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Major U.S. indices climbed slightly higher today behind positive GDP revision data and positive news from the China-U.S. trade talks in Beijing. Yesterday, Members of Parliament voted on and failed to agree on any of the eight Brexit proposals made following Prime Minister May’s announcement that she would reassign post-Brexit if a deal was agreed upon. Pinterest and Lyft IPO remain in the spotlight through next week while several FOMC-member speeches are planned for today and tomorrow. Earnings remain light throughout next week but several notable reports will be made available, such as retail data for February and March employment. Our long-term outlook remains bullish and we encourage our members to monitor seasonality chart and 200-day moving average for trend indication. For reference, the SPY Seasonal Chart is shown below:
Originally, fourth quarter GDP was estimated at 2.6% and ahead of its revision projected to be dropped to 1.8%; however, with today’s GDP revision release at 2.2% investors were pleasantly surprised. Although the data highlights show slowing U.S. economic growth, the slightly higher percentage cools worries of slowing global economy with recent underwhelming reports from Europe and Asia. Similarly, reports of expanded trade discussions between the U.S. and China helped ease global tensions. Currently, Asian markets closed slightly higher while European markets closed to split results. With reports out of Beijing that have China presenting more initiative and legitimate proposals to resolve the current trade tariff and deficit dispute. Look for more information on these meetings tomorrow and through next week as both sides hope to form a deal sooner-than-later.
Over in England, British Parliament members failed to come to an agreement and voted over 10 times on 8 different proposals in hopes of making some substantial progress. With no plan or deal making it through yesterday, Parliament members will now have two weeks to sort out a deal before facing pressure from the EU. May could bring back her initial drafted deal for a revote as it has, in comparison to yesterday’s voting debacle, the best. Similarly, it looks like more members of Parliament are open to a softer departure than they had originally desired.
Lyft remains at the forefront of upcoming IPO’s with its steadily rising price ahead of the initial public offering scheduled for tomorrow. Pinterest, also recently having filed, is looking for upwards of $100 million for its U.S. IPO. Lululemon saw exquisite gains after yesterday’s after-market earnings reports which topped expectations and sent the stock soaring over 14%. Look for planned statements from Vice Chairs Randal Quarles and Richard Clarida over in Europe today, as well as speeches from New York and St. Louis Fed Presidents later this evening.
Using the “^GSPC” symbol to analyze the S&P 500, our 10-day prediction window shows mixed signals. Today’s vector figure of +0.37% moves to -0.45% in five trading sessions. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
On March 12th, our ActiveTrader service produced a bullish recommendation for Apple Inc (AAPL). ActiveTrader is included in all paid Tradespoon membership plans and is designed for day trading.
Trade Breakdown
AAPL entered its forecasted Strategy B Entry 1 price range $178.90 (± 1.01) in its first hour of trading and passed through its Target price $180.69 in the first hour of trading, reaching a high of 181.98. The Stop Loss price was set at $177.11.
*Please note: Our featured stock is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his own personal money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader or MonthlyTrader recommendations. If you are interested in receiving Vlad’s personal picks, please click here.
Our featured stock for Friday is Starbucks (SBUX). SBUX is showing a confident vector trend in our Stock Forecast Toolbox’s 10-day forecast. This stock is assigned a Model Grade of (B) indicating it ranks in the top 25th percentile for accuracy for predicted support and resistance, relative to our entire data universe.
The stock is trading at $73.86 at the time of publication, up 2.00% from the open with a +0.18% vector figure.
Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Note: The Vector column calculates the change of the Forecasted Average Price for the next trading session relative to the average of actual prices for the last trading session. The column shows expected average price movement “Up or Down”, in percent. Trend traders should trade along the predicted direction of the Vector. The higher the value of the Vector the higher its momentum.
West Texas Intermediate for May delivery (CLK9) is priced at $59.39 per barrel, down 0.03% from the open, at the time of publication. Looking at USO, a crude oil tracker, our 10-day prediction model shows mostly positive signals. The fund is trading at $12.34 at the time of publication. Vector figures show -0.39% today, which turns +0.34% in five trading sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for June gold (GCM9) is down 1.62% at $1,295.60 at the time of publication. Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows positive signals. The gold proxy is trading at $121.97, down 1.00% at the time of publication. Vector signals show +0.19% for today. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The yield on the 10-year Treasury note is up 0.74% at 2.39% at the time of publication. The yield on the 30-year Treasury note is up 0.11% at 2.81% at the time of publication.
Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see mixed signals in our 10-day prediction window. Today’s vector of +0.03% moves to -0.22% in three sessions. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The CBOE Volatility Index (^VIX) is down 3.96% at $14.55 at the time of publication, and our 10-day prediction window shows positive signals. The predicted close for tomorrow is $14.97 with a vector of +2.61%. Prediction data is uploaded after market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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