Bears Growl Over Tax Uncertainty

MARKET SUMMARY

U.S. markets closed lower across the board for the first time in eight trading sessions following uncertainty over the Senate tax bill which proposed delaying the long-sought corporate tax cuts until 2019. The Dow and S&P 500 held near-term support from mid-October on the intraday lows while recouping half their losses into the close. The Nasdaq held beginning of the month support after taking the hardest hit and briefly falling below the 6,700 level. Meanwhile, the Russell 2000 held 1,460 on its low and a level that served as prior resistance from the late September breakout.

TRADE OF THE DAY!
THE SCIENCE OF WINNING - PART 6
ANALYST UPGRADES / DOWNGRADES

Cabot Oil & Gas (COG) upgraded to Buy from Hold at Drexel Hamilton
Square (SQ) upgraded to Buy from Neutral at Guggenheim
T-Mobile (TMUS) upgraded to Buy from Hold at Deutsche Bank

Meet Group (MEET) was downgraded to Hold from Buy at Canaccord
Snap (SNAP) downgraded to Underweight from Equal Weight at Morgan Stanley
Square (SQ) downgraded to Neutral from Buy at Citi

EARNINGS

Friday's scheduled earnings include:

Arcelor Mittal (MT), JC Penney (JCP)

UPCOMING ECONOMIC NEWS

Friday’s economic reports (EST):

Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL

Gold closed at $1,287.50 an ounce, up $3.80

Silver settled at $16.98 an ounce, down $0.16

Copper finished at $3.09 a pound, down $0.01

Brent Crude Oil closed at $63.48 a barrel, down $0.21

ARTICLE OF THE DAY
Equity Option Prices

There are seven main components that affect the premium of an option, these are...[read more]

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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