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The departure of Gary Cohn as White House chief economic advisor was blamed for the negative start to Wednesday’s session. The market really liked Mr. Cohn, who it considered a more orthodox voice in an oftentimes unpredictable administration.
But the major indices didn’t mourn for long. The latter half of the session was all about making up the lost ground. Two of the three major indices still finished in the red, but the damage was staunched and the market remains up for the week.
The NASDAQ now enjoys a four-day winning streak after a 0.33% advance to 7396.7. The Russell has also been bucking the trend and moved higher by 0.79% on Wednesday to 1574.5. The S&P declined by only 0.05% to 2726.8 and the Dow slipped 0.33% to 24801.4. The two latter indices are seen as being more susceptible to tariffs.
“Markets can’t make up their mind. We continue to see big ranges with a lot of volatility, but there is no trend,” said Jeremy in Counterstrike. “We are moving back and forth just like water in a bathtub. Until there is some clarity on tariffs and interest rates, I would expect more of the same."
Blockchain Innovators added another four names on Wednesday, giving this new service eight positions at the moment with more coming up. Dave was also active in his other two portfolios, picking up a couple of retailers that will soon be reporting in Surprise Trader and a medical robotics company in Momentum Trader.
TAZR wants to raise some cash and so Kevin sold parts of two positions to bank a couple double-digit gains. Finally, Home Run Investor picked up a stock from the resilient chip space. Learn all about these moves in the highlights section below:
Today's Portfolio Highlights:
Blockchain Innovators: This new portfolio’s second round of picks were released this morning. That makes eight positions for the service now after Dave added blocks of four on Monday and today. The new buys are:
• CME Group (NASDAQ:CME)
• Intel (NASDAQ:INTC)
• Micron (MU)
• Square (NYSE:SQ)
Remember, the plan is to add 12 equally-weighted names initially, which means each of these stocks go into the service with an allocation of about 8.3%. Learn more about these picks in the full write-up and don’t forget to read the portfolio’s Guide.
TAZR Trader: The White House has really thrown a few monkeywrenches into the market the last few days, but stocks are holding up rather well. However, that’s not to say that they’re thriving. Kevin wants to raise some cash now just in case this resiliency falters and stocks take another plunge. Plus, the new funds will come in handy when it's time to buy the dip before the next swing upward. The editor made the following three moves today:
• Square (SQ): Sold half of this very expensive stock for a return of 13.3%.
• Apple (NASDAQ:AAPL): The stock is still struggling to make new highs, so Kevin sold a third of the position to bank 10.1%.
• Lam Research (NASDAQ:LRCX): This semiconductor equipment supplier has been great for the portfolio, but it’s time to tidy it up a bit. Half of the position was sold for a 4.5% return.
Learn all about today’s moves and Kevin’s market philosophy in the complete commentary.
Surprise Trader: We may not be in the thick of earnings season, but there are still some retailers left to report. Dave picked up two of them for the portfolio on Wednesday. Firstly, the editor really likes the recent price action for Dick’s Sporting Goods (DKS), which is trying to rally higher after dipping to $30. It has an Earnings ESP of 3.73% for the report coming next Tuesday before bell.
The other buy is Ulta Beauty (ULTA), which has plenty of upside after dipping under $200 from $245. The company reports after the bell next Thursday and enjoys a positive Earnings ESP. Dave likes its loyalty program, which is designed to take market share from the likes of Walgreens and CVS. He added each of these names with a 12.5% allocation. Read the complete commentary for more.
Home Run Investor: The chip space has been doing rather well of late, so Brian Bolan decided to add a member from the industry on Wednesday. Kulicke & Soffa (KLIC) is a leading provider of semiconductor packaging and electronic assembly solutions. The company is a Zacks Rank #1 (Strong Buy) and has a Zacks Style Score of “A” for Growth. Get more specifics on this new addition in the full write-up.
Momentum Trader: Mazor Robotics Ltd. (MZOR) is a Zacks Rank #2 (Buy) maker of medical devices for surgical procedures in the fields of orthopedics and neurosurgery. The company has been showing up on Dave’s screen for the past couple of weeks, and now he feels it is primed to breakout. A Zacks Style Score of “A” for Momentum doesn’t hurt its chances either. The editor added it today with a 12.5% allocation. Learn more in the full write up.
Good Evening,
Jim Giaquinto
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