U.S. stock-market indexes traded strongly higher on Friday, with the Dow up nearly 200 points, following a May jobs report that came in above expectations.
The U.S. labor market remains strong with 223,000 new jobs created in May, which pushed the unemployment rate down to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%.
Earlier, futures showed little reaction when President Donald Trump tweeted that he was “looking forward” to the jobs figures.
Receding fears about political upheaval in Italy also assisted boost sentiment, with shares in Europe rallying.
The Dow Jones Industrial Average rose 199 points, or 0.8%, to 24,615, recouping a large chunk of Thursday’s losses. The blue-chip index was still on track for a weekly loss, however.
The S&P 500 rose 25 points, or 0.96%, to 2,731 and looked set for a modest weekly gain. The Nasdaq Composite Index rose 97 points, or 1.31%, to 7,539 and was on track for a 1% weekly gain.
Shareholders welcomed a solid jobs report, while shrugging off concerns over Italian politics and trade wars.
U.S. stocks were echoing sharp gains in Europe.
The Institute for Supply Management said Friday that its manufacturing index rose to a reading of 58.7%, up 1.4 percentage points from April and a two-month high. (Source: MarketWatch)
Stock in Focus: Neovasc Inc (NASDAQ: NVCN)
Neovasc Inc (NASDAQ: NVCN) has grabbed attention from the analysts when it experienced a change of -1.81% in the current trading session to trade at $0.03. A total of 8,199,895 shares exchanged hands during the intra-day trade contrast with its average trading volume of 98.52M shares, while its relative volume stands at 0.30. Relative volume is the comparison of current volume to average volume for the same time of day, and it’s displayed as a ratio. If RVOL is less than 1 it is not In Play on this trading day and Investors may decide not to trade it. If RVOL is above 2 it is In Play and this is more evidence Investors ought to be in the name. When stocks are *very* In Play one can see a RVOL of 5 and above. The higher the RVOL the more In Play the stock is.
Day traders strive to make money by exploiting minute price movements in individual assets (usually stocks, though currencies, futures, and options are traded as well), usually leveraging large amounts of capital to do so, therefore they trade on Stocks in Play. In Play Stocks are volatile enough to produce good risk and reward trading opportunities for both bull and bear traders intraday. Most company stocks have very little volatility. They generally move extremely slowly and they only produce big price swings when the company produces good or bad trading results, which may only happen a couple of times a year at best.
In deciding what to focus on – in a stock, say – a typical day trader looks for three things: liquidity, volatility and trading volume. Liquidity allows an investor to enter and exit a stock at a good price (i.e. tight spreads, or the difference between the bid and ask price of a stock, and low slippage, or the difference between the predictable price of a trade and the actual price). If a stock does not have good liquidity then it may take some time before a broker is able to negotiate a deal to buy or sell a stock and the broker may not be able to get the sell or buy price that the trader is looking for. This is a problem for day traders and it could mean the difference between a profitable and non-profitable trade.
Traders have different rules for what constitutes liquidity and a good guide is the volume of trades and volume of shares that are traded each day. 100,000 shares traded per day would be a minimum for most traders and some require 1,000,000.
Trading volume is a gauge of how many times a stock is bought and sold in a given time period (most commonly, within a day of trading, known as the average daily trading volume – ADTV). A high degree of volume indicates a lot of interest in a stock. Often, a boost in the volume of a stock is a harbinger of a price jump, either up or down.
Volatility is simply a measure of the predictable daily price range—the range in which a day trader operates. More volatility means greater profit or loss. After a recent check, Neovasc Inc (NASDAQ: NVCN) stock is found to be 15.12% volatile for the week, while 14.59% volatility is recorded for the month.
The stock has a market cap of $2.62M and the number of outstanding shares has been calculated 78.92M. Based on a recent bid, its distance from 20 days simple moving average is -16.30%, and its distance from 50 days simple moving average is -37.89% while it has a distance of -95.08% from the 200 days simple moving average. The company’s distance from 52-week high price is -98.28% and the current price is 15.19% away from 52-week low price. The company has Relative Strength Index (RSI 14) of 43.07 together with Average True Range (ATR 14) of 0.01.
Past 5 years growth of NVCN observed at N/A, and for the next five years the analysts that follow this company is expecting its growth at N/A. The stock’s price to sales ratio for trailing twelve months is 0.49 and price to book ratio for the most recent quarter is N/A, whereas price to cash per share for the most recent quarter are N/A. Its quick ratio for the most recent quarter is N/A. Analysts mean recommendation for the stock is 1.00. This number is based on a 1 to 5 scale where 1 indicates a Strong Buy recommendation while 5 represents a Strong Sell.
The current consensus among 4 polled investment analysts is to buy stock in Neovasc Inc. This rating has held steady since May, when it was unchanged from arating according to CNNMoney.
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