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.

Index Last Daily change R2 R1 PP S1 S2
DJX 20,975 (-0.10%) Down          
SPX 2,387 (-0.05%) Down 236.91 236.18 235.30 234.57 233.69
Nasdaq 6,025 0.00% Up 132.73 132.39 132.04 131.70 131.35

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

 

DAY TIME (EST) Event Forecast Impact
Tuesday 9:00 Case-Shiller Home Price Index Medium
Tuesday 9:00 FHFA Housing Price Index Medium
Tuesday 10:00 New Home Sales Medium
Tuesday 10:00 Consumer Confidence Medium
Wednesday 10:30 Crude Inventories Low
Thursday 8:30 Initial Claims High
Thursday 8:30 Durable Orders Medium
Thursday 8:30 Initial Claims High
Thursday 10:00 Pending Home Sales Medium
Friday 8:30 GDP-Adv. Medium
Friday 9:45 Chicago PMI Medium
Friday 10:00 Michigan Sentiment – Final High

  

Earning Calendar

 

Symbol Company AM/PM Day
CAT Caterpillar Inc. AM Tuesday
DD E. I. du Pont de Nemours and Company AM Tuesday
KO The Coca-Cola Company AM Tuesday
LLY Eli Lilly and Company AM Tuesday
MCD McDonald’s Corporation AM Tuesday
MMM 3M Company AM Tuesday
VLO Valero Energy Corporation AM Tuesday
X United States Steel Corporation PM Tuesday
JNPR Juniper Networks, Inc. PM Tuesday
COF Capital One Financial Corporation PM Tuesday
ARNC Arconic Inc. PM Tuesday
BA The Boeing Company AM Wednesday
HSY The Hershey Company AM Wednesday
PEP Pepsico, Inc. AM Wednesday
FFIV F5 Networks, Inc. PM Wednesday
AMGN Amgen Inc. PM Wednesday
CELG Celgene Corporation AM Thursday
JCI Johnson Controls International plc AM Thursday
AAL American Airlines Group Inc. AM Thursday
UPS United Parcel Service, Inc. AM Thursday
SBUX Starbucks Corporation PM Thursday
MSFT Microsoft Corporation PM Thursday
GOOGL Google Class A PM Thursday
GPRO GOPRO, INC. PM Thursday
AMZN Amazon.com, Inc. PM Thursday
CL Colgate-Palmolive Company AM Friday
CVX Chevron Corporation AM Friday
PSX Phillips 66 AM Friday
XOM Exxon Mobil Corporation AM Friday

 

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
ERI 19.85   WYN PG
RCL 101.11   IRBT LITE
RHT 88.05   SIX  
IBM   159.60    

  

New York Strategy Swing

# Date Stock Long\

Short

Statues Data Close Profit\

Loss

1 6.3.2017 LBTYK Long Close 14.3.2017 +2.47%
2 8.3.2017 FTNT Long Close 9.3.2017 +0.37%
3 13.3.2017 ARNC Long Close 21.3.2017 +1.92%
4 14.3.2017 MOMO Long Close 20.3.2017 +5.50%
5 15.3.2017 PTLA Long Close 17.3.2017 +0.65%
6 17.3.2017 NTNX Long Close 21.3.2017 -4.23%
7 22.3.2017 FNSR Short Close 25.3.2017 -2.78%
8 27.3.2017 AKAO Long Close 31.3.2017 +11.31%
9 30.3.2017 AFSI Short Close 3.4.2017 -6.63%
10 3.4.2017 ARNC Long Close 31.3.2017 -2.52%
11 3.4.2017 GME Short Close 10.4.2017 +1.95%
12 5.4.2017 IPXL Long Close 11.4.2017 +7.03%
13 13.4.2017 NKTR Long Close 21.4.2017 +0.61%
14 25.4.2017 LULU Short Open   -0.97%
15 26.4.2017 GNC Long Open   +1.34%
16