Wall Street’s Longest Winning Streak Since 2013!

The engines on Wall Street continued working yesterday and pushed indexes into new and uncharted territory on Wednesday, the S&P 500 wrapping up a 7-day winning streak supported by another round of robust economic figures and continued optimism that President Trump will cut taxes. A sharper than expected rise in retail chain sales and in the Consumer Confidence Index bolstered assurances that the economy is expanding at a solid pace on the heels of the strongest quarter of earnings growth that America has seen in the last two years.

In his meeting with top retail CEOs, Trump said yesterday that he would lower taxes significantly, reinforcing the campaign promise reiterated last week. Optimism that lower taxes, streamlined regulation and increased infrastructure spending targeting economic stimulus are the 3 catalysts that have pushed indexes to a series of new highs. The S&P 500 has now recorded its longest winning streak since September 2013 – and that’s despite the fact that some investors are concerned that Trump still hasn’t provided enough detail about his tax cut initiative.

Fed Reserve Chairwoman, Janet Yellen, in the second day of her congressional testimony, continued on the same tack taken on Tuesday, i.e. clearly stating that the central bank is on track to hike rates in one of its coming policy meetings. A year ago, if Janet Yellen had made a declaration the like of yesterday’s, the market would have gone haywire seeing that fundamentals back then had been rather weak. At this stage of the game, a rate hike wouldn’t give investors a shakeup seeing that they have ample confidence in fundamentals.

In summary for the day, the Dow Jones rose 0.52%, the S&P 500 tacking on 0.50%, and the NASDAQ, 0.64%.

The Q4 earnings reports of S&P 500 companies recorded growth of 7.2%, notching off the strongest expansion since Q3 2014. Analysts now expect S&P 500 earnings to grow 10.7% in Q1 2017.

One of the stocks that stood out in yesterday’s trading was Procter & Gamble (PG) which soared 3.71% to a two year high, giving both the Dow Jones and the S&P 500 their biggest push, after the Trian Fund disclosed significant holdings in the company, a fact that could pressure it to cut costs and slash low growth units.

The pharmaceutical company, Teva (TEVA) soared 5.6%, putting together gains, on aggregate, of over 14% over the last few trading days, after the stock had collapsed over 50% last year and hitting valuations that invariably beckoned value investors.

The airline companies, UAL, AAL, and DAL, each soared between 2%-4% after Warren Buffett announced that Berkshire’s holdings in each had reached $2.1 billion.

On the S&P 500, 80 stocks rose to new 52-week highs, 2 dipping to new yearly lows; on the NASDAQ, 156 stocks recorded new 52-week highs, 27 falling to new yearly lows.

About 7 billion shares changed hands on U.S. exchanges, above the 6.8 billion average over the last 20 trading days.

Thursday: Traders will continue following economic figures in order to see whether they continue to paint a positive picture of the economy and whether they’re in line with the Fed’s intents to hike rates by mid-year if not sooner. Yellen was very clear in her 2-day testimony that economic figures matter – and that monetary policy needs to move in lockstep with the stronger economy taking root.

Today’s economic figures will include initial unemployment claims, housing starts and the Philadelphia Fed Manufacturing Sector, all at 8:30 N.Y. time. Likewise, a number of companies will be reporting their latest financial figures, including DF and GNC before opening. After closing, be primed for the financial reports of TRUE and WBMD.

IndexLastDaily changeR2R1PPS1S2
DJX20,6120.52%Up     
SPX2,3490.50%Up236.23235.58234.48233.83232.73
Nasdaq5,8190.64%Up129.98129.64129.00128.66128.02

Thursday’s Hot Stocks: TRIP, MOH, CSCO, KHC, DF, NTAP, MGM

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday8:30PPI0.3%High
Wednesday8:30CPI0.3%High
Wednesday8:30Empire Manufacturing7.0Medium
Wednesday8:30Retail Sales0.1%High
Wednesday9:15Industrial Production0.0%Medium
Wednesday10:00Business Inventories0.4%Medium
Wednesday10:00NAHB Housing Market Index68Medium
Wednesday10:30Crude InventoriesLow
Thursday8:30Housing Starts1220KMedium
Thursday8:30Initial Claims245KHigh
Thursday8:30Philadelphia Fed17.5Medium
Friday10:00Leading Indicators0.5%Medium

 

Earning Calendar

 

SymbolCompanyAM/PMDay
HCPHCP, Inc.AMMonday
RYAAYRyanair Holdings plcAMMonday
TEVATeva Pharmaceutical Industries LimitedAMMonday
VNOVornado Realty TrustPMMonday
NBLNoble Energy, Inc.PMMonday
DISCADiscovery Communications, Inc.AMTuesday
DPSDr Pepper Snapple Group, Inc.AMTuesday
QQuintiles IMS Holdings, Inc.AMTuesday
TMUST-Mobile US, Inc.AMTuesday
TAPMolson Coors Brewing CompanyAMTuesday
INCYIncyte CorporationAMTuesday
DVNDevon Energy CorporationPMTuesday
ESRXExpress Scripts Holding CompanyPMTuesday
AAgilent Technologies, Inc.PMTuesday
AIGAmerican International Group, Inc.PMTuesday
PEPPepsico, Inc.AMWednesday
ADIAnalog Devices, Inc.AMWednesday
WMBThe Williams Companies, Inc.PMWednesday
LBTYKLiberty Global plcPMWednesday
LBTYALiberty Global plcAMWednesday
AMATApplied Materials, Inc.PMWednesday
CBSCBS CorporationPMWednesday
MARMarriott International, Inc.PMWednesday
NTESNetEase, Inc.PMWednesday
MROMarathon Oil CorporationPMWednesday
NTAPNetApp, Inc.PMWednesday
CSCOCisco Systems, Inc.PMWednesday
KHCThe Kraft Heinz CompanyPMWednesday
MGMMGM Resorts InternationalAMThursday
AEEAmeren CorporationAMThursday
WMWaste Management, Inc.AMThursday
ALXNAlexion Pharmaceuticals, Inc.AMThursday
EDConsolidated Edison, Inc.PMThursday
DVADaVita Inc.PMThursday
DLRDigital Realty Trust, Inc.PMThursday
CPBCampbell Soup CompanyAMFriday
SJMThe J. M. Smucker CompanyAMFriday
MCOMoody’s CorporationAMFriday
DEDeere & CompanyAMFriday

 

 

 

 


 

16.2.2017

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
BA170 FLIRDNOW
VIAB45 MYLDKS
ADSK85.11 TEVAAIG
FISV111.50 BG 
CAT99.5 YY 
DHR84.74 CAR 
NOV40.75 VRX 
KMX68.86 WYN 
DKS 49.33  


New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

129.12.2016JWNShortClose6.1.2017+3.45%
26.1.2017TRGPLongClose9.1.2017+0.20%
39.1.2017NVDALongClose17.1.2017+1.02%
410.1.2017TLRDLongClose10.1.2017-3.27%
513.1.2017LWLongClose26.1.2017+0.09%
631.1.2017ATILongClose7.2.2017+0.09%
71.2.2017AKAOLongOpen +11.93%
82.2.2017DATALongClose6.2.2017+13.09%
97.2.2017GNCShortClose9.2.2017+3.26%
109.2.2017PGLongClose13.2.2017-0.63%
119.2.2017ATILongClose14.2.2017+2.42%
1213.2.2017STXLongOpen +1.98%
1314.2.2017CXWLongOpen +1.75%
1415.2.2017ZENLongOpen +1.23%
15      
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