11-11-2018 Todd’s Market Update

Bulls Get Weekly Win but Technical Outlook
Remains Weak



U.S. markets ended the week on a sour note as a plunge in oil prices and uneasiness about the housing market resurrected fears of an uncertain path for the economy, both here and abroad. Oil is near its lowest level in eight months after dipping below the $60 level for the first time since February.
The damage was mostly limited

as th major indexes closed off  their
 lows while finishing higher for the week.  However, the weakness in Tech and the small-caps remain a concern.


The damage was mostly limited as the major indexes closed off their lows while finishing higher for the week. However, the weakness in Tech and the small-caps remain a concern.

The Russell 2000 sank 1.8% after testing a low of 1,539. Fresh and upper support at 1,540-1,535 held with a close below the latter being a very bearish development. Note: A death cross is close to forming with the 50-day moving average in danger of falling below the 200-day moving average. This is typically a bearish signal for lower lows.

The Nasdaq plummeted 1.7% following the pullback to 7,349. Prior and upper support at 7,350-7,300 was breached on the close back below the 200-day moving average.

For the week, the Nasdaq eked out a 0.7% gain while the Russell 2000 climbed 0.1%.

The S&P 500 dropped 0.9% while bottoming at 2,764. Upper support at 2,800-2,775 was breached with the 200-day moving average holding into the closing bell.

The Dow was lower by 0.8% after testing a midday low of 25,882. Fresh and lower support at 26,000-25,800 and the 50-day moving average held on the close below the former.

The Dow was up 2.8% for the week and the S&P 500 added 2.1%.

Consumer Staples rose 0.5% to led sector strength. Utilities and Real Estate edged up 0.2% and 0.1%.

Communication Services tanked 2.1% to pace sector weakness while Technology was hammered for a 1.7% loss.


ANALYST UPGRADES/DOWNGRADES

Axon (AAXN) upgraded to Outperform from Neutral at Baird
Cree (CREE) upgraded to Buy from Neutral at Goldman Sachs​
Monster Beverage (MNST) upgraded to Conviction Buy from Buy at Goldman Sachs


Discovery (DISCA) downgraded to In-Line from Outperform
Skyworks (SWKS) downgraded to Neutral from Buy at BofA/Merrill
Yelp (YELP) downgraded to Market Perform from Outperform at Raymond James


EARNINGS

Monday's earnings announcements (EST): 

Before the open: ​​​Aecom Technology (ACM), Autohome (ATHM), Kamada (KMDA), Luby’s (LUB), Nordic American Tanker (NAT), Qutoutiao (QTT), Urogen Pharma (URGN)

After the close: ​​AmeriGas Propane (APU), Cypress Energy Partner (CELP), EnSync (ESNC), Focus Financial Partner (FOCS), Kornit Digital (KRNT), Navigator Holdings (NVGS), Roan Resources (ROAN), Unum Therapeutics (UMRX), Veritone (VERI), YY (YY)



UPCOMING ECONOMIC NEWS 
Monday's Economic Reports (EST):
No major announcements.



METALS / OIL

Gold closed at $1,208.50 an ounce, down $16.50
Silver settled at $14.14 an ounce, down $0.28

Copper finished at $2.68 a pound, down $0.06

Crude Oil is at $59.87 a barrel, down $0.80

Bitcoin Investment Trust (GBTC) ended at $7.06 down $0.38



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

   Todd Mitchell

Bulls Get Weekly Win but Technical Outlook
                          Remains Weak

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11-07-2018 Todd’s Market Update

Bulls Make a Strong Statement


U.S. markets opened higher and stayed strong following the results from the midterm elections, which played out just as Wall Street had expected. Republicans held the majority in the Senate, while Democrats gained control of the U.S. House of Representatives, raising the prospect of gridlock in D.C. between the two sides.

Lost in the hoopla, the Federal Reserve began its two-day policy meeting today, with a decision due Thursday afternoon. 

The market isn’t expecting a change in policy, but traders will be looking for fresh signals from the U.S. central bank on its plans for the rest of the year and beyond.


The Nasdaq zoomed 2.6% while reaching a peak of 7,572. Lower resistance at 7,500-7,525 and the 200-day moving average was cleared and gets fresh hurdles at 7,600-7,650 in play.

The Dow jumped 2.1% after testing a midday high of 26,200. Fresh and lower resistance at 26,000-26,200 was cleared and held with the move above the 50-day moving average being a bullish signal.

The S&P 500 also soared 2.1% following the push to 2,815 intraday. Fresh and lower resistance at 2,800-2,825 was cleared and held on the move above the 200-day moving average.

The Russell 2000 was higher by 1.7% after trading an intraday high of 1,582. Upper resistance at 1,575-1,580 was cleared and held into the close to set up a possible run towards 1,600.

Healthcare and Technology led sector strength after surging 3% and 2.9%, respectively. Consumer Discretionary advanced 2.7%.

There were no sector laggards for a 2nd-straight session.


ANALYST UPGRADES/DOWNGRADES

Target (TGT) upgraded to Outperform from Market Perform at Cowen
Spark Therapeutics (ONCE) upgraded to Strong Buy from Outperform at Raymond James
USA Compression (USAC) upgraded to Outperform from Sector Perform at RBC Capital
Frontier Communications (FTR) downgraded to Sell from Neutral at UBS
Mindbody (MB) downgraded to Neutral from Buy at UBS
Zillow (Z) downgraded to Sell from Hold at Zelman


EARNINGS

Thursday's earnings announcements (EST): 

Before the open: ​AstraZeneca (AZN), Cardinal Health (CAH), DR Horton (DHI), Endo International (ENDP), Fly Leasing (FLY), Gannett (GCI), Johnson Controls (JCI), Magna International (MGA), Nomad Foods (NOMD), Olympic Steel (ZEUS), Perrigo (PRGO), Scientific Games (SGMS), Telus (TU), Worldpay (WP)

After the close: Activision Blizzard (ATVI), Bojangles’ (BOJA), Clearwater Paper (CLW), Dropbox (DBX), Funko (FNKO), Hanger (HNGR), Hertz Global Holdings (HTZ), InnerWorkings (INWK), Joint (JYNT), One Stop Systems (OSS), PDF Solutions (PDFS), Redfin (RDFN), Skyworks Solutions (SWKS), Trade Desk (TTD), ViewRay (VRAY), Walt Disney (DIS), Yelp (YELP)



UPCOMING ECONOMIC NEWS
Thursday's Economic Reports (EST):
Jobless Claims - 8:30am
FOMC Meeting Announcement - 2:00pm


METALS / OIL

Gold closed at $1,228.70 an ounce, up $2.40
Silver settled at $14.57 an ounce, up $0.07

Copper finished at $2.75 a pound, up $0.02

Crude Oil is at $62.72 a barrel, up $0.51

Bitcoin Investment Trust (GBTC) ended at $7.72 up $0.23



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

   Todd Mitchell

Bulls Make a Strong Statement

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11-06-2018 Todd’s Market Update

Near-Term Resistance Levels Cleared


U.S. markets opened mixed while spending the majority of the session trading in positive territory afterwards. There was some late day weakness before a strong rally to session highs into the close and ahead of the midterms elections.

The outcome should help ease the near-term uncertainty of how Congress is controlled but other headwinds remains. Volatility is still giving a neutral reading although the bears have been in control since early October.


The Dow was up 0.7% after trading to an intraday peak of 25,651. Lower resistance at 25,600-25,800 was cleared and held with a move above the latter and the 50-day moving average signaling additional strength.

The S&P 500 soared 0.6% following the run to 2,756. Upper resistance at 2,740-2,750 was cleared with continued closes above 2,765-2,775 and the 200-day moving average being a more bullish development.

The Nasdaq snapped a 2-session losing streak after rising 0.6% while trading to a high of 7,400. Lower resistance at 7,400-7,450 failed to hold with more important hurdles at 7,500-7,525 and the 200-day moving average.

The Russell 2000 also climbed 0.6% after testing an intraday high of 1,557. Near-term resistance at 1,560 held for a 3rd-straight session with a close above this level getting 1,675-1,680 in play.

Materials and Industrials were the strongest sectors after rallying 1.6% and 1.1%, respectively. and 1.4%. Utilities added 0.7% while Technology, Communication Services, Consumer Staples, and Real Estate were all higher by 0.6%.

There were no sector laggards.


ANALYST UPGRADES/DOWNGRADES

Netflix (NFLX) upgraded to Buy from Underperform at Buckingham
iRobot (IRBT) upgraded to Buy from Hold at Canaccord
Under Armour (UA, UAA) upgraded to Overweight from Neutral at Piper Jaffray
Encana (ECA) downgraded to Equal Weight from Overweight at Morgan Stanley
Hilton (HLT) downgraded to Hold from Buy at Argus
Starbucks (SBUX) downgraded to Sell from Hold at DZ Bank


EARNINGS

Wednesday's earnings announcements (EST): 

Before the open: ​21st Century Fox (FOXA), Barrett Business Services (BBSI), Cars.com (CARS), Dean Foods (DF), Dish Network (DISH), Groupon (GRPN), Humana (HUM), Kelly Services (KELYA), Meet Group (MEET), Michael Kors (KORS), Office Depot (ODP), Radware (RDWR), Southern Company (SO), Tecnoglass (TGLS), Vitamin Shoppe (VSI), Wolverine World Wide (WWW)

After the close: New York Times (NYT) downgraded to Underweight from Equal Weight at Barclays , Valvoline (VVV) downgraded to Underperform from Buy at BofA/Merrill, 
Western Union (WU) downgraded to Market Perform from Outperform at Wells Fargo



UPCOMING ECONOMIC NEWS
Wednesday's Economic Reports (EST):
FOMC Meeting (Begins)
MBA Mortgage Applications - 7:00am
Consumer Credit - 3:00pm


METALS / OIL

Gold closed at $1,226.30 an ounce, down $6.00
Silver settled at $14.50 an ounce, down $0.15

Copper finished at $2.73 a pound, down $0.03

Crude Oil is at $62.21 a barrel, down $0.56

Bitcoin Investment Trust (GBTC) ended at $7.49 up $0.43



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

   Todd Mitchell

Near-Term Resistance Levels Cleared

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11-05-2018 Todd’s Market Update

VIX Holds 20 for a 3rd-Straight Session


U.S. markets got off to a mixed start for the week following ongoing trade concerns and ahead of the midterm elections. Additionally, FOMC meetings on Wednesday and Thursday this week weighed on investor sentiment.

China’s President Xi Jinping’s came back with some harsh words over the weekend for the U.S. stance on trade while the midterms are expected to shift the congressional balance of power. Volatility stayed slightly elevated but closed below major resistance at 20 for a 3rd-straight session.


The Dow gained 0.8% after holding positive territory for the majority of the session and reaching a peak of 25,505. Fresh and lower resistance at 25,600-25,800 held with a close above the latter and the 50-day moving average being a more bullish development.

The S&P 500 traded in a tight 27-point range while adding 0.6%. Resistance at 2,740-2,750 was split but held on the run to 2,744 with continued closes above the latter being a slightly bullish development.

The Russell 2000 dipped a half-point, or 0.03% after testing a midday low of 1,534. Fresh support at 1,535-1,520 was breached with a close below the latter likely leading to additional selling pressure.

The Nasdaq dropped 0.4% following the pullback to 7,255. Near-term support at 7,250-7,200 held with a move below the latter being a very bearish development.

Energy and Real Estate showed the most sector strength after jumping 1.7%. Financials and Utilities were up 1.6% and 1.4%.

Communication Services and Technology were the only sector laggards after falling 0.4% and 0.1%, respectively.


ANALYST UPGRADES/DOWNGRADES

Netflix (NFLX) upgraded to Buy from Underperform at Buckingham
iRobot (IRBT) upgraded to Buy from Hold at Canaccord
Under Armour (UA, UAA) upgraded to Overweight from Neutral at Piper Jaffray
Encana (ECA) downgraded to Equal Weight from Overweight at Morgan Stanley
Hilton (HLT) downgraded to Hold from Buy at Argus
Starbucks (SBUX) downgraded to Sell from Hold at DZ Bank


EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: Armstrong Flooring (AFI), Boise Cascade (BCC), CVS Health (CVS), Eli Lilly (LLY), Emerson Electric (EMR), Federal Signal (FSS), GreenSky (GSKY), Heska (HSKA), LGI Homes (LGIH), Malibu Boats (MBUU), Novanta (NOVT), ParkOhio Holdings (PKOH), Ralph Lauren (RL), Sotherly Hotels (SOHO), TopBuild (BLD), Unit (UNT), Zebra Technologies (ZBRA)

After the close: Ashland (ASH), Belmond (BEL), Community Healthcare (CHCT), Devon Energy (DVN), Diodes (DIOD), Energen (EGN), Etsy (ETSY), Five9 (FIVN), GoDaddy (GDDY), HCI Group (HCI), Inogen (INGN), Jazz Pharmaceuticals (JAZZ), Lending Club (LC), Match Group (MTCH), Neenah Paper (NP), Papa John’s International (PZZA), Planet Fitness (PLNT), Quidel (QDEL), Red Robin Gourmet Burgers (RRGB), ScanSource (SCSC), TrueCar (TRUE), Wendy’s (WEN), Zillow Group (Z)




UPCOMING ECONOMIC NEWS
Tuesday's Economic Reports (EST):
Redbook - 8:55am
Jolts - 10:00am


METALS / OIL

Gold closed at $1,232.30 an ounce, down $1.00
Silver settled at $14.65 an ounce, down $0.11

Copper finished at $2.76 a pound, down $0.05

Crude Oil is at $62.77 a barrel, down $0.09

Bitcoin Investment Trust (GBTC) ended at $7.16 up $0.24



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

   Todd Mitchell

VIX Holds 20 for a 3rd-Straight Session

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11-04-2018 Todd’s Market Update

Bulls Post Strong Weekly Gains


U.S. markets showed continued momentum on Friday’s open and were looking to extend a 3-session win streak following a strong jobs number. However, continued trade rhetoric and near-term resistance levels were too much to overcome with the major indexes rolling over an hour afterwards.


The small-caps made a late session comeback to avoid a loss and the overall damage was limited as the major indexes still managed to finish the week with gains. 

Volatility remains slightly elevated with the bulls and bears seesawing for leverage ahead of the midterm elections.


The Russell 2000 climbed 0.2% after reaching a peak of 1,557 shortly after the opening bell. Both upper and lower resistance at 1,550-1,560 held into the closing bell with the index roughly 5% away from clearing its 200-day moving average.

The Nasdaq tumbled 1% despite a 3rd-straight higher high and run to 7,466. The close below the 7,400 level and fade to 7,298 held near-term support at 7,300-7,275.

For the week, the Russell 2000 rallied 4.4% and the Nasdaq advanced 2.7%, their first weekly gains since mid and late September, respectively.

The S&P 500 came within 8 points of clearing its 200-day moving average but sank 0.6% on the backtest to 2,700. Upper support at 2,700-2,675 held by a half-point with a move below 2,650 being a bearish signal.

The Dow fell 0.4% despite trading to a morning high of 25,578. The pullback to 25,078 held lower and shaky support at 25,250-25,000 on the 2nd-straight close above the 200-day moving average holding.

Both the Dow and the S&P 500 were up 2.4% for the week.

Consumer Discretionary was the only sector that closed higher on Friday after adding 0.4%. Technology tanked 2% while Communication Services sank 1% to lead sector laggards.

For the week, Materials zoomed 6.1% while Consumer Discretionary and Energy soared 4.4%. Healthcare and Industrials jumped 2.1% and 1.9%, respectively. Utilities were the only sector laggard after falling 0.4%.


ANALYST UPGRADES/DOWNGRADES

Emergent BioSolutions (EBS) upgraded to Buy from Neutral at Goldman Sachs
Ingredion (INGR) upgraded to Neutral from Sell at Citi
VeriSign (VRSN) upgraded to Neutral from Underweight at JPMorgan

Apple (AAPL) downgraded to Neutral from Buy at BofA/Merrill
Puma Biotechnology (PBYI) downgraded to Underweight from Equal Weight at Barclays
UPS (UPS) downgraded to Neutral from Buy at Citi


EARNINGS

Monday's earnings announcements (EST): 

Before the open: Amicus Therapeutics (FOLD), CNA Financial (CNA), Del Frisco’s Restaurant (DFRG), Diamond Offshore Drilling (DO), Ferrari (RACE), Hudson (HUD), Invitation Homes (INVH), Kemper (KMPR), Loews (L), NuStar Energy (NS), Paramount Group (PGRE), Restoration Robotics (HAIR), SeaWorld Entertainment (SEAS), TravelCenters of America (TA), Welbilt (WBT),

After the close: American States Water (AWR), Avis Budget Group (CAR), Booking Holdings (BKNG), Cabot (CBT), Carrizo Oil & Gas (CRZO), Douglas Dynamics (PLOW), Fabrinet (FN), FreshPet (FRPT), Howard Hughes (HHC), IntriCon (IIN), j2 Global Communications (JCOM), Luminex (LMNX), Marriott International (MAR), Mosaic (MOS), nLight (LASR), Occidental Petroleum (OXY), Rent-A-Center (RCII), RingCentral (RNG), Skyline (SKY), Tenet Healthcare (THC), Valvoline (VVV), Xencor (XNCR)



UPCOMING ECONOMIC NEWS
Monday's Economic Reports (EST):
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am
TD Ameritrade IMX - 12:30pm


METALS / OIL

Gold closed at $1,233.30 an ounce, down $5.30
Silver settled at $14.76 an ounce, down $0.02

Copper finished at $2.81 a pound, up $0.09

Crude Oil is at $62.86 a barrel, down $0.63

Bitcoin Investment Trust (GBTC) ended at $6.93 up $0.29



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

   Todd Mitchell

Bulls Post Strong Weekly Gains

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11-01-2018 Todd’s Market Update

Bulls Get Hat Trick


​U.S. markets opened higher but began to lose some steam in early morning action following 2 days of solid gains. However, an optimistic tweet from President Trump about trade talks with China renewed strength with the market extending its rally to a third-straight session.


Trump tweeted he had a long and very good conversation with President Xi Jinping of China said they talked about many subjects, with a heavy emphasis on trade. He added those discussions were moving along nicely with meetings being scheduled at the G-20 meetings in Argentina.


The Russell 2000 rocketed 2.2% while making a run to 1,547. Fresh and lower resistance at 1,550-1,560 held with a close above the latter being a continued bullish signal.

The Nasdaq zoomed 1.8% after testing a session high of 7,435. Fresh resistance at 7,450-7,500 held with a close above 7,525 and the 200-day moving average being a continued bullish signal.

The S&P 500 soared 1.1% while tapping a high of 2,741 ahead of the closing bell. Lower resistance at 2,735-2,750 was split with the latter holding into the close.

The Dow also jumped 1.1% after trading a late session peak of 25,396. Lower resistance at 25,350-25,400 was cleared and held with the close above the 200-day moving average being a bullish development.

Materials surged 2.8% to lead sector strength while Consumer Discretionary rallied 2%. Industrials rose 1.7% while Healthcare popped 1.3% higher.

Utilities were the only sector laggard after giving back 0.4%


ANALYST UPGRADES/DOWNGRADES

Asur (ASR) upgraded to Overweight from Neutral at JPMorgan
Nutrisystem (NTRI) upgraded to Outperform from Market Perform at Barrington
Sanofi (SNY) upgraded to Equal Weight from Underweight at Barclays

Autoliv (ALV) downgraded to Neutral from Buy at Longbow
Encana (ECA) downgraded to Underperformer from Neutral at CIBC

New Oriental Education (EDU) downgraded to Hold from Buy at Deutsche Bank


EARNINGS

Friday's earnings announcements (EST): 

Before the open: Alibaba (BABA), Buckeye Partners (BPL), Cboe Global Markets (CBOE), Duke Energy (DUK), Exxon Mobil (XOM), HMS Holdings (HMSY), ITT Industries (ITT), Newell Brands (NWL), Ruth’s Hospitality Group (RUTH), Seagate Technologies (STX), Vistra Energy (VST)

After the close: ​Parsley Energy (PE), Watts Industries (WTS)



UPCOMING ECONOMIC NEWS
Friday's Economic Reports (EST):
Jobs Report - 8:30am
International Trade in Goods - 8:30am
Factory Orders - 10:00am
Baker-Hughes Rig Count - 1:00pm


METALS / OIL

Gold closed at $1,238.60 an ounce, up $23.60
Silver settled at $14.78 an ounce, up $0.50

Copper finished at $2.72 a pound, up $0.06

Crude Oil is at $63.49 a barrel, down $1.82

Bitcoin Investment Trust (GBTC) ended at $6.64 down $0.10



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

   Todd Mitchell

Bulls Get Hat Trick

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10-31-2018 Todd’s Market Update

Bulls Get Back-to-Back Wins


U.S. markets wrapped up a volatile month with the S&P 500 and Nasdaq closing higher in back-to-back sessions for the first time since September. The recent rebound is signaling a possible near-term bottom is in but the rest of the week has a number of high profile earnings due out.

The longer-term technical outlook remains slightly bearish but the major indexes could follow the Dow’s lead in making a run towards their 200-day moving averages on continued strength. 


Volatility is showing signs of easing but remains just above an uncomfortable level for the bulls.


The Nasdaq surged 2% while testing a session high of 7,368. Fresh resistance at 7,350-7,400 held with a close above the latter being a continued bullish signal.

The S&P 500 jumped 1.1% after trading to a second half high of 2,736. Fresh and lower resistance at 2,735-2,750 held with continued closes above the latter being a more bullish development.

For October, the Nasdaq was the worst-performing major index, dropping 9.2% and its biggest monthly loss since November 2008. The S&P 500 shed 6.9% for its biggest monthly decline since September 2011.

The Dow was higher by 1% following the intraday push to 25,336. Near-term resistance at 25,350-25,400 and the 200-day moving average were held by the bears with a close above the latter signaling additional strength.

The Russell 2000 added 0.3% after reaching a morning peak of 1,526. Near-term resistance at 1,525-1,535 held with a close above 1,540 being a more bullish signal.

The Russell 2000 tanked 11% while the Dow sank 5.1% in October for its biggest monthly percentage fall since January 2016.

Technology and Communication Services were the strongest sectors after rallying 2.4% and 2.1%. Financials and Materials advanced 1.4%.

Real Estate and Utilities were down 1.4% and 1.2%, respectively, and were the weakest sectors. Consumer Staples was off 1% to round out the losers.

For October, Utilities and Consumer Staples were the only positive sectors after rising 3.2% and 3%. Energy plummeted 11.9% while Industrials were hammered for an 11.5% loss. Consumer Discretionary plunged 11.3%, Materials were hit for 10.4%, and Technology tanked 10.1% to round out the double-digit percentage losers.


ANALYST UPGRADES/DOWNGRADES

Comerica (CMA) upgraded to Strong Buy from Outperform at Raymond James
Denny's (DENN) upgraded to Overweight from Equal Weight at Stephens
Eli Lilly (LLY) upgraded to Neutral from Underperform at Credit Suisse

Clovis (CLVS) downgraded to Neutral from Overweight at JPMorgan
Qualcomm (QCOM) downgraded to Neutral from Buy at BofA/Merrill
Weatherford (WFT) downgraded to Neutral from Buy at Guggenheim


EARNINGS

Thursday's earnings announcements (EST): 

Before the open: ​Aircastle (AYR), Ball (BLL), Cigna (CI), Dominion Energy (D), Exelon (EXC), Gartner (IT), GasLog (GLOG), Generac Holdimgs (GNRC), HanesBrands (HBI), Insperity (NSP), InterDigital (IDCC), iStar (STAR), LendingTree (TREE), Madison Square Garden (MSG), MGM Growth Properties (MGP), NetScout Systems (NTCT), New York Times (NYT), Oshkosh (OSK), Penn National Gaming (PENN), Pitney Bowes (PBI), Quanta Services (PWR), Radius Health (RDUS), Sealed Air (SEE), Sotheby’s Holdings (BID), Teleflex (TFX), TreeHouse Foods (THS), Veeco Instruments (VECO), Wayfair (W), Zoetis (ZTS)

After the close: ​Alleghany (Y), Apple (AAPL), Bovie Medical (BVX), Cardtronics (CATM), CBS (CBS), El Pollo Loco Holdings (LOCO), EOG Resources (EOG), Fluor (FLR), GoPro (GPRO), Host Hotels & Resorts (HST), Kaman (KAMN), Kraft Heinz (KHC), Live Nation Entertainment (LYV), Metlife (MET), Motorola Solutions (MSI), Pixelworks (PXLW), Rogers (ROG), Shake Shack (SHAK), Starbucks (SBUX), Trimble Navigation (TRMB), United States Steel (X), Viavi Systems (VIAV), Weight Watchers International (WTW), Western Union (WU)



UPCOMING ECONOMIC NEWS
Thursday's Economic Reports (EST):
Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am
Productivity and Costs - 8:30am
PMI Manufacturing Index - 9:45am
ISM Manufacturing Index - 10:00am
Construction Spending - 10:00am


METALS / OIL

Gold closed at $1,215.00 an ounce, down $10.30
Silver settled at $14.28 an ounce, down $0.18

Copper finished at $2.66 a pound, unchanged

Crude Oil is at $64.91 a barrel, down $1.27

Bitcoin Investment Trust (GBTC) ended at $6.74 up $0.08



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

   Todd Mitchell

Bulls Get Back-to-Back Wins

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10-30-2018 Todd’s Market Update

VIX Continues to Hold 25

U.S. markets opened slightly lower but showed strength shortly afterwards while maintaining positive territory for much of the session. President Trump’s remarks about a potential "great deal" with China helped sentiment and follows news that the U.S. could levy tariffs on the balance of Chinese imports.

Tech showed some midday weakness as it slightly lagged overall market strength with a number of major companies set to report 3Q earnings this week. Volatility stayed slightly deflated after holding near-term resistance for a 4th-straight session.

The Russell 2000 showed the most strength after rocketing 2% and making a run to 1,507. Near-term and lower resistance at 1,500-1.515 was cleared with a close above 1,520 being a more bullish development.

The Dow was up 1.8% after testing an intraday high of 24,906. Near-term resistance at 24,800-25,000 was split with continued closes back above 25,150 and the 200-day moving average being a more bullish signal.

The S&P 500 surged 1.6% while trading to a session high of 2,685. Fresh and lower resistance at 2,675-2,700 was cleared and held with continued closes above the latter being a slightly bullish development.

The Nasdaq advanced 1.6% while trading to a midday peak of 7,166. Lower resistance at 7,150-7,200 was held by the bulls with continued closes above 7,300 signaling a possible near-term bottom.

Communications was the strongest sector after zooming 2.7% while Energy and Materials were up 2.3%. Industrials and Consumer Staples were higher by 2.1% and 2%, respectively.

There were no sector laggards.

ANALYST UPGRADES/DOWNGRADES

Beach Energy (BEPTF) to Hold from Sell at Canaccord
Nvidia (NVDA) upgraded to Overweight from Neutral at JPMorgan
Werner (WERN) upgraded to Overweight from Sector Weight at KeyBanc
Elevate Credit (ELVT) downgraded to Market Perform from Outperform at JMP Securities
E-Trade (ETFC) downgraded to Outperform from Strong Buy at Raymond James
LabCorp (LH) downgraded to Hold from Buy at Argus


EARNINGS

Wednesday's earnings announcements (EST): 

Before the open: ​​​Anthem (ANTM), Baxter International (BAX), CDW (CDW), Clean Harbors (CLH), Clorox (CLX), Dine Brands Global (DIN), Estee Lauder (EL), Garmin (GRMN), General Motors (GM), Hess (HES), Kellogg (K), LittelFuse (LFUS), Molson Coors Brewing (TAP), PBF Energy (PBF), Radian Group (RDN), Sanofi (SNY), Sprint (S), Walker & Dunlop (WD), Yum Brands (YUM)

After the close: ​​Allstate (ALL), Apache (APA), Cactus (WHD), Churchill Downs (CHDN), CryoLife (CRY), Express Scripts (ESRX), Fitbit (FIT), FormFactor (FORM), JBT Corp (JBT), Keane Group (FRAC), Life Storage (LSI), Masimo (MASI), Noble Drilling (NE), Open Text (OTEX), Qorvo (QRVO), Rayonier (RYN), Suncor Energy (SU), Williams Companies (WMB), XPO Logistics (XPO), Zynga (ZNGA)



UPCOMING ECONOMIC NEWS
Wednesday's Economic Reports (EST):
MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
Employment Cost Index - 8:30am
Chicago PMI - 9:45am


METALS / OIL

Gold closed at $1,225.30 an ounce, down $2.30
Silver settled at $14.46 an ounce, up $0.02

Copper finished at $2.66 a pound, down $0.08

Crude Oil is at $66.17 a barrel, down $0.87

Bitcoin Investment Trust (GBTC) ended at $6.66 down $0.17



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

   Todd Mitchell

VIX Continues to Hold 25

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10-29-2018 Todd’s Market Update

Bulls Push Fresh Monthly Lows

U.S. markets showed strength throughout much of the session before late days news on trade talks derailed the rally. The White House is reportedly preparing to announce tariffs by early December on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to make progress.

The new tariff list would apply to the imports from China that aren't already covered by previous rounds of tariffs and sent the major indexes reeling. Fresh monthly lows were set with volatility remaining slightly elevated..

The Nasdaq tumbled 1.6% after testing a low of 6,922. Lower May support at 7,100-7,000 was breached but held into the closing bell.

The Dow declined 1% despite clearing the 25,000 level shortly after the open. The 918-point plummet to 24,122 breached support from late June at 24,500-24,250 with the latter level holding into the close.

The S&P 500 gave back 0.7% after trading dow to 2,603. Late April and lower support at 2,625-2,600 held with risk to 2,550 and February lows on a move below the latter.

The Russell 2000 was lower by 0.4% following the late session pullback to 1,461. February and upper support at 1,460-1,450 held with risk to 1,425 on a close below the latter.

Real Estate and Utilities showed the most sector strength after rising 1.7% and 1.4%. Consumer Staples and Financials gained 1.2% and 0.9%, respectively.

Energy led sector weakness after sinking 1.9% while Technology and Industrials were off 1.7%.

ANALYST UPGRADES/DOWNGRADES

ConocoPhillips (COP) upgraded to Buy from Neutral at BofA/Merrill
Ford (F) upgraded to Buy from Neutral at Goldman Sachs
STMicroelectronics (STM) upgraded to Neutral from Sell at UBS

Electronic Arts (EA) downgraded to Sector Weight from Overweight at KeyBanc
Palo Alto Networks (PANW) downgraded to Hold from Buy at Summit Insights.
Western Digital (WDC) downgraded to Hold from Buy at Loop Capital


EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: ​​Aetna (AET), Brinker International (EAT), Coca-Cola (KO),
Cummins (CMI), Eaton (ETN), Flir Systems (FLIR), General Electric (GE), Honda Motor (HMC), Kemet (KEM), Mastercard (MA), Pfizer (PFE), Shutterstock (SSTK), Sony (SNE), Tapestry (TPR), Under Armour (UAA), Vulcan Materials (VMC), Welltower (WELL), Xylem (XYL)

After the close: ​3D Systems (DDD), Amgen (AMGN), Baidu.com (BIDU), Cheesecake Factory (CAKE), Denny’s (DENN), eBay (EBAY), Electronic Arts (EA), Facebook (FB), FireEye (FEYE), Genworth Financial (GNW), Herbalife Nutrition (HLF), Hyatt Hotels (H), Key Tronic (KTCC), Markel (MKL), MGM Resorts (MGM), NutriSystem (NTRI), Owens-Illinois (OI), Public Storage (PSA), Seaspan (SSW), Shutterfly (SFLY), T-Mobile (TMUS), Voya Financial (VOYA), Yum China Holdings (YUMC)



UPCOMING ECONOMIC NEWS
Tuesday's Economic Reports (EST):
Redbook - 8:55am
S&P Corelogic Case-Shiller - 9:00am
Consumer Confidence - 10:00am
State Street Investor Confidence - 10:00am
Farm Prices - 3:00pm


METALS / OIL

Gold closed at $1,227.60 an ounce, down $8.20
Silver settled at $14.44 an ounce, down $0.26

Copper finished at $2.74 a pound, unchanged

Crude Oil is at $67.71 a barrel, down $0.91

Bitcoin Investment Trust (GBTC) ended at $6.83 down $0.14



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

   Todd Mitchell

Bulls Push Fresh Monthly Lows

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10-28-2018 Todd’s Market Update

Bears Stay Aggressive During October Correction

U.S. markets wrapped up a volatile week with fresh monthly lows as corporate earnings and continued trade rhetoric weighed on sentiment. Larry Kudlow, head of President Trump's National Economic Council, accused China of refusing to engage on trade issues.

Chinese officials are said to be bracing for a prolonged fight and are focusing on adapting to a new normality in relations. Meanwhile, volatility continues to stay elevated with a bullish technical pattern in process and still a major warning signal for the market.

The Nasdaq sank 2.1% while tapping a low of 7,057. Early May support at 7,100-7,000 was split with both levels holding into the closing bell.

The Russell 2000 fell 1.1% following the morning fade to 1,459. February and upper support at 1,460-1,450 was breached with risk to 1,425 on continued weakness.

Tech was down 3.8% for the week while the small-caps gave back 3.9%.

The S&P 500 was off 1.7% after bottoming at 2,628 on Friday. Late April and upper support at 2,625-2,600 held with risk to 2,550 and February lows on a move below the latter.

The Dow dropped 1.2% after sinking to a first half low of 24,445. Lower support from late June at 24,500-24,250 was breached with both levels holding into the close.

For the week, the S&P 500 tanked 3.9% and the Dow was hit for a 3% loss.

There was no sector strength on Friday. Consumer Discretionary led sector weakness after plummeting 3.1%. Communication Services and Real Estate declined 2.7% and 2.6%, respectively.

For the week, Consumer Staples and Real Estate rallied 2.6% while Utilities rose 1.2% to round out the winners. Energy was slammed for 7.2% while Industrials were punished for 5% and were the biggest losers.

ANALYST UPGRADES/DOWNGRADES

​GrubHub (GRUB) upgraded to Conviction Buy from Buy at Goldman Sachs
Six Flags (SIX) upgraded to Neutral from Underperform at Macquarie with
Twitter (TWTR) upgraded to Outperform from Perform at Oppenheimer

​Colgate-Palmolive (CL) downgraded to Hold from Buy at SunTrust
Kraton (KRA) downgraded to Hold from Buy at SunTrust
Western Digital (WDC) downgraded to Neutral from Buy at Longbow


EARNINGS

Monday's earnings announcements (EST): 

Before the open: ​Alliance Resource Partners (ARLP), Bloomin’ Brands (BLMN), Cooper Tire & Rubber (CTB), Dana Holding (DAN), First Data (FDC), Mercury General (MCY), Stoneridge (SRI), Tower International (TOWR), Yandex (YNDX)

After the close: 8x8 (EGHT), Akamai Technologies (AKAM), Blackbaud (BLKD), Chegg (CHGG), EPR Properties (EPR), FTS International (FTSI), Harmonic (HLIT), KLA-Tencor (KLAC), Mondelez International (MDLZ). Nautilus (NLS), QCR Holdings (QCRH), Rambus (RMBS), TimKen (TKR), UDR (UDR), Vornado Realty Trust (VNO), Wingstop (WING)



UPCOMING ECONOMIC NEWS
Monday's Economic Reports (EST):
Personal Income and Outlays - 8:30am
Dallas Fed Manufacturing Survey - 10:30am


METALS / OIL

Gold closed at $1,235.80 an ounce, up $3.40
Silver settled at $14.70 an ounce, down $0.07

Copper finished at $2.74 a pound, down $0.01

Crude Oil is at $667.62 a barrel, up $0.64

Bitcoin Investment Trust (GBTC) ended at $6.97 down $0.07



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

   Todd Mitchell

Bears Stay Aggressive During October Correction

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