Strong Q1 Ends with a Bang!

Stocks on Wall Street ended up on Thursday, led higher by financial stocks after the economic numbers released showed that the U.S. growth pace came out stronger than expected, supported by robust consumer spending. The tech leaning NASDAQ ended at an all-time closing high.

The energy sector (XLE) ended up for the third time in a row, supported by strong crude figures and gains of 8.8% in the stock of ConocoPhillips (COP), the biggest percentage winner on the S&P 500 after the powerhouse agreed to sell over $13 billion in oil sand assets. The S&P 500 rose for the third day in a row, after having recorded its worst week of losses for the year last week.

The U.S. economy recorded growth that came out less low than had been recorded in the prior Q4 2016 GDP reading, as consumer spending propped up the economy. The U.S. Department of Commerce reported yesterday that the Gross Domestic Product had risen 2.1% at an annually adjusted level, one-upping the previous reading of 1.9%.

In summary for the day, the Dow Jones rose 0.33%, the S&P 500 tacking on 0.29% and the NASDAQ advancing 0.28%.

On the S&P 500, 20 stocks rose to new 52-week highs, just one dipping to a new yearly low; on the NASDAQ, 99  stocks recorded new 52-week highs, 19 falling to new yearly lows.

About 6 billion shares changed hands on U.S. exchanges, beneath the 6.8 billion average over the last 20 trading days.

Friday: The American stock market is up nicely year to date, though some market strategists project that movement until the end of the year will be very inhibited. This forecast, when all is said and done, isn’t necessarily something bad. In fact, it’s a sign that there’s a discernable amount of skepticism at play. It’s clear as day that strategists aren’t head over heels with excitement about our market. Few people are! That though, could play into the market’s hand, i.e. a healthy amount of skepticism. When there are no doubts out and about, the market could see a rout! A lack of doubt can spell bad things for the market.

The S&P 500 rose 5.8% during the first quarter to 2,368 points – and is on track to record its 6th straight quarter of gains and its best quarterly performance since Q3 2014. Analysts’ consensus points to a year-end target of 2,407 points for the index, just 1.6% over the market’s current level.

The first quarter of the year closes today and as of Thursday’s close, the Dow Jones was up 4.9% for the quarter. The NASDAQ traded significantly higher on the quarter with gains of 9.9% to present.

The market is trading in healthy fashion, in a step and stairway pattern. With every breakup to a new S&P 500 high, the last of which was on March 1, we’ve seen improved depth-metrics, with more and more individual stocks jumping on the bandwagon and recording new highs. In the event of a future deviation, one marked by new highs – but that isn’t simultaneously accompanied by a rise in the number of stocks reaching new highs – that will be a reason for worry.

The last day of this quarter brings with it a flood of economic figures, including numbers on private income and spending at 8:30 N.Y. time, the Chicago PMI at 9:45, and the University of Michigan Consumer Confidence Index at 10:00.

IndexLastDaily changeR2R1PPS1S2
DJX20,7280.33%Up     
SPX2,3680.29%Up237.28236.78236.03235.53234.78
Nasdaq5,9140.28%Up132.92132.69132.39132.16131.86

Friday’s Hot Stocks: ZBRA

IPOs: None

Have a great trading day!

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday8:30Adv. Wholesale Inventories0.2%Medium
Tuesday9:00S&P Case-Shiller Home Price Index5.6%Medium
Tuesday10:00Consumer Confidence113.3High
Wednesday10:00Pending Home Sales2.4%Medium
Wednesday10:30Crude InventoriesLow
Thursday8:30GDP – Third Estimate2.0%High
Thursday8:30Initial Claims245KHigh
Friday8:30Personal Income0.4%Medium
Friday8:30Personal Spending0.2%Medium
Friday8:30PCE Price Index0.1%Medium
Friday9:45Chicago PMI55.8Medium
Friday10:00Michigan Sentiment – Final97.6High

 

 

Earning Calendar

 

SymbolCompanyAM/PMDay
RHTRed Hat, Inc.AMMonday
CCLCarnival CorporationAMTuesday
FDSFactSet Research Systems Inc.AMTuesday
DRIDarden Restaurants, Inc.AMTuesday
MKCMcCormick & Company, IncorporatedAMTuesday
VRNTVerint Systems Inc.PMTuesday
PLAYDave & Buster’s Entertainment, Inc.PMTuesday
PAYXPaychex, Inc.AMWednesday
LULULululemon Athletica Inc.PMWednesday
WORWorthington Industries, Inc.PMWednesday

 

31.3.2017

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
UAL71.09 MOMOSHOP
TMUS65.41 OZRKAAOI
BMY 55.17STXLULU
ACAD 33.85RHDEPO
   WDCAKAM

 

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%
827.3.2017AKAOLongOpen +11.88%
930.3.2017AFSIShortOpen -0.76%
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Today’s Picks – Swing “New-York Strategy

 No.1 –  ARNC

Company NameArconic
Entry Point26.58
Stop Area25.95
1st Target27.30
Swing Target30.69
Avg. Volume5.09M
SectorBasic Materials | Aluminum
Earning Date
Risk RateNormal
Risk\Reward Ratio6.52:1

No.2 – SM

Company Name
SM Energy Company
Entry Point23
Stop Area24.20
1st Target22.30
Swing Target20.17
Avg. Volume3.32M
SectorBasic Materials | Independent Oil & Gas
Earning Date
Risk RateNormal
Risk\Reward Ratio2.36:1