06-11-2018 Trade of the Day

Near-Term Resistance Levels Hold

MARKET SUMMARY

U.S. markets opened slightly higher as there was little reaction to the contentious G-7 meeting over the weekend, despite President Trump leaving early and while highlighting the divisiveness over the trade disputes among the allies. 

Trading was choppy afterwards with a slight pullback as Wall Street turned its focus towards the upcoming U.S.-North Korea summit. 

However, upside momentum resumed after the White House said negotiations are ahead of schedule, which may bode well for a plan to de-nuclearize the Korean peninsula.
The Russell 2000 rose 0.3% following a run to 1,674 and coming within 5 points of its all-time high set the previous session.

The Nasdaq was up 0.2% after reaching a midday peak of 7,677 while coming within 20 points of a fresh all-time high.

The Russell 2000 added 0.1% following the morning run to 1,677 while missing another record high by just over 2 points.

The S&P 500 gained 0.1% after testing a high of 2,790 with major resistance at 2,800 holding.

The Dow was up for the 6th-time in 7 sessions after rising nearly 6 points, or 0.02% while tapping 25,402 intraday.

TRADE OF THE DAY
THE WINNING TRADERS MINDSET - Part 2

ANALYST UPGRADES/DOWNGRADES

Apache (APA) upgraded to Buy from Hold at Argus
Match Group (MTCH) upgraded to Buy from Hold at Jefferies
First Data (FDC) upgraded to Buy from Neutral at Goldman Sachs
Nektar (NKTR) downgraded to Neutral from Buy at H.C. Wainwright
NXP Semiconductors (NXPI) downgraded to Hold from Buy at SunTrust
SemGroup (SEMG) downgraded to Market Perform from Outperform at Wells Fargo


EARNINGS

Tuesday's earnings reports (EST): 

Before the open: Casey’s General Stores (CASY), Land’s End (LE)
After the close: Digital Turbine (APPS), H&R Block (HRB), Oxford Industries (OXM), Pivotal (PVTL), Science Applications International (SAIC), WSI Industries (WSCI)

UPCOMING ECONOMIC NEWS

Tuesday's economic reports (EST): 

No major announcements


METALS / OIL

Gold closed at $1,303.20 an ounce, up $0.20

Silver settled at $16.95 an ounce, up $0.21

Copper finished at $3.25 a pound, down $0.05

Crude Oil is at $66.04 a barrel, down $0.26

Bitcoin Investment Trust (GBTC) ended at $11.70 down $1.00

Article of the Day

​Simply put, options buyers have rights and options sellers have obligations. Buyers have the right, but not the obligation, to buy (call) or sell (put) the underlying stock (or futures contract) at a specified price until the 3rd Friday of their expiration month.
[read more]

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

Near-Term Resistance Levels Hold

Click to Tweet

About the Author Todd Mitchell

Todd Mitchell is the CEO & Founder of Trading Concepts, Inc. He's been trading since 1994 and has mentored over 12,000 traders from Wall Street to Main Street. He's an expert at developing strategies for creating more consistent daily, weekly and monthly income.

FREE DAILY TRADE VIDEOS

Join Over 84,750 Traders Receiving Our FREE Daily Trading Videos