Bulls Rebound, Push Another Round of Fresh Record Highs

U.S. markets rebounded on Monday as Wall Street prepares for the upcoming 4Q earnings season. The Financial sector will be in focus throughout the week with a number of companies reporting and their stock at, or near, 52-week peaks.

Economic news was light while volatility stayed in a tight range. Reports that the Trump administration will reportedly lift the currency manipulator designation for China, helped sentiment, as the two countries are finally set to sign the Phase One trade deal midweek.

The Nasdaq jumped 1% with the afternoon and new all-time high reaching 9,274. Fresh and lower resistance at 9,250-9,300 was cleared and held with a close above the latter signaling upside potential towards 9,350-9,400.

The Russell 2000 was higher by 0.7% after closing on its session high of 1,669. Near-term and lower resistance at 1,665-1,680 was cleared and held for the first time in 4 sessions with the late December 52-week high at 1,681.

The S&P 500 also gained 0.7% after closing on the session peak of 3,288 and fresh record high. Current and lower resistance at 3,275-3,300 was cleared and held with a close above the latter signaling a possible run towards 3,325-3,350.

The Dow nudged up 0.3% with the intraday high reaching 28,909. Current and lower resistance at 28,900-29,000 was cleared and held with a move above the latter signaling additional strength towards 29,200-29,400.

Materials and Technology were sector standouts after rallying 1.3% while Real Estate rose 1.2%. Healthcare was the only sector laggard after falling 0.4%.

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3D Systems (DDD) upgraded to Buy from Hold at Craig-Hallum
Ericsson (ERIC) upgraded to Buy from Neutral at Citi
New Relic (NEWR) upgraded to Buy from Neutral at UBS

Avnet (AVT) downgraded to Underweight from Equal Weight at Wells Fargo
Dine Brands (DIN) downgraded to Hold from Buy at Deutsche Bank
IBM (IBM) downgraded to In Line from Outperform at Evercore ISI

Before the open: 
Bank of America (BAC), BlackRock (BLK), Goldman Sachs (GS), PNC Bank (PNC), U.S. Bancorp (USB), UnitedHealth Group (UNH)

After the close: 
Alcoa (AA), Eagle Bancorp (EGBN), Hancock Whitney (HWC), Volt Information Sciences (VOLT)

Consumer Price Index - 8:30am
Redbook - 8:55am

Gold closed at $1,550.60 an ounce,down $9.50
Silver settled at $18.00 an ounce,  down $0.10
Copper finished at $2.86 a pound, up $0.05
Crude Oil was at $58.07 a barrel,
down $1.05
Bitcoin Investment Trust (GBTC) ended at $9.44,  down $0.16

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

   Todd Mitchell

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