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.

Index Last Daily change R2 R1 PP S1 S2
DJX 20,728 0.33% Up          
SPX 2,368 0.29% Up 237.28 236.78 236.03 235.53 234.78
Nasdaq 5,914 0.28% Up 132.92 132.69 132.39 132.16 131.86

Friday’s Hot Stocks: ZBRA

IPOs: None

Have a great trading day!

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Tuesday 8:30 Adv. Wholesale Inventories 0.2% Medium
Tuesday 9:00 S&P Case-Shiller Home Price Index 5.6% Medium
Tuesday 10:00 Consumer Confidence 113.3 High
Wednesday 10:00 Pending Home Sales 2.4% Medium
Wednesday 10:30 Crude Inventories Low
Thursday 8:30 GDP – Third Estimate 2.0% High
Thursday 8:30 Initial Claims 245K High
Friday 8:30 Personal Income 0.4% Medium
Friday 8:30 Personal Spending 0.2% Medium
Friday 8:30 PCE Price Index 0.1% Medium
Friday 9:45 Chicago PMI 55.8 Medium
Friday 10:00 Michigan Sentiment – Final 97.6 High

 

 

Earning Calendar

 

Symbol Company AM/PM Day
RHT Red Hat, Inc. AM Monday
CCL Carnival Corporation AM Tuesday
FDS FactSet Research Systems Inc. AM Tuesday
DRI Darden Restaurants, Inc. AM Tuesday
MKC McCormick & Company, Incorporated AM Tuesday
VRNT Verint Systems Inc. PM Tuesday
PLAY Dave & Buster’s Entertainment, Inc. PM Tuesday
PAYX Paychex, Inc. AM Wednesday
LULU Lululemon Athletica Inc. PM Wednesday
WOR Worthington Industries, Inc. PM Wednesday

 

31.3.2017

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
UAL 71.09   MOMO SHOP
TMUS 65.41   OZRK AAOI
BMY   55.17 STX LULU
ACAD   33.85 RH DEPO
      WDC AKAM

 

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 Open   +11.88%
9 30.3.2017 AFSI Short Open   -0.76%
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Today’s Picks – Swing “New-York Strategy

 No.1 –  ARNC

Company Name Arconic
Entry Point 26.58
Stop Area 25.95
1st Target 27.30
Swing Target 30.69
Avg. Volume 5.09M
Sector Basic Materials | Aluminum
Earning Date
Risk Rate Normal
Risk\Reward Ratio 6.52:1

No.2 – SM

Company Name
SM Energy Company
Entry Point 23
Stop Area 24.20
1st Target 22.30
Swing Target 20.17
Avg. Volume 3.32M
Sector Basic Materials | Independent Oil & Gas
Earning Date
Risk Rate Normal
Risk\Reward Ratio 2.36:1