Picks of the Day January 11, 2018.
Trade Tensions Send Chills Down Market’s Spine
The 3 large indexes on Wall Street ended lower yesterday, investors weighed down by concern that China would taper the clip of its U.S. T-bond purchases and that Pres. Trump would quit its main trade deal with China. The S&P 500 and the NASDAQ cut their 6-day winning streak. The S&P 500 succeeded in recovering to a certain extent over the trading day, only to again lose altitude again in the afternoon after Reuters reported that Canada is convinced that Trump will shortly announce that the U.S. is pulling out of NAFTA, its free trade agreement.
It’s going to be thin this week on the economic front. In a week like this, the political headlines are likely to have substantially more effect than usual. Yesterday’s declines reflect investors’ awareness that the market has climbed for 4 straight months without a single correction.
Daily Summary: The Dow Jones fell 0.07%. The S&P 500 shed 0.11% and the NASDAQ closed slightly off by 0.14%.
Investors opened 2018 with high growth expectations for U.S. firms. Tomorrow, banks will kick the opening kickoff for the Q4 2017 earnings season. S&P 500 firm earnings are expected to climb by 11.8% year-over-year. The biggest contribution is expected to come from the energy sector.
Airline stocks led the movement on Wall Street, the airline index rising 1.7%. The gains on the index came after 5 straight days of declines. United Continental (UAL) was the biggest contributor to the gains, soaring 6.72% after reporting a rise in traffic and a decline in the number of empty seats. The strong figures sent waves of optimism to competing airlines as well. Take AAL, which ended up 3.26% and DAL, which saw an uptick of 3.12%.
On the S&P 500, 74 stocks rose to new 52-week highs, 7 dipping to new yearly lows; on the NASDAQ, 98 stocks recorded new 52-week highs, 24 falling to new yearly lows.
About 6.93 billion shares changed hands on U.S. exchanges, above the 6.3 billion average over the last 20 trading days.
Thursday: Today’s trading will be affected by investors’ response to weekly unemployment claims at 8:30 N.Y. time as well as the Producer Price Index – which will be released at the same hour and which is expected to point to a rise of 0.2%. The airline company, Delta Airlines (DAL) is expected to release its financial reports before opening.
Thursday’s Hot Stocks: KBH ,PRGS ,DAL
Have a great trading day!
|Tuesday||6:00||NFIB Small Business Optimism Index||107.9||Medium|
|Wednesday||8:30||Import and Export Prices||0.4 %||Medium|
|Wednesday||10:00||Wholesale Trade||0.7 %||Medium|
|Wednesday||10:30||Oil Inventories||-7.4 M barrels||Low|
|Thursday||8:30||Jobless Claims||245 K||Medium|
|Friday||8:30||Consumer Price Index||0.1 %||Medium|
|Friday||8:30||Retail Sales||0.5 %||Medium|
|Friday||10:00||Business Inventories||0.3 %||Medium|
|HELE||Helen of Troy Limited||AM||Monday|
|KB||KB Financial Group Inc.||AM||Monday|
|SIG||Signet Jewelers Limited||AM||Wednesday|
|PRGS||Progress Software Corporation||PM||Wednesday|
|DAL||Delta Air Lines, Inc.||AM||Thursday|
|PNC||The PNC Financial Services Group, Inc.||AM||Friday|
|WFC||Wells Fargo & Company||AM||Friday|
|JPM||JPMorgan Chase & Co.||AM||Friday|
Today’s Picks – Day Trading!
New York Strategy Swing
|#||Date||Stock||Long\ Short||Statues||Data Close||Profit\ Loss|
Today’s Picks – Swing “New-York Strategy”
No.1 – GPS
|Company Name||The Gap, Inc.|
|Sector||Services | Apparel Stores|