Today’s GDP Report
U.S. stocks poised for losses as GDP, key earnings spur caution
U.S. growth revved back up in the spring after sputtering early in the year, but the economy’s speed limit is in no danger of being breached.
Economists project the nation grew at a mild 2% annual pace from April to June, up from a paltry 1.1% in the first quarter.
By no means, though, is the economy firing on all cylinders. The latest GDPNow forecast from the Atlanta Federal Reserve, for example, was marked down to 1.8% from 2.3% after disappointing reports on the U.S. trade deficit and the amount of inventories on hand.
Five Things to Watch in the Second-Quarter GDP Report
U.S. economic growth appears to have accelerated in the second quarter after a weak start this year. Gross domestic product, a broad measure of economic output, is projected to have advanced at a 2.6% annualized pace this spring, according to economists surveyed by The Wall Street Journal.
The economy grew at 1.1% in the first three months of the year. Here’s what to watch in Friday’s GDP report from the Commerce Department.
On the Tape Today...
$KR short sale triggers below $34. $30 is the ultimate target. (see chart)
$DE broke the up trend in order flow which began in February. Short sale with a target of $75.
$TJX a strong close and bottom tail, BUT a swing high over the last 3 days. Look for a pull back to $79 for the next bid.
$AAL pause and confirmed new trend in order flow higher. Look for a buy stop with oil moving lower above $36.75.
$KR 7-29-16 (Click to Enlarge)
U.S. stocks poised for losses with GDP, key earnings ahead: Oil slides into bear territory
U.S. stock futures slipped on Friday, as investors erred on the side of caution with second-quarter U.S. economic growth data and another raft on earnings due ahead of the opening bell.
Disappointment over Bank of Japan’s latest easing action also weighed on sentiment.
“A moderate stimulus package from the Bank of Japan overnight got the final trading day of the week off to a disappointing start, leaving traders to look towards the large number of earnings and data releases today to pick them up again,” said Craig Erlam, senior market analyst at Oanda, in a note.
The BOJ’s moves fell short of market expectations, as it made no changes to interest rates or to its bond-buying program. The central bank did, however, said it would buy 6 trillion yen ($57 billion) worth of exchange-traded funds annually, up from ¥3.3 trillion previously.Read More — >>
Stock Market Today: Heatmap of the S&P 500
Stock Trading Today 7-29-16 | $CVX Earnings
Stock Indexes Add Tiny Gains, But Biotech Celgene Rockets; Is It Time To Buy?
Stocks crawled higher Thursday amid another deluge of quarterly results. But Celgene raised hopes for biotech investors with a superb gain following a robust report on the top and bottom lines for the second quarter.
The Nasdaq composite rose 0.3%, adding to Tuesday’s 0.6% gain for its third straight up session. At 5,154.98, the Nasdaq is now up almost 3% year to date.
The S&P 500 edged nearly 0.2% higher, but the Dow Jones industrial average was slightly lower on the back of sharp declines by Boeing (BA) (down 2.2%) and Caterpillar (CAT) (down 1.4%). The former is reversing Wednesday’s gains after reporting an adjusted net loss of 44 cents a share in Q2 on a 1% lift in revenue, according to William O’Neil + Co. data.
Small caps more or less followed suit; the Russell 2000 eased 0.1%. Crude oil futures, in a slump all week, lopped off another 2% to $41.08 a barrel. Gold and silver moved higher.Read More — >>
Tape Reading the SPY ETF $SPY light volume pause is healthy for the bulls.
Two solid weeks of consolidating without distribution-type price action implies the next move is higher.
If you’re trading the $SPY I would not get caught up in this range and set alarms or a buy-stop in the $217.50 area. If the market retraces, the $214.24 support is the place to look for a new swing trade long.
Stocks in Play: $CVX research on finviz.com
$CVX Earnings News: What to Expect When Chevron (CVX) Reports Q2 Results
NEW YORK (TheStreet) — Shares of Chevron (CVX) are down 0.71% to $101.53 this afternoon as the San Ramon, CA-based oil and gas company prepares to report 2016 second quarter results before the opening bell on Friday.
Analysts surveyed by Thomson Reuters are looking for earnings of 32 cents on revenue of $28.7 billion. For the 2015 second quarter, Chevron reported earnings of 83 cents per share and revenue of $40.36 billion.
Weighing on Chevron stock today are declining oil prices, which are falling to three-month lows.
Exxon, Chevron, Merck Earnings, Q2 GDP Data On Tap Friday
here’s your Investing Action Plan for Friday. What you need to know as an investor for the coming day:
Exxon Mobil (XOM) and Chevron (CVX) will report second-quarter earnings. Investor have been focusing on energy developments in July. Oil prices continued to fall Thursday, hitting three-month lows; they’re down about 20% from their 2016 high.
UPS (UPS) and drugmakers Merck (MRK) and AbbVie (ABBV) also will release Q2 financials. And investors will get the first look at GDP growth for the second quarter.
Stocks to Trade 7-29-16 | Friday Edition
Short-Term Trading Momentum:
Positive the last 20 and 5 trading days | closed 2% higher from the open: GRUB, X, YELP, PXD, STT, WYNN, DAL, MAR, HOG
Negative last 20 and 5 trading days | closed 2% lower from the open: mur
Quarterly Order Flow:
Bullish Stocks to Trade: GRUB, AEM, STT, WYNN, DLR, AMZN, FB, LRCX, HD, UNH, WDC, AMGN, VMW, COST, CHTR, HLF, IBM, AVGO, CAT
Bearish Stocks to Trade: juno, gild, de, hes
2x Normal Volume: FB, EXAS, GRUB, LLTC, LVLT, ADI, EXPE
Inside days: ko, txn, syf, mrk, sbux, lltc, cfg, pg, mo, nvda, hes, pypl, rai, tsm, jnj, bk, bax, rrc, nue, clr, exc, mdt, dhr, gis, peg, ppl, apa, cost, jbl, ntap, aet