Nasdaq Closes Above 7,000

MARKET SUMMARY

U.S. markets pushed prior resistance and traded to fresh all-time highs to open 2018, and ahead of tomorrow’s FOMC minutes. The Nasdaq led the charge after surging 1.5% to clear the 7,000 level for the second time ever, while closing at an all-time high of 7,006. The S&P 500 jumped 0.8% while ending at a record high of 2,695.

The Russell 2000 rallied 0.9% and came within 9 points of a record high while settling at 1,550. The Dow missed its all-time high by a dozen points after rising 0.4%, while clearing and holding prior resistance at 24,800.

TRADE OF THE DAY
WINNING TRADER'S MINDSET - Part 2
ANALYST UPGRADES / DOWNGRADES 

Abbott (ABT) was upgraded to Overweight from Equal Weight at Morgan Stanley
Lennar (LEN) upgraded to Outperform from Market Perform at Wells Fargo
Baxter (BAX) was upgraded to Buy from Neutral at BofA/Merrill

Allstate (ALL) downgraded to Underperform from Market Perform at Keefe Bruyette
Cabot Oil & Gas (COG) downgraded to Underperform from Outperform at Raymond James
Windstream (WIN) downgraded to Underweight from Neutral at JPMorgan

EARNINGS

Wednesday's scheduled earnings include: 
Commercial Metals (CMC), Landec (LNDC), Neogen (NEOG), Resources Connection (RECN), Rite Aid (RAD), UniFirst (UNF)

UPCOMING ECONOMIC NEWS

Wednesday's economic reports (EST): 

MBA Mortgage Applications - 7:00am
Redbook - 8:55am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am
FOMC Minutes - 2:00pm

METALS / OIL

Gold closed at $1,316.10 an ounce, up $6.80

Silver settled at $17.21 an ounce, up $0.06

Copper finished at $3.28 a pound, down  $0.02

Crude Oil closed at $60.37 a barrel, down $0.05
Bitcoin Investment Trust (GBTC)
settled at $2,261.50, up $245.50

ARTICLE OF THE DAY
20 Rules for Trading Success

Welcome to the first trading day of 2018. I thought it would be wise to start off with 20 Rules for Trading Success...
 [read more]


Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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