyst the moment the market opens on Thursday. These players include Amazon (AMZN) which has soared 21% year-to-date and Google (GOOGL), which is up 12% on the year.

IndexLastDaily changeR2R1PPS1S2
DJX20,975(-0.10%)Down     
SPX2,387(-0.05%)Down236.91236.18235.30234.57233.69
Nasdaq6,0250.00%Up132.73132.39132.04131.70131.35

Other companies reporting today after closing include: MSFT, INTC, and SBUX.

Thursday’s Hot Stocks: AMGN, PYPL, FFIV, CTXS, AAL, UPS, CELG

IPOs: XRF, FND, VRNA

Have a great trading day!

 


Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday9:00Case-Shiller Home Price IndexMedium
Tuesday9:00FHFA Housing Price IndexMedium
Tuesday10:00New Home SalesMedium
Tuesday10:00Consumer ConfidenceMedium
Wednesday10:30Crude InventoriesLow
Thursday8:30Initial ClaimsHigh
Thursday8:30Durable OrdersMedium
Thursday8:30Initial ClaimsHigh
Thursday10:00Pending Home SalesMedium
Friday8:30GDP-Adv.Medium
Friday9:45Chicago PMIMedium
Friday10:00Michigan Sentiment – FinalHigh

  

Earning Calendar

 

SymbolCompanyAM/PMDay
CATCaterpillar Inc.AMTuesday
DDE. I. du Pont de Nemours and CompanyAMTuesday
KOThe Coca-Cola CompanyAMTuesday
LLYEli Lilly and CompanyAMTuesday
MCDMcDonald’s CorporationAMTuesday
MMM3M CompanyAMTuesday
VLOValero Energy CorporationAMTuesday
XUnited States Steel CorporationPMTuesday
JNPRJuniper Networks, Inc.PMTuesday
COFCapital One Financial CorporationPMTuesday
ARNCArconic Inc.PMTuesday
BAThe Boeing CompanyAMWednesday
HSYThe Hershey CompanyAMWednesday
PEPPepsico, Inc.AMWednesday
FFIVF5 Networks, Inc.PMWednesday
AMGNAmgen Inc.PMWednesday
CELGCelgene CorporationAMThursday
JCIJohnson Controls International plcAMThursday
AALAmerican Airlines Group Inc.AMThursday
UPSUnited Parcel Service, Inc.AMThursday
SBUXStarbucks CorporationPMThursday
MSFTMicrosoft CorporationPMThursday
GOOGLGoogle Class APMThursday
GPROGOPRO, INC.PMThursday
AMZNAmazon.com, Inc.PMThursday
CLColgate-Palmolive CompanyAMFriday
CVXChevron CorporationAMFriday
PSXPhillips 66AMFriday
XOMExxon Mobil CorporationAMFriday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
ERI19.85 WYNPG
RCL101.11 IRBTLITE
RHT88.05 SIX 
IBM 159.60  

  

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

16.3.2017LBTYKLongClose14.3.2017+2.47%
28.3.2017FTNTLongClose9.3.2017+0.37%
313.3.2017ARNCLongClose21.3.2017+1.92%
414.3.2017MOMOLongClose20.3.2017+5.50%
515.3.2017PTLALongClose17.3.2017+0.65%
617.3.2017NTNXLongClose21.3.2017-4.23%
722.3.2017FNSRShortClose25.3.2017-2.78%
827.3.2017AKAOLongClose31.3.2017+11.31%
930.3.2017AFSIShortClose3.4.2017-6.63%
103.4.2017ARNCLongClose31.3.2017-2.52%
113.4.2017GMEShortClose10.4.2017+1.95%
125.4.2017IPXLLongClose11.4.2017+7.03%
1313.4.2017NKTRLongClose21.4.2017+0.61%
1425.4.2017LULUShortOpen -0.97%
1526.4.2017GNCLongOpen +1.34%
16