Thursday was a wishy-washy day as the S&P waffled back and forth from gains to losses throughout the day. Two of the four indices finished with losses and two finished with gains. The Nasdaq tacked on 0.33% and spent very little time in the red.
The index stretched its winning streak to five days. The S&P was the other index that finished with a gain, but it was only 0.06% and it happened in the closing minutes.
The Dow was the worst performer with a drop of 0.15%, but it was considerably lower at different points during the day.The Russell spent most of the day in the black and dropped in to the close to finish with a loss of 0.05%.
The sectors were evenly split on the day with five moving higher and five moving lower.
Energy was the top performer on the day with a gain of 1.26% and it was the only that moved more than 1.0% in either direction.
The consumer staples sector was the second best performer with a gain of 0.54%.
Industrials were the worst performing group with a loss of 0.38% and it was followed closely by the healthcare sector which lost 0.36%.
My scans flipped back to the negative side last night with 12 bearish signals and three bullish signals.
The barometer dropped from 48.6 to 30.2 once these results were added in to the equation.
The only trade set up I saw that I liked from the lists last night was on VICI Properties (NYSE: VICI). The stock appeared on the bearish list and the fundamental indicators are only average. The EPS rating is a 53 and the SMR rating is a B.
The main driver behind this trade idea is the chart and the potential double-top pattern just below $24. For the formation to be confirmed the stock will need to drop below the low between the two tops. That low was at $19.52. The stock was in overbought territory a few weeks ago but moved out of it on the initial dip. The indicators started back up, but the stochastic indicators made a bearish crossover last night.
Buy to open the July 25-strike puts on VICI at $3.20 or better. These options expire on July 17. I suggest a target gain of 75% and that means the stock will need to drop to $19.40. The stock fell to $19.52 on June 11 and for the pattern to be confirmed it has to fall below that level. I recommend a stop at $24.10.
— Rick Pendergraft
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