Another Round of All-Time and 52-Week Highs

U.S. markets

U.S. markets set another round of fresh all-time highs as optimism on the U.S.-China trade front continues to rise. Reports that the U.S. and China held another phone conference provided a small lift to the major indexes throughout Tuesday’s session although trade details remain fluid.

The small-caps slightly lagged but also closed higher for the 3rd-straight session following the start of the week breakout to fresh 52-week highs. Meanwhile, volatility continues to simmer and remains on track to test 52-week lows.

The S&P 500 added 0.2% after testing a late day record peak of 3,142. Uncharted resistance at 3,150 was challenged and held with a close above this level leading to a possible trip towards 3,175-3,200.

The Nasdaq also climbed 0.2% following the intraday push to 8,659 and 2nd-straight closing all-time high. Fresh and lower resistance at 8,650-8,700 was cleared but held by a couple of points with a close above the latter signaling melt-up momentum towards 8,750-8,800.

The Dow was higher by 0.2%, as well, following the run to 28,146 and fresh all-time high ahead of the closing bell. Blue-sky and lower resistance at 28,250-28,500 easily held on the 2nd-straight close above the 28,000 level and 4th in the past 8 sessions.

The Russell 2000 edged up 0.1% after trading to a 1st half high of 1,630. New and lower resistance at 1,625-1,640 was cleared but held by a nearly a point with a close above the latter getting 1,650-1,665 and June 2018 levels in focus.

Real Estate and Consumer Staples were the strongest sectors strength after rising 1.4% and 0.8%, respectively. Energy was the weakest sector after sinking 1% while Financials and Healthcare slipped 0.1%.

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ANALYST UPGRADES/DOWNGRADES

Bluebird Bio (BLUE) upgraded to Outperform from Market Perform at SVB Leerink
Chipotle (CMG) upgraded to Outperform from Market Perform at Cowen
Dynex Capital (DX) upgraded to Outperform from Market Perform at Keefe Bruyette

CenterPoint Energy (CNP) downgraded to Market Perform from Outperform at Wells Fargo
Molson Coors (TAP) downgraded to Market Perform from Outperform at BMO Capital
Tesla (TSLA) downgraded to Hold from Buy at China Renaissance

WEDNESDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: BRP (DOOO), Deere & Company (DE), Frontline (FRO), Origin House (ORHOF), Uxin (UXIN)

After the close: None

WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Durable Goods Orders - 8:30am
GDP - 8:30am
Corporate Profits - 8:30am
Jobless Claims - 8:30am
Personal Income and Outlays - 10:00am
Pending Home Sales - 10:00am
State Street Investor Confidence - 10:00am
Survey of Business Uncertainty - 11:00am
Baker-Hughes Rig Count - 1:00pm
Beige Book - 2:00pm
Farm Prices - 3:00pm

METALS / OIL
Gold closed at $1,460.30 an ounce, up $3.40
Silver settled at $16.89 an ounce,  up $0.03
Copper finished at $2.67 a pound, up $0.04
Crude Oil  was at $58.33 a barrel, up $0.32
Bitcoin Investment Trust (GBTC) ended at $9.00,  down $0.04


I hope this helps you prepare for the trading day. Make it a great one!


   Todd Mitchell


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