Everybody's thoughts right now are with the people of Houston and the surrounding areas due to Hurricane Harvey. The storm's full impact on the market is unknown at the moment, which could explain why the major indices were mostly flat on Monday. Many investors want to know the extent of the damage before making their next moves.
"Hurricane Harvey dominated the headlines as thousands were displaced as a result of the devastating flooding happening in the Houston area," said Dave in Momentum Trader . "The market seemed to be hungover from the weekend as there was little activity in either direction."
The S&P inched forward by 0.05% to 2444.2, though the Dow slipped 0.02% to 21808.4. The NASDAQ had the best day with an advance of 0.28% to 6283.
The market wasn't alone in waiting for Harvey. The portfolios were also quiet when it came to making moves. Black Box Trader swapped out two positions in this week's adjustment…and that was about it for activity. However, the highlights section below also includes the latest version of Zacks Confidential and some analysis from Insider Trader and Counterstrike.
Today's Portfolio Highlights:
Black Box Trader: Two positions were swapped out this week. The portfolio sold Aaron's (AAN) and CBRE Group (CBG). The new buys that replaced these names are Fiat Chrysler (FCAU) and Guess (GES). Read the Black Box Trader's Guide to learn more about this computer-driven service designed to take the emotion out of investing.
Zacks Confidential: Don't let the 2015 tumble in Chinese stocks scare you away from some of the best company growth stories around. John Blank believes that your portfolio should have exposure to this thriving economy, and Steve has given him the platform to explain in this week's Zacks Confidential . Learn about the fundamentals of the Chinese economy and get descriptions of six Megacap Internet businesses that you should watch: Now is the Time for Chinese Mega Cap Stocks.
Healthcare Innovators: The portfolio really dominated all the other services on Monday with four of the top five movers on the day. But the most impressive aspect was its TWO double-digit performers. Juno Therapeutics (JUNO) and Immune Design (IMDZ) fought it out for the top spot with surges of 18.7% and 18.4%, respectively. bluebird bio (BLUE) and Sangamo Therapeutics (SGMO) rounded out the top four with advances of 8.6% and 7.5%, respectively.
Counterstrike:"Harvey has obvious economic ramifications. Not only will there be billions of dollars in damages, but Houston is the fourth biggest economic metro area in the country. Energy is the focus, but the Houston port being closed will prevent all types product from going in and out of the area. The port saw over $29 billion in imports and $35 billion of exports from January to June of this year.
"This shutdown of a major economic region will cause a small dent in GDP and will likely effect Houston area companies from making the bottom line expectations. Most of these companies are oil related, Conoco Phillips, Halliburton and Baker Hughes all being on that list. I expect next earnings season to hear a lot about Harvey on the conference calls.
"Today was a very low volume day that was a bit confusing. I'm surprised that there wasn't more selling due to the potential economic damage in Texas. The positive is that investors might believe that the damage will not be as bad as it looks on T.V." -- Jeremy Mullin
Insider Trader:"Historically, the last week of August is usually the peak of the "dog days of summer" type of trading. This week, it's exasperated by the tragedy unfolding in Texas and Louisiana with Harvey. All eyes are still on the Gulf and sending assistance there.
"One thing that may spook the markets this week, however, is the aggressive military maneuvers by North Korea. It fired several missiles over Japan after the close of the US markets today. Futures are already opening lower on the news. It's something to watch tomorrow.
"Otherwise, the markets shouldn't really do too much this week but, as we've seen in Augusts in the past, anything can happen." -- Tracey Ryniec
All the Best,
Jim Giaquinto
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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