Picks of the Day December 21, 2017.
Tax Bill Passes
The trading day closed down after the tax reform bill overcame its last hurdle and was passed. An announcement like this, at least in theory should have ignited positive momentum in the markets – when push came to shove, though, trading yesterday on Wall Street was rather sluggish. Wall Street analysts believe that the pacific trading day we got yesterday alongside such a significant development, was founded on the fact that the whole stock rally over the last few months was fueled by expectations for this very same announcement. If that is the case, the stock gains had already been priced into the stock bill making it through both chambers of Congress.
Trading volumes were again lower than the 20-day mean volume, but what did stand out over and above everything else yesterday was the energy sector (XLE) which led the S&P 500 with gains of 1.41% and the weekly oil inventories report which pointed to a higher than expected decline of over 6 million barrels. All-in-all, it was the fifth week in a row in which the figure reflected a decline in reserves.
Existing home sales for November dramatically surpassed forecasts with a rise of 5.6%, trouncing expectations of just 0.9%. The figure for November was the highest figure recorded in this metric in the last 20 months. The Economic Diary, today, features Q3 GDP numbers at 8:30 N.Y. time. Analysts expect a rise of 3.3% after GDP beat out the consensus in each of the last 4 quarters. GDP has been up at least 3% in each of the last 4 quarters.
About 6.1 billion shares traded hands on U.S. exchanges, beneath the 6.6 billion average over the last 20 trading days. On the S&P 500, 48 stocks recorded 52-week highs, 4 falling to new lows; on the NASDAQ, 114 stocks recorded new yearly highs, 44 falling to new yearly lows.
Thursday’s Hot Stocks: BBBY, PCG, HZN, TNAV, PAYX, CAG, ACN, KMX
Have a great trading day!
|Monday||10:00||Housing Market Index||70||Medium|
|Tuesday||8:30||Housing Starts||1.240 M||Medium|
|Wednesday||10:00||Existing Home Sales||5.520 M||Medium|
|Thursday||8:30||Jobless Claims||234 K||Medium|
|Thursday||9:00||FHFA House Price Index||0.4 %||Medium|
|Friday||8:30||Durable Goods Orders||2.0 %||Medium|
|Friday||8:30||Personal Income and Outlays||0.4 %||Medium|
|Friday||10:00||New Home Sales||650 K||Medium|
|Friday||8:30||Empire State Mfg Survey||-0.1||Medium|
|KB||KB Financial Group Inc.||AM||Monday|
|DRI||Darden Restaurants, Inc.||AM||Tuesday|
|NAV||Navistar International Corporation||AM||Tuesday|
|WOR||Worthington Industries, Inc.||AM||Tuesday|
|MU||Micron Technology, Inc.||PM||Tuesday|
|RHT||Red Hat, Inc.||PM||Tuesday|
|GIS||General Mills, Inc.||AM||Wednesday|
|MLHR||Herman Miller, Inc.||PM||Wednesday|
|BBBY||Bed Bath & Beyond Inc.||PM||Wednesday|
|CAG||Conagra Brands, Inc.||AM||Thursday|
Today’s Picks – Day Trading!
New York Strategy Swing