Cyberattacks Wipe Out Accounts!

It happened yesterday for the second time this month: tech investment accounts suffered large losses. The tech-leaning NASDAQ saw the biggest losses yesterday on Wall Street, the market as a whole falling more rapidly after the Senate healthcare vote was postponed, which cast doubt on Trump’s ability to put into law his campaign agenda. The S&P 500 saw its biggest losing day in 6 weeks, closing at its lowest level since May.

Indexes took a harder fall after the Republican majority leader, Mitch McConnell, decided to push back the vote planned for the health care reform bill until after the Senate re-adjourns after July 4th. The health care legislation, heretofore resisted by a number of Republican senators, is the first test case for Trump’s agenda, investors waiting on pins and needles for Trump to advance the other parts of his agenda to the beat of tax cuts, infrastructure spending and slashing regulation. Trump’s commitment to subscribe to these policies had helped ignite a 13.1% rally on the S&P 500 after the November 8th presidential elections.

In Summary for the Day: The Dow Jones fell 0.46%, the S&P 500 shedding 0.81%. The NASDAQ plunged 1.61%.

One tech heavyweight, Google (GOOGL) fell 2.5% after the European Commission fined the company $2.7 billion. The NASDAQ saw its biggest daily drop since June 9th, putting the whole tech sector on edge. Tech stocks (XLK) fell 1.7% yesterday, closing beneath their 50 period EMA (a key technical level), while at the same time remaining the best performing sector of the year. Facebook (FB), Netflix (NFLX) and Amazon (AMZN) all closed sharply off by at least 1.5%.

On yesterday’s Economic Diary, the Consumer Confidence Index for June outstripped expectations with a 118.9 point reading. Economists had expected a 116 point reading.

A number of key Fed speakers spoke yesterday. The president of the Philadelphia Fed Bank, Patrick Harker, related that the Fed’s plan is to hike rates one more time this year, when considering that the weakness in inflation is temporary and transient. In London, Fed Chairwoman, Janet Yellen, shared that she doesn’t believe that there will be another financial meltdown – at least in her lifetime – due to the large reforms put in place in the banking system since the 2007-2009 collapse.

Investors are prepping themselves for the Q2 earnings season, after Q1 came out especially strong. The 12-month forward P/E for the S&P 500 is 18, significantly above the historical average of 15.

Wednesday: Trading on Wednesday will be impacted by the response to the pending home sales report for May. The report is an economic indicator in its own right, measuring the number of homes for which the contract’s been signed, with the deal yet to be finalized. It usually takes between 4-6 weeks for deals like these to close.

After crude saw sharp declines in June – officially entering a bear market – the “black gold” bounced back 1.9% yesterday and traded above the $44 barrel level. Traders, today, are anxiously awaiting weekly inventory figures which will be released at 10:30 N.Y. time.

The firms reporting before opening today include MON, PAYX, and GIS. One new issue is expected on Wall Street today, a Massachusetts biotech firm that will traded under the symbol, MRSN, which will focus on treatment for cancer patients. It’s important to note that 2 pharmaceutical giants, Pfizer and Takeda, are both stakeholders, having voiced a desire to buy in to the effect of up to $30 million. Mersana (MRSN) is looking to raise $75 million, Takeda having already invested $10 million in the startup last year.

IndexLastDaily change
DJX(0.46%)21,311Down
SPX(0.81%)2,419Down
Nasdaq(1.61%)6,147Down

Wednesday’s Hot Stocks: CAMP, AVAV, PAYX, GIS, MON

IPOs: MRSN

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Durable Orders-0.6%Medium
Tuesday10:00Consumer Confidence116.7Medium
Wednesday10:30Crude Oil InventoriesLow
Thursday8:30GDP – Third Estimate1.2%High
Thursday8:30Initial Claims241KHigh
Friday8:30Personal Income0.3%Medium
Friday8:30Personal Spending0.1%Medium
Friday8:30PCE PricesMedium
Friday9:15Chicago PMI57.8Medium
Friday10:00Michigan Sentiment – Final94.7High


 

Earning Calendar

 

SymbolCompanyAM/PMDay
FDSFactSet Research Systems Inc.BMOTuesday
DRIDarden Restaurants, Inc.BMOTuesday
PAYXPaychex, Inc.BMOWednesday
GISGeneral Mills, Inc.BMOWednesday
MONMonsanto CompanyBMOWednesday
WORWorthington Industries, Inc.AMCWednesday
MKCMcCormick & Company, IncorporatedBMOThursday
CAGConagra Brands, Inc.BMOThursday
WBAWalgreens Boots Alliance, Inc.BMOThursday
STZConstellation Brands, Inc.BMOThursday
NKENIKE, Inc.BMOThursday
MUMicron Technology, Inc.AMCThursday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
AAOI57.55CBIARNC
CRZO15.86SIGSTX
CLR30.18 WDC
HDS30.74 AAOI
ALB103.63 BMRN
  HSY
  SGEN
  NFLX

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

11.5.2017AAOILongClose2.5.2017+0.54%
23.5.2017SCSSLongClose9.5.2017-1.71%
34.5.2017CRZOShortClose5.5.2017+0.30%
48.5.2017WTWLongClose16.5.2017+6.09%
515.5.2017AANLongClose16.5.2017-1.70%
616.5.2017CCLLongClose17.5.2017-0.41%
717.5.2017AMAGShortClose24.5.2017+5.38%
817.5.2017AANLongClose24.5.2017-2.59%
919.5.2017TRCOLongClose23.5.2017-1.45%
1019.5.2017GIMOLongClose26.5.2017+2.05%
111.6.2017BF.BLongClose6.6.2017+0.95%
127.6.2017LULULongClose9.6.2017-2.24%
1314.6.2017SIGShortClose23.6.2017+2.29%
1416.6.2017AABA (YHOO)LongClose26.6.2017+3.14%
1521.6.2017KRShortOpen27.6.2017-2.75%
16
17
18  

 

Today’s Picks – Swing “New-York Strategy

 No.1 –  DKS

Company NameDick’s Sporting Goods
Entry Point39.50
Stop Area40.55
1st Target38.30
Swing Target35.87
Avg. Volume2.7M
SectorServices | Sporting Goods Stores
Earning Date
Risk RateNormal
Risk\Reward Ratio3.46:1