Small-Caps Tumble Towards September Support 

MARKET SUMMARY

U.S. markets finished mixed on Tuesday with the Dow closing in the green for the 6th-straight session after setting another record high on the open. The losses were somewhat contained with the S&P 500 and Nasdaq sliding a half-point and 0.3%, respectively. However, the Russell 2000 tumbled 1.3% to test late September support on the double-top breakout above the 1,450 level. The low reached 1,476 with a move below 1,470 and the 50-day moving average being a bearish development for a possible back test towards 1,450 to fill the gap.

TRADE OF THE DAY!
THE SCIENCE OF WINNING - PART 4
ANALYST UPGRADES / DOWNGRADES

AutoWeb (AUTO) upgraded to Outperform from Market Perform at Barrington
Booz Allen (BAH) upgraded to Buy from Hold at Jefferies
Las Vegas Sands (LVS) upgraded to Overweight from Equal Weight at Morgan Stanley

Cabot Oil & Gas (COG) downgraded to Hold from Buy at Drexel Hamilton
Priceline (PCLN) downgraded to Neutral from Buy at Guggenheim
Teva (TEVA) downgraded to Reduce from Hold at HSBC

EARNINGS

Wednesday's scheduled earnings include:

21st Century Fox (FOXA), Amicus Therapeutics (FOLD), Cars.com (CARS), Energizer Holdings (ENR), Energous (WATT), Flowers Foods(FLO), Hostess Brands (TWNK), Humana (HUM), Kronos Worldwide (KRON), MGM Resorts (MGM), Monster Beverage (MNST), Overstock.com (OSTK), Plug Power (PLUG), Rockwell Automation (ROK), QuickLogic (QUIK), Twilio (TWLO), Valvoline (VVV), WageWorks (WAGE), Wendy’s (WEN)

UPCOMING ECONOMIC NEWS

Wednesday’s economic reports (EST):

MBA Mortgage Applications - 7:00am
EIA Petroleum Status Report - 10:30am
10-year Note Auction - 1:00pm

METALS / OIL

Gold closed at $1,275.80 an ounce, down $5.80

Silver settled at $16.94 an ounce, down $0.30

Copper finished at $3.09 a pound, down $0.07

Brent Crude Oil closed at $64.11 a barrel, up $2.04

ARTICLE OF THE DAY
14 Critical Steps to a Profitable Bear Call Spread

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... [read more]

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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