As Market Naps, Tech Stocks Rock the House!

Wall Street ended up, the NASDAQ rallying for the third day in a row. At the same time, it’s hard to imagine a greater quiet casting its spell over the market, the S&P 500 trading in its narrowest trading range since the 1960s, the VIX continuing its streak of readings beneath the 11 point level. Large tech stocks are still the apple of investors’ eye, though, with but a few numbered companies starring, pulling their weight and the NASDAQ to new highs.

In Summary for the Day: The Dow Jones shed 0.01%, the S&P 500 closing negligibly down by 0.1%, the NASDAQ tacking on 0.3%. Gold rose 0.5%, profit taking in crude leading to losses of 0.4%.

Tech stocks took the lead on Wall Street yesterday, the S&P SPDR Technology ETF (XLK) ending up 0.5%. One of the sector’s stocks that stood out was Microsoft (MSFT), which rose 1.4%. I.B.M. (IBM) also rose 1.4%. AMD soared 11.7% on the background of reports that Intel (INTC) paid for a license to use the company’s graphic technology after its deal with Nvidia (NVDA) expired in March. Amazon (AMZN) tacked on another 0.9%.

Retail stocks continued to be the market’s punching bag, the sell-off continuing. Dick’s Sports (DKS) toppled 13.7% after reporting lower than expected sales growth in its store chain. TJX fell 4.1% in the wake of weak results. The siege on brick and mortar retailers continue, investors following in consumers’ footsteps by voicing their preference for digital sellers.

On the economic front, new building starts for April fell 2.6%. Industrial output came out stronger than expected with a 1% April rise, the fastest monthly pace recorded since February 2014.

The weakness in the dollar (UPP) continues, the greenback now losing the ground gained after the elections on the background of a number of headwinds: doubts about Trump’s ability to bring to fruition growth-driven legislation, weak economic figures and the hordes of cash leaving American capital markets in favor of European markets and emerging markets which have outperformed the American stock market year-to-date. The dollar (UUP) ended sharply off by 0.74% against a basket of foreign currencies.

Wednesday: The market still isn’t convinced that the economy will be strong enough to enable the Fed to hike rates two more times this year. The economic figures coming out of the U.S. have fallen short of forecasts for weeks now, and despite the fact that April has come out stronger than March, the figures have nonetheless disappointed. As of now, the market’s pricing in another rate hike and a half this year, while the Fed is projecting 2 hikes. The chances of a June rate hike have recently fallen from 80% to 70%, the chances of a December hike haven fallen more precipitously from 65% a few days ago to 37% now. Future rate hike contracts last week already reflected the doubts at play, movement picking up after last Friday’s disappointing consumer inflation figures.

Today, traders will be focusing on additional developments on Capitol Hill after the revelation that President Trump leaked classified information about ISIS – received from an Israeli-operated spy chain – to top Russian officials.

The economic figures today will include mortgage requests at 7:00 N.Y. time, and in weekly fashion, crude inventories at 10:30.

Earnings reports are expected from TGT and AEO before opening. CSCO and LB will be reporting after the closing bell.

IndexLastDaily changeR2R1PPS1S2
DJX20,980(-0.01%)Down     
SPX2,401(-0.07%)Down236.91236.18235.30234.57233.69
Nasdaq6,1700.33%Up132.73132.39132.04131.70131.35

Today’s Hot Stocks: RRGB, JACK, URBN, AEO, TGT

IPOs: GTHX

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Monday8:30Empire ManufacturingMedium
Tuesday8:30Housing StartsMedium
Tuesday9:15Industrial ProductionMedium
Wednesday10:30Crude Oil InventoriesLow
Thursday8:30Initial ClaimsHigh
Thursday8:30Philadelphia FedMedium
Thursday10:00Leading IndicatorsMedium

 

 

Earning Calendar

 

SymbolCompanyAM/PMDay
TRVGtrivago N.V.AMMonday
VIPSVipshop Holdings LimitedPMMonday
LBTYALiberty Global plcPMMonday
DKSDick’s Sporting Goods, Inc.AMTuesday
SINASINA CorporationAMTuesday
WBWeibo CorporationAMTuesday
TJXThe TJX Companies, Inc.AMTuesday
HDThe Home Depot, Inc.AMTuesday
JACKJack in the Box Inc.PMTuesday
URBNUrban Outfitters, Inc.PMTuesday
AEOAmerican Eagle Outfitters, Inc.AMWednesday
TGTTarget CorporationAMWednesday
LBL Brands, Inc.PMWednesday
FLOFlowers Foods, Inc.PMWednesday
CSCOCisco Systems, Inc.PMWednesday
WMTWal-Mart Stores, Inc.AMThursday
BABAAlibaba Group Holding LimitedAMThursday
RLRalph Lauren CorporationAMThursday
PLCEThe Children’s Place, Inc.AMThursday
GPSThe Gap, Inc.AMThursday
ADSKAutodesk, Inc.PMThursday
ROSTRoss Stores, Inc.PMThursday
MCKMcKesson CorporationPMThursday
AMATApplied Materials, Inc.PMThursday
CRMSalesforce.com, inc.PMThursday
DEDeere & CompanyAMFriday
CPBCampbell Soup CompanyAMFriday
FLFoot Locker, Inc.AMFriday

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
YUMC35.57 AMDAMC
CTRP56.75 DDDRL
MOH68.67 JUNODKS
UAL79.16 ZCVS
CVS 78.94LITECTXS
AFSI 12.13WBDVA
ACAD 28SINA 
   RH 
   QRVO 
   MCHP 
   AMBA 
   MOMO 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

13.4.2017ARNCLongClose31.3.2017-2.52%
23.4.2017GMEShortClose10.4.2017+1.95%
35.4.2017IPXLLongClose11.4.2017+7.03%
413.4.2017NKTRLongClose21.4.2017+0.61%
525.4.2017LULUShortClose2.5.2017-0.17%
626.4.2017GNCLongClose28.4.2017-4.39%
728.4.2017CARALongClose1.5.2017-3.23%
81.5.2017AAOILongClose2.5.2017+0.54%
93.5.2017SCSSLongClose9.5.2017-1.71%
104.5.2017CRZOShortClose5.5.2017+0.30%
118.5.2017WTWLongClose16.5.2017+6.09%
1215.5.2017AANLongClose16.5.2017-1.70%
1316.5.2017CCLLongOpen +0.11%
14      
15      
16      
17      
18      

 Today’s Picks – Swing “New-York Strategy

No.1 –    AAN

Company NameAaron’s
Entry Point35.17
Stop Area34.27
1st Target35.80
Swing Target37.67
Avg. Volume789K
SectorServices | Rental & Leasing Services
Earning Date
Risk RateNormal
Risk\Reward Ratio2.78:1

 

No.2 – AMAG

Company NameAMAG Pharmaceuticals
Entry Point19.95
Stop Area20.55
1st Target19.40
Swing Target17.90
Avg. Volume1.16M
SectorHealthcare | Diagnostic Substances
Earning Date
Risk RateNormal
Risk\Reward Ratio3.42:1