“The Opposite of Love isn’t Hate”
“The opposite of love isn’t hate, it’s indifference,” and that’s the only emotion elicited by the lack of the market movement yesterday. The market didn’t succeed in adding on to the rally 2-days ago after news of the rate hike broke; at the same time, the bears, yesterday, failed to take the upper hand.
Stocks on Wall Street saw downward pressure on Thursday from biotech stocks, as traders locked in profits from one of the strongest performing sectors year-to-date. Donald Trump’s budget proposal signaled the advent of regulation that would lead to higher costs for the sector and a cut in federal financing for medical research. Though there’s still a way to go before any of these things play out in reality, they gave traders reason enough to get out. The biotech sector (IBB) ended off 1.27% on the day.
Market bulls might tell us that the market took a breather to digest prices before the next wave lifting the market higher, the bears though, laying claim to the market having stalled, signaling that the market’s in the process of peaking. As traders’ bad luck may have it, the opposite of gains isn’t a turn for the worse for stocks, affording the opportunity to bet against the market. The opposite of love, in our market, is in fact indifference, that is to say, very boring trading!
The financial sector shined yesterday with a rebound after the sector was the market’s worst performing on Wednesday.
In summary for the day, the S&P 500 shed 0.16%, the NASDAQ ending negligibly up by 0.01%. Gold climbed 0.41% to its highest level since March 6th, crude falling 0.19% to the $48.75 barrel level
One of the stocks that stood out yesterday was Oracle (ORCL), which soared to a new historic high at the $46.99 level, before closing up 6.2% at the $45.73 level, after reporting better than expected quarterly results.
Tyson Foods (TSN) slipped 1.7% to the $62 level on the background of news that a particularly virulent strain of bird flu had broken out at a second farm supplying the company.
On the S&P 500, 52 stocks rose to new 52-week highs, with one dipping to a new yearly low; on the NASDAQ, 145 stocks recorded new 52-week highs, 52 falling to new yearly lows.
About 6.6 billion shares changed hands on U.S. exchanges, beneath the 6.96 billion average over the last 20 trading days.
Friday: After a whole slew of economic figures were released yesterday, another flood is expected today, traders keeping a watchful eye on industrial output figures, the Consumer Price Index and the Leading Indicators Index.
Friday’s Hot Stocks: ADBE, ALR, TIF, HIG, THR, VMC, NOV, MRO, LVS, WDC
IPOs: MULE, PUMP
Have a great trading day!
|Wednesday||10:00||NAHB Housing Market Index||65||Medium|
|Wednesday||14:00||FOMC Rate Decision||0.875%||High|
|JBL||Jabil Circuit, Inc.||PM||Wednesday|
|DG||Dollar General Corporation||AM||Thursday|
|ADBE||Adobe Systems Incorporated||PM||Thursday|
|TIF||Tiffany & Co.||AM||Friday|
Today’s Picks – Day Trading!
New York Strategy Swing
Today’s Picks – Swing “New-York Strategy
No.1 – NTNX
|Sector||Technology | Technical & System Software|