All posts by Todd Mitchell

09-20-2018 Trade of the Day

Dow and S&P 500 Tag Record Peaks

MARKET SUMMARY

U.S. markets rallied to fresh all-time highs and prior resistance levels on news China was prepared to take more steps to open up their country to outside investment. This would significantly cut import tariffs and provided a catalyst for the major indexes to rally.

There were several economic data points hitting new records that also gave the market another tailwind. Volatility continued to trickle lower with major support holding ahead of quadruple witching on Friday.

The Dow zoomed 1% after trading to a record high for the first time since late January while tapping 26,697. Fresh resistance is at 26,800-27,000 on continued closes above the 26,600 level.

The Nasdaq also jumped 1% following its intraday run to 8,039. Lower resistance at 8,000-8,050 was cleared and held with a move above the latter getting getting 8,100-8,150 in play.

The S&P 500 soared 0.8% while reaching a record high of 2,934 and clearing its previous late August peak. Lower and fresh resistance at 2,925-2,950 held into the closing bell.

The Russell 2000 was up 1% after closing on its session high of 1,720. Lower and prior resistance at 1,720-1,725 held with a move above the latter getting 1,740-1,745 and lifetime highs back in the mix.

Consumer Staples rallied 1.3% and Technology rose 1.2%. Materials and Communications Services were up 1.1%.

There were no sector laggards.

ANALYST UPGRADES/DOWNGRADES

Arcturus Therapeutics (ARCT) upgraded to Strong Buy from Buy at WBB Securities
Caterpillar (CAT) upgraded to Outperform from Neutral at Baird
Ralph Lauren (RL) upgraded to Neutral from Underweight at Piper Jaffray
Bruker (BRKR) downgraded to Underweight from Equal Weight at Morgan Stanley
JD.com (JD) downgraded to Underperform from Outperform at CLSA
Seaspan (SSW) downgraded to Hold from Buy at Deutsche Bank


EARNINGS

Friday's earnings announcements (EST): 

No major announcements

UPCOMING ECONOMIC NEWS
Friday's economic reports (EST): 

​PMI Composite Flash - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL

Gold closed at $1,211.30 an ounce, up $3.00

Silver settled at $14.31 an ounce, up $0.03

Copper finished at $2.74 a pound, up $0.01

Crude Oil is at $70.77 barrel, down $0.35

Bitcoin Investment Trust (GBTC) ended at $8.09 down $0.08



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Dow and S&P 500 Tag Record Peaks

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09-19-2018 Trade of the Day

Small-Caps Slack in Mixed Session

MARKET SUMMARY

U.S. markets were mixed on Wednesday as strength in the blue-chips outweighed the weakness in Tech and the small-caps. January resistance levels remains in play for the Dow while near-term and fresh support levels held for the other major indexes.

Economic news was better-than-expected and volatility slipped to its lowest levels in 4 weeks. The action is still suggesting higher highs over the near-term and ahead of 3Q earnings season that starts in early October.

The Dow jumped 0.6% after reaching an intraday peak of 26,464. Lower and fresh support at 26,400-26,600 held with the all-time high at 26,616.

The S&P 500 gained 0.1% following the intraday push to 2,912. New resistance at 2,925-2,950 remains in play on a close above the all-time high at 2,916.

The Nasdaq slipped 0.1% after testing an intraday low of 7,917. Upper support at 7,900-7,875 and the 50-day moving average easily held with a close below the latter being a warning signal.

The Russell 2000 slipped 0.5% following the backtest to 1,700 and the 50-day moving average. Upper support at 1,700-1,690 held with a close below the latter being a bearish development.

Financials zoomed 1.7% to led sector strength while Materials surged 1.1%.

Utilities tanked 2.2% and easily led sector laggards while Real Estate fell 1%.

ANALYST UPGRADES/DOWNGRADES

Mechel (MTL) upgraded to Neutral from Sell at Citi
Juniper (JNPR) upgraded to Buy from Neutral at Nomura Instinet
Transocean (RIG) upgraded to Outperform from Market Perform
LyondellBasell (LYB) downgraded to Underweight from Neutral at JPMorgan
OMA Airports (OMAB) downgraded to Hold from Buy at Santander
Platform Specialty Products (PAH) downgraded to Neutral from Buy at Citi


EARNINGS

Thursday's earnings announcements (EST): 

Before the open: ​​​Darden Restaurants (DRI), Thor Industries (THO)
After the close: ​​​ ​​Micron Technology (MU), Research Solutions (RSSS), Steelcase (SCS), United Natural Foods (UNFI)

UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST): 

​Jobless Claims - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
Existing Home Sales - 10:00am
Leading Indicators - 10:00am

METALS / OIL

Gold closed at $1,208.30 an ounce, up $5.40

Silver settled at $14.28 an ounce, up $0.09

Copper finished at $2.73 a pound, unchanged

Crude Oil is at $71.14 barrel, up $1.29

Bitcoin Investment Trust (GBTC) ended at $8.17 up $0.07



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Small-Caps Slack in Mixed Session

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09-18-2018 Trade of the Day

Bulls Rebound Despite Next Phase of Tariffs

MARKET SUMMARY


U.S. markets rallied towards prior resistance levels despite fresh trade tensions. President Trump said he will impose another 10% tariffs on $200 billion in Chinese imports to take effect next week while the percentage could double by 2019.

China's Ministry of Commerce said it would respond with levies on $60 billion worth of U.S. goods. The developments hint at a longer-lasting trade tiff but volatility settled lower while approaching a key level of prior support.

The Nasdaq rose 0.7% after making a midday run to 7,986. Resistance at 7,975-8,000 held with a close above the latter signaling a return of momentum.

The Dow was up 0.7% following the intraday push to 26,317. Prior and upper support at 26,200 held and gets 26,400-26,600 in play.

The S&P 500 was higher by 0.5%, after trading to a high of 2,911. Lower resistance at 2,900-2,925 was recovered and a level that has been holding in 3 of the past 4 sessions.

The Russell 2000 added 0.4% following the rebound to 1,714. Resistance at 1,720-1,725 held with a close above the latter being a slightly bullish signal.


Consumer Discretionary led sector strength after rising 1.3%. Communications Services and Tech rallied 0.7 and 0.6%, respectively.

Real Estate and Consumer Staples paced sector laggards after falling 0.6% and 0.4%. Utilities were off 0.2%.

ANALYST UPGRADES/DOWNGRADES

Cognizant (CTSH) upgraded to Buy from Hold at HSBC
Occidental Petroleum (OXY) upgraded to Buy from Hold at Edward Jones
Targa Resources (TRGP) upgraded to Outperform from Market Perform at Wells Fargo
Fortinet (FTNT) downgraded to Neutral from Buy at UBS
Discovery (DISCA) downgraded to Sell from Hold at Pivotal Research
United Continental (UAL) downgraded to Neutral from Outperform


EARNINGS

Wednessday's earnings announcements (EST): 

Before the open: ​​Copart (CPRT)
After the close: ​​​ ​Herman Miller (MLHR), Red Hat (RHT)

UPCOMING ECONOMIC NEWS
Wednessday's economic reports (EST): 

​MBA Mortgage Applications - 7:00am
Housing Starts - 8:30am
Current Account - 8:30am

METALS / OIL

Gold closed at $1,202.90 an ounce, down $2.90

Silver settled at $14.19 an ounce, down $0.03

Copper finished at $2.73 a pound, up $0.08

Crude Oil is at $69.95 barrel, up $1.04

Bitcoin Investment Trust (GBTC) ended at $8.10 up $0.06



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Bulls Rebound Despite Next Phase of Tariffs

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09-17-2018 Trade of the Day

Tech Leads Pullback

MARKET SUMMARY

U.S.markets showed weakness throughout Monday’s action on news China will likely turn down fresh U.S. trade talks if President Donald Trump moves ahead with $200 billion in tariffs against Chinese products. The tariff level is expected to be around 10%, far below the 25% the White House had said it was considering.

While this might be considered better-than-expected news on the trade front, it was lost in the shuffle, as tariff tiffs continue to be a slight headwind for the major indexes.

The Nasdaq tumbled 1.4% following the backtest to 7,890. Fresh support at 7,875 and the 50-day moving average held on the close below the 2,900 level.

The Russell 2000 fell 1.1% after testing an intraday low of 1,702. Upper support at 1,700-1,690 held and levels that have been holding since mid-August.

The S&P 500 sank 0.6%, after trading to a low of 2,886 ahead of the closing bell to snap a 5-session win streak. Fresh support at 2,875 held on the close back below the 2,900 level.

The Dow decline 0.4% after tapping a low of 26,030 while snapping a 4-session win streak. Support at 26,000 held with a move below 25,800 being a signal for lower lows.

Real Estate led sector strength after rising 0.6%. Consumer Staples and Materials were up 0.4%.

Technology and Consumer Discretionary were the weakest sectors after giving back 1.3% and 1.2%, respectively. Communications Services dropped 1%.

ANALYST UPGRADES/DOWNGRADES

American Express (AXP) upgraded to Overweight from Equal Weight at Stephens
Broadcom (AVGO) upgraded to Buy from Neutral at Nomura Instinet
MasterCard (MA) upgraded to Conviction Buy from Buy at Goldman Sachs
Hormel Foods (HRL) downgraded to Market Perform from Outperform at BMO Capital
Revance (RVNC) downgraded to Market Perform from Outperform at JMP Securities
Visa (V) downgraded to Buy from Conviction Buy at Goldman Sachs


EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: ​Apogee Enterprises (APOG), AutoZone (AZO), Cracker Barrel Old Country Store (CBRL), General Mills (GIS)
After the close: ​​​ A-Mark Precious Metals (AMRK)

UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST): 

​Redbook - 8:55am
Housing Market Index - 10:00am

METALS / OIL

Gold closed at $1,205.80 an ounce, up $4.70

Silver settled at $14.22 an ounce, up $0.08

Copper finished at $2.65 a pound, unchanged

Crude Oil is at $68.91 barrel, down $0.08

Bitcoin Investment Trust (GBTC) ended at $8.04 down $0.51



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Tech Leads Pullback

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09-16-2018 Trade of the Day

Bulls Keep Weekly Momentum

MARKET SUMMARY

U.S. markets settled mostly higher on Friday with Tech showing slight weakness while the small-caps showed the most strength. The choppiness midday came following a report that President Trump still wants to implement $200 billion in tariffs on Chinese imports despite the potential for the nations to begin negotiations again.

Volatility settled at its lowest level since late August as the major indexes closed higher for the week. The current momentum could continue into month’s end and ahead of 3Q earnings season if the VIX can clear and hold the 11.50 level this week.

The Russell 2000 rose 0.4% after holding positive territory for much of the session while peaking at 1,726 intraday. Resistance at 1,725-1,730 held with a close above the latter getting fresh all-time highs north of 1,742 in play.

The Nasdaq slipped 0.1% despite testing a first half high of 8,040. The index held fresh support and the 8,000 level following the fade to 7,979 during the afternoon action.

The Nasdaq posted a gain of 1.4% for the week, its third positive week in the past four, while the Russell 2000 rose 0.5%.

The Dow extended its win streak to 4-straight after adding 8 points, or 0.03%, and trading to an intraday high of 26,211. Lower resistance at 26,200-26,400 held into the closing bell with a move above the latter being a more bullish development.

The S&P 500 was up less than a point, or 0.03%, after trading in a 13-point range while topping out at 2,908. Fresh resistance at 2,925-2,950 remains in play on a move above the late August and all-time high of 2,916.

For the week, the S&P 500 soared 1.2%, its ninth positive week of the past 11. The Dow rose 0.9%, its fourth positive week in the past five.

Financials led sector strength after rising 0.7%. Industrials and Energy were the only other sectors that finished in the green. Real Estate was the weakest sector after giving back 0.9% while Utilities dropped 0.5%.

Energy zoomed 2% while Industrials and Technology surged 1.9% for the week. Financials fell 0.4% and were the only sector to close with a weekly loss.

ANALYST UPGRADES/DOWNGRADES

Corning (GLW) upgraded to Buy from Neutral at Citi
Helmerich & Payne (HP) upgraded to Neutral from Underweight at JPMorgan
Parker-Hannifin (PH) upgraded to Buy from Neutral at Buckingham
Costco (COST) downgraded to Market Perform from Outperform at Wells Fargo
Dunkin' Brands (DNKN) downgraded to Sector Perform from Outperform at RBC Capital
Tandem Diabetes (TNDM) downgraded to Neutral from Outperform at Baird


EARNINGS

Monday's earnings announcements (EST): 

Before the open: ​​No major announcements
After the close: ​​FedEx (FDX), Oracle (ORCL)

UPCOMING ECONOMIC NEWS
Monday's economic reports (EST): 

​Empire State Manufacturing Survey - 8:30am

METALS / OIL

Gold closed at $1,201.10 an ounce, down $7.10

Silver settled at $14.14 an ounce, down $0.10

Copper finished at $2.65 a pound, down $0.03

Crude Oil is at $68.98 barrel, up $0.26

Bitcoin Investment Trust (GBTC) ended at $8.55 down $0.14



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Bulls Keep Weekly Momentum

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09-13-2018 Trade of the Day

Bulls Clear Major Resistance

MARKET SUMMARY

U.S. markets cleared major resistance levels on Thursday on news of easing trade tensions with the U.S. and Chinese governments working on the logistics for a new round of trade talks.

There was also news trade talks between the U.S. and Canada could resume as early as next week with a potential trade deal outlined. Volatility stayed deflated after closing below a key level of support and is suggesting slight market momentum.

The Nasdaq showed the most strength after rallying 0.8% while reaching an intraday peak of 8,037. Resistance at the 8,000 level was cleared and held for the first time in 7 sessions with the all-time late August high at 8,133 back in play.

The Dow advanced 0.6% after trading to an intraday high of 26,191. The close above the 26,000 level was a bullish signal with fresh resistance at 26,200-26,400.

The S&P 500 was up 0.5% following its run to 2,906 and close above the 2,900 level. The recent all-time high is at 2,916 with fluff up to 2,925-2,950 on continued momentum.

The Russell 2000 was the only index to slip into negative territory while finishing with a loss of 0.1%. The 9-point range reached a high of 1,722 with resistance at 1,725-1,730 holding.

Health Care and Technology showed the most sector strength after rising 1.2%. Utilities were higher by 0.8%.

Consumer Staples and Financials were the only sector laggards after giving back 0.2% and 0.1%, respectively.

ANALYST UPGRADES/DOWNGRADES

Flowserve (FLS) upgraded to Buy from Neutral at Northcoast
Intel (INTC) upgraded to Market Perform from Underperform at Northland
Magna (MGA) upgraded to Outperformer from Neutral at CIBC
Wayfair (W) downgraded to Neutral from Buy at BofA/Merrill
Ciena (CIEN) downgraded to Equal Weight from Overweight at Morgan Stanley.
Wabco (WBC) downgraded to Neutral from Outperform at Baird


EARNINGS

Friday's earnings announcements (EST): 

Before the open: ​Dave & Buster’s Entertainment (PLAY)
After the close: ​No major announcements

UPCOMING ECONOMIC NEWS
Friday's economic reports (EST): 

​​Retail Sales - 8:30am
Import and Export Prices - 8:30am
Industrial Production - 9:15am
Business Inventories -10:00am
Consumer Sentiment - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL

Gold closed at $1,208.20 an ounce, down $2.70

Silver settled at $14.24 an ounce, down $0.05

Copper finished at $2.68 a pound, up $0.01

Crude Oil is at $68.72 barrel, down $1.65

Bitcoin Investment Trust (GBTC) ended at $8.69 up $0.45



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Bulls Clear Major Resistance

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09-12-2018 Trade of the Day

Mixed Action on Improving Trade Concerns

MARKET SUMMARY


U.S. markets were choppy throughout Wednesday’s action as trade news dominated headlines that led to a mixed finish. Canada appears ready to offer the U.S. limited access to its dairy markets, one of the current sticking points in trade negotiations, in order to help forge a new NAFTA deal.

Afternoon strength was attributed on word Treasury Secretary Steven Mnuchin recently invited Chinese counterparts to another meeting to talk about bilateral trade. This would give China another opportunity to address concerns over trade issues before implementing additional tariffs on imports.

The Dow was up 0.1% following the morning peak of 26,145 and slightly weak open. Resistance at 26,000 held for a 9th-straight session.

The S&P 500 climbed a point, or 0.04% while reaching a high of 2,894. Resistance at 2,900 held for a 7th-straight session with a close above this level being a slightly bullish signal.

The Nasdaq fell 0.2% after trading lower throughout the session while bottoming at 7,884. Upper support at 7,900-7,875 held for the 5th-straight session with a close below the latter signaling additional weakness.

The Russell 2000 traded mostly lower throughout the session while also giving back 0.2% and tapping a low of 1,704. Mid-August support at 1,700 held with a close below 1,690 being a bearish development.

Consumer Staples showed the most sector strength after surging 1.1%. Health Care and Energy added 0.5%.

Financials led sector weakness after sinking 0.9%. Technology and Communications Services were lower by 0.4% and 0.3%

ANALYST UPGRADES/DOWNGRADES

Best (BSTI) upgraded to Outperform from Neutral at Macquarie
Immersion (IMMR) upgraded to Buy from Hold at Craig-Hallum
Tiffany (TIF) upgraded to Outperform from Perform at Oppenheimer
CenterState Bank (CSFL) downgraded to Hold from Buy at Sandler O'Neill
Micron (MU) downgraded to Neutral from Buy at Goldman Sachs
Snap (SNAP) downgraded to Sell from Neutral at BTIG


EARNINGS

Thursday's earnings announcements (EST): 

Before the open: ​​Brady (BRC), Kroger (KR), Lovesac (LOVE), Palatin Technologies (PTN)
After the close: ​​Adobe Systems (ADBE), Champions Oncology (CSBR), Park City Group (PCYG), Radiant Logistics (RLGT)

UPCOMING ECONOMIC NEWS
Thursday's economic reports (EST): 

​Jobless Claims - 8:30am
Consumer Price Index - 8:30am
Treasury Budget - 2:00pm

METALS / OIL

Gold closed at $1,210.90 an ounce, up $8.70

Silver settled at $14.28 an ounce, up $0.14

Copper finished at $2.68 a pound, up $0.06

Crude Oil is at $70.32 barrel, up $0.92

Bitcoin Investment Trust (GBTC) ended at $8.24 up $0.10



  I hope this helps you prepare for tomorrow. Have a great evening.

   Todd Mitchell

QUOTE OF THE DAY

Mixed Action on Improving Trade Concerns

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09-11-2018 Trade of the Day

Bulls Win Volatile Session

MARKET SUMMARY

U.S. markets opened in negative territory with near-term support holding after trade pessimism crept back into global markets. While China remains the main focus of trade concerns, deals with Canada and Europe remain in play and helped sparked a rebound shortly afterwards.

The major indexes reached their session highs by midday while holding solid gains throughout the second half of action and into the closing bell. Volatility also spiked near the 15 level before deflating to keep the market rangebound.

​The Nasdaq gained 0.6% after trading to a high of 7,986. Resistance at 7,950-8,000 was split with the former holding into the close.

The Dow was higher by 0.4% after trading to an intraday high of 26,019. Resistance at 26,000 held and a level that hasn’t been recovered in 8 sessions.

The S&P 500 advanced 0.4% while reaching a lunch time peak of 2,892. Lower resistance at 2,890-2,900 was cleared but failed to hold with a move above the latter being a more bullish signal.

The Russell 2000 edged up 0.1% following its intraday run to 1,723. Lower resistance at 1,725-1,730 held with continued closes above the latter being a bullish development.

Communications Services and Energy paced sector leaders after soaring 1.1% and 1%, respectively. Technology and Consumer Discretionary rose 0.8%.

Consumer Staples and Utilities led sector laggards after falling 0.4% and 0.3%, respectively. Health Care and Industrials were off 0.1%.

ANALYST UPGRADES/DOWNGRADES

Bloomin' Brands (BLMN) upgraded to Buy from Neutral at Goldman Sachs
Nike (NKE) upgraded to Buy from Hold at Canaccord
Snap (SNAP) upgraded to Outperform from Neutral at Wedbush
CBS (CBS) downgraded to Neutral from Buy at UBS
Johnson Controls (JCI) downgraded to Neutral from Buy at UBS
Wingstop (WING) downgraded to Neutral from Buy at Goldman Sachs


EARNINGS

Wednesday's earnings announcements (EST): 

Before the open: ​EyePoint Pharmaceuticals (EYPT), Ocean Power Technologies (OPTT)
After the close: ​Aceto (ACET), Oxford Industries (OXM), Pivotal (PVTL), RF Industries (RFIL), Science Applications International (SAIC), Tailored Brands (TLRD)

UPCOMING ECONOMIC NEWS
Wednesday's economic reports (EST): 

MBA Mortgage Applications - 7:00am
PPI-FD - 8:30am
Atlantic Fed Business Inflation Expectations - 10:00am
Beige Book - 2:00pm

METALS / OIL

Gold closed at $1,202.20 an ounce, up $2.40

Silver settled at $14.15 an ounce, down $0.03

Copper finished at $2.62 a pound, down $0.01

Crude Oil is at $69.40 barrel, up $1.85

Bitcoin Investment Trust (GBTC) ended at $8.14 down $0.09



​​​Article of the Day

Yesterday we listed important skills required for trading. Today we share Todd's rules to follow while using those skills. [read more]

   Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY

Bulls Win Volatile Session

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09-10-2018 Trade of the Day

Bulls Show Strength but Resistance Holds

MARKET SUMMARY

U.S. markets opened with solid gains to start the week despite the lack of any clear catalyst while finishing mostly higher. Trade tensions continue to be Wall Street’s main focus and have been providing a headwind for momentum.

Some of the strength came after the U.S failed to impose new tariffs on China over the weekend. However, President Trump has signaled he's ready to target more Chinese goods for new tariffs and suggested some U.S. Tech companies could avoid tariffs by moving manufacturing back home.

The Nasdaq snapped a 4-session slide after rising 0.3% and trading to a high of 7,945. Lower resistance at 7,950-7,800 held with a move above the latter being a bullish signal.

The Russell 2000 climbed 0.3% after trading in a 9-point range while topping out at 1,723. Resistance at 1,725-1,730 held with continued closes above the latter signaling a possible short-term bottom.

The S&P 500 was up for the first time in 5 sessions after adding 0.2% while trading to a high of 2,886. Prior resistance at 2,890-2,900 held with a close above the latter signaling additional strength.

The Dow dipped 0.2% after trading to an intraday low of 25,854. The index managed to clear 26,000 shortly after the open but remains trapped in a trading range between 25,800-26,000 that has now pushed 6-straight sessions.

Real Estate led sector strength after jumping 0.6% while Utilities and Industrials rallied 0.5%.

Health Care and Financials paced sector laggards after giving back 0.3% and 0.1%, respectively. Energy slipped 0.03%.

ANALYST UPGRADES/DOWNGRADES

Akamai (AKAM) upgraded to Buy from Neutral at DA Davidson
Foot Locker (FL) upgraded to Outperform from Market Perform at Wells Fargo
Kennametal (KMT) upgraded to Buy from Neutral at Longbow
Constellation Brands (STZ) downgraded to Hold from Buy at SunTrust
Darden (DRI) downgraded to Neutral from Outperform at Baird
Roche (RHHBY) downgraded to Neutral from Buy at BofA/Merrill


EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: ​​Francesca’s Holdings (FRAN), Optical Cable (OCC), Peak Resorts (SKIS)
After the close: Farmer Brothers (FARM), Streamline Health Solutions (STRM)

UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST): 

NFIB Small Business Optimism Index - 6:00am
Redbook - 8:55am
Jolts - 10:00am
Wholesale Trade - 10:00am


METALS / OIL

Gold closed at $1,199.80 an ounce, down $0.60

Silver settled at $14.18 an ounce, up $0.11

Copper finished at $2.63 a pound, up $0.01

Crude Oil is at $67.55 barrel, up $0.56

Bitcoin Investment Trust (GBTC) ended at $8.23 down $0.11



​​​Article of the Day

The road to Trading Success is never a straight line. Which skills will help you stay successful as a trader? [read more]

   Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY

Bulls Show Strength but Resistance Holds

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09-09-2018 Trade of the Day

Bears Get Weekly Win

MARKET SUMMARY

U.S. markets showed some strength during Friday’s first half of action but took a turn for the worse midday after President Trump said another $267 billion in China tariffs could be imposed, in addition to the $200 billion waiting in the wings today.

The President also confirmed reports that he was beginning to take aim at Japan trade negotiations. The developments outweighed a mostly healthy August jobs report with the major indexes ending with weekly losses on heightened volatility.

The Dow declined 0.3% after testing an intraday low of 25,818. The index has been in a trading range between 25,800-26,000 the past 5 session with a close below or above these levels possibly signaling the next short-term trend.

The Nasdaq gave back 0.3% following the intraday pullback to 7,873. Upper support at 7,875-7,825 and the 50-day moving average held along with the 7,900 level for the 2nd-straight session.

For the week, the blue-chips slipped 0.2% while Tech plummeted 2.6%.

The Russell 2000 dipped 0.1% after making a backtest to 1,706. Fresh support at 1,700-1,690 and held with a close below the latter and the 50-day moving average being a bearish development

The S&P 500 slipped 0.2% to extend its losing streak to 4-straight while trading to a low of 2,864. It represented the 6th-straight lower low and the close below 2,865 keeps risk open to 2,850.

The S&P 500 was down 1% for the shortened week while the small-caps sank 1.5%.

Consumer Services and Healthcare were the only sectors to show strength after rising 0.2%. Real Estate and Utilities led sector laggards after falling 1.3% and 1.2%.

For the week, Utilities rallied 1.2% while Consumer Staples jumped 1.1%. Industrials rose 0.6% to round out the winners. Consumer Services sank 3.1% to pace sector losers while Technology and Energy were hit with declines of 2.7% and 2.2%, respectivel

ANALYST UPGRADES/DOWNGRADES

Cabot Oil & Gas (COG) upgraded to Outperform from In Line at Evercore ISI
Five Below (FIVE) upgraded to Buy at Gordon Haskett
Southwest (LUV) upgraded to Buy from Hold at Argus
Dover (DOV) downgraded to Market Perform from Outperform at BMO Capital
Teva (TEVA) downgraded to Neutral from Outperform at Credit Suisse
Vitamin Shoppe (VSI) downgraded to Underweight from Equal Weight at Barclays


EARNINGS

Monday's earnings announcements (EST): 

Before the open: ​China Online Education (COE), Hovnanian Enterprises (HOV)
After the close: ​Applied Genetic Technologies (AGTC), Avid Bioservices (CDMO), Casey’s General Stores (CASY), Investors Real Estate Trust (IRET), Limoneira (LMNR), Matrix Service Company (MTRX), Sonos (SONO)


UPCOMING ECONOMIC NEWS
Monday's economic reports (EST): 

TD Ameritrade IMX - 12:30pm
Consumer Credit - 3:00pm


METALS / OIL

Gold closed at $1,200.40 an ounce, down $3.90

Silver settled at $14.07 an ounce, unchanged

Copper finished at $2.62 a pound, down $0.02

Crude Oil is at $68.09 barrel, up $0.32

Bitcoin Investment Trust (GBTC) ended at $8.34 down $0.24



​​​Article of the Day

Believe it or not, we get calls all the time asking this one simple question, so we thought we would answer it quickly for you right now in this short article.
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   Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY

Bears Get Weekly Win

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