Day Trading Stocks & Futures
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Wall Street volatility raises fears of another selloff
The evaporation of a rally on Wall Street in the closing minutes of Tuesday’s session shows that many investors fear the U.S. stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.
Fueled by early signs of the outbreak plateauing in some U.S. hot spots, including New York State, the S&P 500 traded up as much as 3.5% during the session, only to lose ground sharply late in the day to finish down 0.16%. The index, however, remains up 19% from its March 23 low.
Much of Wall Street’s recent recovery has been thanks to a $2 trillion package aimed at stimulating the economy as much of the country hibernates to slow the spread of the coronavirus.
Still, many investors remained skeptical that Wall Street’s recent rise represents the start of a sustained recovery.
The S&P 500 is still down more than 20% from its Feb. 19 record high. However, most of the index’s constituents are worse off. The median change in the S&P 500 since Feb. 19 is a decline of 26%. The index’s largest components have mostly outperformed, including Microsoft (MSFT.O) and Amazon (AMZN.O).
Scott Wren, senior global equity strategist at Wells Fargo Investment Institute in St. Louis, is among many investors skeptical about the sturdiness of the recent rally.
“You’re still vulnerable. Let’s say the virus news turns worse. The market’s not going to like it. Or the government can’t get fiscal stimulus into the hands of businesses quick enough, that’s going to be a problem,” Wren warned.
With Saudi Arabia and Russia disagreeing about output cuts in the face of a swelling oil glut, the energy sector remains down 40% from Feb. 19.
Consumer staples has been the S&P 500’s best-performing sector, down about 10% since Feb. 19, steadied by a 10% gain in bleach maker Clorox (CLX.N).
Wall Street’s 10 most valuable companies have lost a combined %1 trillion in market capitalization since Feb. 19, although one of them, Walmart (WMT.N), has actually increased its value by $12 billion as consumers staying home from work and school stock up on food and household goods.
Shares of Regeneron Pharmaceuticals (REGN.O) and Gilead Sciences (GILD.O), both working on coronavirus treatment drugs, have been among the S&P 500’s top performers since Feb. 19, up 25% and 11%, respectively. Citrix Systems (CTXS.O), which sells software helping organizations work online, has surged 19% in that time.
LPL Financial said in a research note that Wall Street remained vulnerable as investors await solid indications that the outbreak is not becoming worse.
“We continue to watch for signs of a peak in new cases in the United States, which would allow investors to start thinking about a resumption of economic activity and a potentially powerful economic rebound in the second half of this year. In the meantime, stocks may revisit the March lows,” LPL Financial wrote.
https://www.moneycontrol.com/news/b...-raises-fears-of-another-selloff-5119071.html
The evaporation of a rally on Wall Street in the closing minutes of Tuesday’s session shows that many investors fear the U.S. stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.
Fueled by early signs of the outbreak plateauing in some U.S. hot spots, including New York State, the S&P 500 traded up as much as 3.5% during the session, only to lose ground sharply late in the day to finish down 0.16%. The index, however, remains up 19% from its March 23 low.
Much of Wall Street’s recent recovery has been thanks to a $2 trillion package aimed at stimulating the economy as much of the country hibernates to slow the spread of the coronavirus.
Still, many investors remained skeptical that Wall Street’s recent rise represents the start of a sustained recovery.
The S&P 500 is still down more than 20% from its Feb. 19 record high. However, most of the index’s constituents are worse off. The median change in the S&P 500 since Feb. 19 is a decline of 26%. The index’s largest components have mostly outperformed, including Microsoft (MSFT.O) and Amazon (AMZN.O).
Scott Wren, senior global equity strategist at Wells Fargo Investment Institute in St. Louis, is among many investors skeptical about the sturdiness of the recent rally.
“You’re still vulnerable. Let’s say the virus news turns worse. The market’s not going to like it. Or the government can’t get fiscal stimulus into the hands of businesses quick enough, that’s going to be a problem,” Wren warned.
With Saudi Arabia and Russia disagreeing about output cuts in the face of a swelling oil glut, the energy sector remains down 40% from Feb. 19.
Consumer staples has been the S&P 500’s best-performing sector, down about 10% since Feb. 19, steadied by a 10% gain in bleach maker Clorox (CLX.N).
Wall Street’s 10 most valuable companies have lost a combined %1 trillion in market capitalization since Feb. 19, although one of them, Walmart (WMT.N), has actually increased its value by $12 billion as consumers staying home from work and school stock up on food and household goods.
Shares of Regeneron Pharmaceuticals (REGN.O) and Gilead Sciences (GILD.O), both working on coronavirus treatment drugs, have been among the S&P 500’s top performers since Feb. 19, up 25% and 11%, respectively. Citrix Systems (CTXS.O), which sells software helping organizations work online, has surged 19% in that time.
LPL Financial said in a research note that Wall Street remained vulnerable as investors await solid indications that the outbreak is not becoming worse.
“We continue to watch for signs of a peak in new cases in the United States, which would allow investors to start thinking about a resumption of economic activity and a potentially powerful economic rebound in the second half of this year. In the meantime, stocks may revisit the March lows,” LPL Financial wrote.
https://www.moneycontrol.com/news/b...-raises-fears-of-another-selloff-5119071.html
Hot Stocks | Three pharma stocks to bet on in the short term
Here are three stock recommendations for the next 3-4 weeks:
Dr. Reddy's Laboratories | Buy | LTP: Rs 3,599.95 | Target price: Rs 4,170 | Stop loss: Rs 3,100 | Upside: 16%
This stock has given a sharp breakout above Rs 3,250 and breached three-year high on the charts with prices surpassing above Rs 3,550 level.
On the technical front, a breakout can be seen above the neckline of the inverted head and shoulder pattern on the daily charts.
Additional volumes along with a rise in price suggest fresh long build-up in the prices which could move the stock towards more highs in the coming days.
Traders can accumulate the stock in the range of Rs 3,550-3,500 for the upside target of Rs 4,170 with a stop loss below Rs 3,100.
GlaxoSmithKline Consumer Healthcare | Buy | LTP: Rs 10,550.75 | Target price: Rs 12,350 | Stop loss: Rs 8,950 | Upside: 17%
The stock has been consistently moving higher on the broader charts with the formation of a higher high and higher bottom pattern.
At the current juncture, a fresh breakout has been observed on the charts as the stock price has moved above the psychological level of Rs 10,000 and hit a fresh 52-week high of Rs 10,700.
Additionally, the stock has also formed an inverted head and shoulder pattern on daily charts and given breakout above the neckline of the pattern formation.
Traders can accumulate the stock in the range of Rs 10,200-10,500 for the upside target of Rs 12,350 with a stop loss below Rs 8,950.
Abbott India | Buy | LTP: Rs 16,689 | Target price: Rs 19,050 | Stop loss: Rs 14,240 | Upside: 14%
Since February 2020, this stock has been seen trading in a downward sloping channel and tested Rs 12,500.
However, it took support at its 100-days exponential moving average on the daily charts and at the current juncture, formed a rounding bottom pattern with prices once again surpassing above its short and long-term moving averages.
The broader structure is still positive for the stock as it hit a fresh 52-week high of Rs 16,899 in Tuesday’s session.
Traders can accumulate the stock on dips in the range of Rs 16,200-16,000 for the upside target of Rs 19,050 with a stop loss below Rs 14,240.
(The author is Senior Technical Analyst at SMC Global Securities)
https://www.moneycontrol.com/news/b...ocks-to-bet-on-in-the-short-term-5117811.html
Here are three stock recommendations for the next 3-4 weeks:
Dr. Reddy's Laboratories | Buy | LTP: Rs 3,599.95 | Target price: Rs 4,170 | Stop loss: Rs 3,100 | Upside: 16%
This stock has given a sharp breakout above Rs 3,250 and breached three-year high on the charts with prices surpassing above Rs 3,550 level.
On the technical front, a breakout can be seen above the neckline of the inverted head and shoulder pattern on the daily charts.
Additional volumes along with a rise in price suggest fresh long build-up in the prices which could move the stock towards more highs in the coming days.
Traders can accumulate the stock in the range of Rs 3,550-3,500 for the upside target of Rs 4,170 with a stop loss below Rs 3,100.
GlaxoSmithKline Consumer Healthcare | Buy | LTP: Rs 10,550.75 | Target price: Rs 12,350 | Stop loss: Rs 8,950 | Upside: 17%
The stock has been consistently moving higher on the broader charts with the formation of a higher high and higher bottom pattern.
At the current juncture, a fresh breakout has been observed on the charts as the stock price has moved above the psychological level of Rs 10,000 and hit a fresh 52-week high of Rs 10,700.
Additionally, the stock has also formed an inverted head and shoulder pattern on daily charts and given breakout above the neckline of the pattern formation.
Traders can accumulate the stock in the range of Rs 10,200-10,500 for the upside target of Rs 12,350 with a stop loss below Rs 8,950.
Abbott India | Buy | LTP: Rs 16,689 | Target price: Rs 19,050 | Stop loss: Rs 14,240 | Upside: 14%
Since February 2020, this stock has been seen trading in a downward sloping channel and tested Rs 12,500.
However, it took support at its 100-days exponential moving average on the daily charts and at the current juncture, formed a rounding bottom pattern with prices once again surpassing above its short and long-term moving averages.
The broader structure is still positive for the stock as it hit a fresh 52-week high of Rs 16,899 in Tuesday’s session.
Traders can accumulate the stock on dips in the range of Rs 16,200-16,000 for the upside target of Rs 19,050 with a stop loss below Rs 14,240.
(The author is Senior Technical Analyst at SMC Global Securities)
https://www.moneycontrol.com/news/b...ocks-to-bet-on-in-the-short-term-5117811.html
Dr. Reddy's Laboratories | Buy | LTP: Rs 3,599.95 | Target price: Rs 4,170 | Stop loss: Rs 3,100 | Upside: 16%
SL is 500 and target 570
GlaxoSmithKline Consumer Healthcare | Buy | LTP: Rs 10,550.75 | Target price: Rs 12,350 | Stop loss: Rs 8,950 | Upside: 17%
SL is 1600 and target is 1800
Abbott India | Buy | LTP: Rs 16,689 | Target price: Rs 19,050 | Stop loss: Rs 14,240 | Upside: 14%
SL 2449 and target 2361
calculated from LTP
Dr. Reddy's Laboratories | Buy | LTP: Rs 3,599.95 | Target price: Rs 4,170 | Stop loss: Rs 3,100 | Upside: 16%
SL is 500 and target 570
GlaxoSmithKline Consumer Healthcare | Buy | LTP: Rs 10,550.75 | Target price: Rs 12,350 | Stop loss: Rs 8,950 | Upside: 17%
SL is 1600 and target is 1800
Abbott India | Buy | LTP: Rs 16,689 | Target price: Rs 19,050 | Stop loss: Rs 14,240 | Upside: 14%
SL 2449 and target 2361
SL is 500 and target 570
GlaxoSmithKline Consumer Healthcare | Buy | LTP: Rs 10,550.75 | Target price: Rs 12,350 | Stop loss: Rs 8,950 | Upside: 17%
SL is 1600 and target is 1800
Abbott India | Buy | LTP: Rs 16,689 | Target price: Rs 19,050 | Stop loss: Rs 14,240 | Upside: 14%
SL 2449 and target 2361
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