06-07-2018 Trade of the Day

Rally Stalls as Bulls Take a Breather


U.S. markets opened in positive territory before turning mixed shortly afterwards with the blue-chips holding its gains while the other major indexes lost ground. Tech and the small-caps triggered all-time highs, but were unable to build on their gains as the overall settled mixed. Volatility stayed below a key level of support and remains slightly subdued ahead of ongoing trade talks and next week’s Fed news.

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The Dow closed higher for the 2nd-straight session after gaining 0.4% while reaching an intraday peak of 25,326.

The S&P 500 traded in a 20-point range before slipping 0.1% following the backtest to 2,760 during the second half of action.

The Russell 2000 tested a fresh all-time intraday high of 1,679.99 before declining 0.5% and failing our near-term resistance at 1,680 by a whisker.

The Nasdaq made a run at 7,700 after tapping a lifetime intraday peak of 7,697 shortly after the open before a sharp 0.7% reversal ahead of the closing bell.



Carrizo Oil & Gas (CRZO) upgraded to Buy from Hold at Tudor Pickering
Darden (DRI) upgraded to Buy from Hold at SunTrust
LabCorp (LH) upgraded to Overweight from Sector Weight at KeyBanc
Axon (AAXN) downgraded to Neutral from Overweight at JPMorgan
First Solar (FSLR) double downgraded to Sell from Buy at Vertical Group
Proteostasis (PTI) downgraded to Sector Perform from Outperform at RBC Capital


Friday's earnings reports (EST): 

Before the open: ​Lakeland Industries (LAKE)
After the close: ​Aethlon Medical (AEMD)


Friday's economic reports (EST): 

Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm


Gold closed at $1,303.00 an ounce, up $1.60

Silver settled at $16.82 an ounce, up $0.12

Copper finished at $3.27 a pound, up $0.01

Crude Oil is at $65.96 a barrel, up $0.97

Bitcoin Investment Trust (GBTC) ended at $12.86 up $0.41

Article of the Week

​A bear call spread is a credit spread created by purchasing a higher strike call and selling a lower strike call with the same expiration dates.
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Make it a great day!

Todd Mitchell


Bulls Continue to Push Blue-Sky Territory

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