Category Archives for General

10-11-2018 Trade of the Day

Bears Stay Aggressive


U.S. markets showed continued selling pressure on Thursday’s open before rebounding shortly afterwards and testing positive territory. However, sellers emerged in the second hour of trading and another selloff resumed.

The major indexes are suffering through their worst week since March with at least 65% of the S&P 500 now in correction territory or worse. Volatility reached its highest level in 8 months with Tech and the small-caps entering correction territory.

The Russell 2000 extended its losing streak to 6-straight sessions after giving back 1.9% and closing at a session low of 1,545. May and upper support at 1,550-1,540 was breached with a move below the latter signaling additional weakness.

The Dow dropped 2.1% following the intraday backtest of 24,899. Fresh and upper support at 25,000-24,800 was split with a move below the latter being a continued bearish development.

The S&P 500 also sank 2.1% after testing a second half low 2,710. July support at 2,725-2,700 is back in play with a close below the latter signaling lower lows.

The Nasdaq fell 1.3% following the intraday pullback to 7,274. Fresh and May support at 7,300-7,250 held with risk to 7,200-7,000 on continued selling pressure.

For the 2nd-straight session there was no sector strength.

Energy was the weakest sector after falling 3.4% while Financials and Real Estate were off 2.9%. Health Care dropped 2.7%

ANALYST UPGRADES/DOWNGRADES

​GoDaddy (GDDY) upgraded to Buy from Neutral at Citi
Lear (LEA) upgraded to Buy from Neutral at Goldman Sachs
SiteOne Landscape (SITE) upgraded to Neutral from Sell at UBS
Ferrari (RACE) downgraded to Hold from Buy at Jefferies
Tata Motors (TTM) downgraded to Hold from Buy at HSBC
Valero (VLO) downgraded to Hold from Buy at Tudor Pickering

EARNINGS

Friday's earnings announcements (EST): 

Before the open: ​Citigroup (CITI), First Republic Bank (FRC), JPMorgan Chase (JPM), PNC Bank (PNC), Wells Fargo (WFC)
After the close: ​​No major announcements

UPCOMING ECONOMIC NEWS
Friday's Economic Reports (EST):
Import and Export Prices - 8:30am
Consumer Sentiment - 10:00am
Charles Evans, Bostic Speak
Baker-Hughes Rig Count - 1:00pm


METALS / OIL

Gold closed at $1,277.60 an ounce, up $34.20

Silver settled at $14.61 an ounce, up $0.28

Copper finished at $2.80 a pound, up $0.02

Crude Oil is at $70.99 a barrel, down $2.18

Bitcoin Investment Trust (GBTC) ended at $6.78 down $0.53



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

   Todd Mitchell

QUOTE OF THE DAY

Bears Stay Aggressive

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10-10-2018 Trade of the Day

Bears Stay Aggressive


U.S. markets showed continued weakness on Wednesday and gained downside momentum into the closing bell, leading to the market's worst trading day since June. Trade concerns and rising interest rates have been a headwind for the market over the past two weeks and finally reached a boiling point.

Fueling the selloff late was news that the U.S. Justice Department charged a Chinese intelligence officer of economic espionage for theft of trade secrets from leading U.S. aerospace companies. The news is hardly likely to tamp down rising Sino-U.S. trade/tariff animosity as volatility soared past a key level of resistance.

The Nasdaq plummeted 4.1% after tapping a low of 7,420. Fresh and upper June support at 7,400-7,350 held on the close below the 200-day moving average with a move below the latter being a continued bearish development.

The S&P 500 slumped 3.3% following the pullback to 2,784. Upper support at 2,775-2,750 and the 200-day moving average held with a close below the latter being a warning sign for lower lows.

The Russell 2000 sank 2.9% while closing on its session low of 1,575. May support at 1,570-1,560 held with a drop below the latter likely leading to 1,540.

The Dow tumbled 3.2% after testing an intraday low of 25,593. Fresh and upper support at 25,600-25,400 was stretched by a couple of points into the close with a move below the latter being a continued bearish signal.

There was no sector strength. Technology and Communications Services were slammed for losses of 4.9% and 4%, respectively. Utilities fell 0.6% and were the least affected.

ANALYST UPGRADES/DOWNGRADES

Discovery (DISCA) upgraded to Outperform from Neutral at Credit Suisse
McDonald's (MCD) upgraded to Buy from Neutral at Guggenheim
Intuitive Surgical (ISRG) upgraded to Overweight from Neutral at Piper Jaffray
International Paper (IP) downgraded to Neutral from Buy at Goldman Sachs
Sherwin-Williams (SHW) downgraded to Neutral from Buy at Citi
Vipshop (VIPS) downgraded to Neutral from Overweight at JPMorgan

EARNINGS

Thursday's earnings announcements (EST): 

Before the open: Commerce Bancshares (CBSH), Delta Air Lines (DAL), Emmis Communications (EMMS), Endava (DAVA), Walgreens Boot Alliance (WBA)
After the close: ​Exfo (EXFO)

UPCOMING ECONOMIC NEWS
Thursday's Economic Reports (EST):
Claims - 8:30am
Consumer Price Index - 8:30am


METALS / OIL

Gold closed at $1,193.40 an ounce, up $1.90

Silver settled at $14.33 an ounce, down $0.07

Copper finished at $2.78 a pound, down $0.03

Crude Oil is at $72.59 a barrel, down $2.37

Bitcoin Investment Trust (GBTC) ended at $7.31 down $0.41



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

   Todd Mitchell

QUOTE OF THE DAY

Bears Stay Aggressive

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10-09-2018 Trade of the Day

VIX Holding the 17.50 Level


U.S. markets struggled for direction on Tuesday with the major indexes choppy throughout the session as Wall Street continued to monitor bond yields and the implication that rising yields might have on stocks.

Trade tensions were also a slight concern as the White House has apparently signaled to China that President Trump won't meet with President Xi at the G20 summit unless China publishes a list of specific trade concessions.

The resignation of United Nations Ambassador Haley also caused some nervousness, but it was an amicable departure. Volatility stayed elevated but continued to hold key resistance levels.

The Russell 2000 dropped 0.5% while closing a half-point off its session low of 1,621. Upper support at 1,620-1,610 and the 200-day moving average held for the 3rd-straight session.

The Dow declined 0.2% after testing a morning low of 26,324. Support at 26,400-26,350 was breached but levels that held into the closing bell.

The S&P 500 traded in a 20-point range before sliding 0.1% on the pullback to 2,874. Upper support at 2,875-2,865 and the 50-day moving average held with a close below 2,850 being a warning signal for lower lows.

The Nasdaq gained 2 points, or 0.03%, and showed the most intraday strength after testing a high of 7,799. Near-term and lower resistance at 7,800 held with continued closes above this level signaling a possible short-term bottom.

Energy led sector strength after jumping 1%. Utilities and Technology rose 0.4%.

Materials easily led sector weakness after plummeting 3.3% while Industrials tumbled 1.5%.

ANALYST UPGRADES/DOWNGRADES

Conagra Brands (CAG) upgraded to Buy from Neutral at UBS
General Electric (GE) upgraded to Overweight from Equal Weight at Barclays
Willis Towers Watson (WLTW) upgraded to Outperform from Neutral at Credit Suisse
Glu Mobile (GLUU) downgraded to Neutral from Buy at Roth Capital
Kimberly-Clark (KMB) downgraded to Neutral from Buy at Goldman Sachs
Waters (WAT) downgraded to Market Perform from Outperform at Leerink

EARNINGS

Wednesday's earnings announcements (EST): 

Before the open: ​Fastenal (FAST)
After the close: IDT (IDT)

UPCOMING ECONOMIC NEWS
Wednesday's Economic Reports (EST):
MBA Mortgage Applications - 7:00am
PPI-FD - 8:30am
Atlantic Fed Business Inflation Expectations - 10:00am
Wholesale Trade - 10:00am


METALS / OIL

Gold closed at $1,191.50 an ounce, up $2.90

Silver settled at $14.40 an ounce, up $0.07

Copper finished at $2.81 a pound, up $0.04

Crude Oil is at $74.72 a barrel, up $0.43

Bitcoin Investment Trust (GBTC) ended at $7.72 down $0.16



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

   Todd Mitchell

QUOTE OF THE DAY

VIX Holding the 17.50 Level

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10-08-2018 Trade of the Day

Crucial Support Levels Holding


U.S. markets struggled throughout Monday’s action despite bond markets being closed for the Columbus Day holiday. Wall Street was looking for a rebound and got some nice pin action in the final hour of trading but the weakness was once again being blamed on the recent rise in bond yields.

Global markets were slammed and also contributed to the tone along with the ongoing U.S. trade fight with China. The mixed finish offered hints of a possible bottoming process, but the VIX remains elevated after triggering another level of fresh resistance.

The Dow climbed 0.2% after erasing a 224-point deficit while reaching a peak of 26,529. Prior resistance at 26,600-26,800 is back in play on continued closes above 26,400-26,350.

The S&P 500 slipped a point, or 0.04%, following the backtest to 2,862. Support at 2,875-2,865 and the 50-day moving average was stretched but held with a close below 2,850 being a continuing bearish development.

The Russell 2000 dipped 0.2% after testing a 3rd-straight lower low of 1,616. May support at 1,620-1,610 and the 200-day moving average held for the second-straight session with a close below the latter likely leading to panic selling.

The Nasdaq fell 0.7% following the intraday plunge to 7,654. Late July and lower support at 7,700-7,650 held on a dime with a close above 7,800 signaling a possible short-term bottom.

Consumer Staples and Real Estate jumped 1.4% and 1.3% to show the most sector strength. Utilities and Financials soared 0.8% and 0.7%.

Technology and Communication Services paced sector weakness after falling 1.1% and 0.3%, respectively.

ANALYST UPGRADES/DOWNGRADES

Conagra Brands (CAG) upgraded to Buy from Neutral at UBS
General Electric (GE) upgraded to Overweight from Equal Weight at Barclays
Willis Towers Watson (WLTW) upgraded to Outperform from Neutral at Credit Suisse
Glu Mobile (GLUU) downgraded to Neutral from Buy at Roth Capital
Kimberly-Clark (KMB) downgraded to Neutral from Buy at Goldman Sachs
Waters (WAT) downgraded to Market Perform from Outperform at Leerink

EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: Azz (AZZ), Helen of Troy (HELE)
After the close: IDT (IDT)

UPCOMING ECONOMIC NEWS
Tuesday's Economic Reports (EST):
NFIB Small Business Optimism Index - 6:00am
Redbook - 8:55am


METALS / OIL

Gold closed at $1,188.60 an ounce, down $17.00

Silver settled at $14.33 an ounce, down $0.32

Copper finished at $2.77 a pound, up $0.01

Crude Oil is at $74.25 a barrel, down $0.04

Bitcoin Investment Trust (GBTC) ended at $7.88 up $0.58



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

   Todd Mitchell

QUOTE OF THE DAY

Crucial Support Levels Holding

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10-07-2018 Trade of the Day

Small-Caps Hold Major Support


U.S. markets opened higher on Friday but were weak for a 2nd-straight session as 10-year Treasury yields moved to their highest level since 2011 to put the brakes on the early gains. A fresh round of tough trade talk from White House economic adviser, Larry Kudlow, also caused some nervousness.

Kudlow mentioned there is maybe a discussion about a Trump, XI, G-20 meeting while saying Chinese so-called friends have done lots of mischief. The downside momentum lasted into the second half of action before a slight rebound into the close with the major indexes extending their losses for the week.

The Nasdaq tumbled 1.2% following the pullback to 7,715. Late July and upper support at 7,700-7,650 held with a close below the latter likely leading to a retest of 7,600.

The Russell 2000 plummeted 0.9% after testing a low of 1,618. May support at 1,620-1,610 and the 200-day moving average held with a close below the latter being a continued bearish signal.

The Nasdaq was off 3.2% for the week while the Russell 2000 declined 4%.

The Dow stumbled 0.7% following the back-test to 26,301. Mid-September support at 26,300-26,250 held with a close below the latter likely leading to further weakness towards 26,000-25,800.

The S&P 500 slumped 0.6% after tapping a session low of 2,869. Early September support at 2,875-2,865 and the 50-day moving average held with a close below 2,850 signaling additional weakness.

For the week, the Dow was down just 11 points while the S&P 500 fell 1%.

Utilities zoomed 1.5% while Real Estate climbed 0.03% and were the only sectors that showed strength.

Technology and Communication Services sank 1.3% and 1% to pace sector laggards.

For the week, Utilities were up 1.8% while Energy advanced 1.6%. Consumer Discretionary was hammered for 3.6% loss and Communication Services fell 1.8%.

ANALYST UPGRADES/DOWNGRADES

Canadian Pacific (CP) upgraded to Buy from Hold at TD Securities
Eli Lilly (LLY) upgraded to Outperform from Market Perform at BMO Capital
Fiesta Restaurant (FRGI) upgraded to Neutral from Underweight at Piper Jaffray
CommScope (COMM) downgraded to Neutral from Buy at Nomura Instinet
Mylan (MYL) downgraded to Neutral from Buy at Mizuho
PepsiCo (PEP) downgraded to Neutral from Outperform at Macquarie

EARNINGS

Friday's earnings announcements (EST): 

No major announcements. 3Q earnings season gets underway this week.

UPCOMING ECONOMIC NEWS
TD Ameritrade IMX - 12:30pm


METALS / OIL

Gold closed at $1,205.60 an ounce, up $4.00

Silver settled at $14.65 an ounce, up $0.06

Copper finished at $2.76 a pound, down $0.02

Crude Oil is at $74.29 a barrel, down $0.28

Bitcoin Investment Trust (GBTC) ended at $7.30 down $0.16



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

   Todd Mitchell

QUOTE OF THE DAY

Small-Caps Hold Major Support

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10-04-2018 Trade of the Day

Bears Make an Appearance as VIX Spikes


U.S. markets were hit for heavy losses on Thursday following the surge in government bond yields. The yield on 10-year Treasury note, a bellwether for risk sentiment around the world, jumped to 3.188% Thursday. This was up from 3.159% on Wednesday, and represents the 10-year T-note’s highest level since July 2011.

Bond prices fell as yields rose with the major indexes all falling more than 1%. Volatility surged to its highest peak since mid-August after closing above key levels of resistance.

The Nasdaq tanked 1.8% after bottoming at 7,833 late in the session. August and upper support at 7,825-7,750 held on the close back below the 50-day moving average.

The Russell 2000 sank 1.5% following the pullback to 1,643. Upper June support at 1,640-1,630 held with a move below the latter being a continued bearish development.

The Dow dropped 0.8% after fading to a low of 26,471 intraday. Prior support at 26,400-26,350 held with a close below the latter likely leading to 26,200-26,000.

The S&P 500 sank 0.8% following the backtest to 2,883 late in the session. Upper support at 2,875-2,850 and the 50-day moving average held with a close below the latter being a continuing bearish development.

Utilities and Financials were the only sectors to show strength after climbing 0.8% and 0.6%, respectively.

Technology and Consumer Discretionary led sector weakness after sinking 1.8% and 1.5%. Communication Services and Health Care fell 1.4% and 1%.

ANALYST UPGRADES/DOWNGRADES

Cloudera (CLDR) upgraded to Buy from Neutral at DA Davidson and Nomura Instinct
National Storage (NSA) upgraded to Buy from Hold at Jefferies
Washington Trust (WASH) upgraded to Buy from Hold at Sandler O'Neill
AMC Networks (AMCX) downgraded to Sell from Neutral at Goldman Sachs
Ameresco (AMRC) downgraded to Neutral from Buy at Roth Capital
Corporate Capital (CCT) downgraded to Market Perform from Outperform at Wells Fargo

EARNINGS

Friday's earnings announcements (EST): 

No major announcements

UPCOMING ECONOMIC NEWS
Jobs Report - 8:30am
International Trade in Goods - 8:30am
Baker-Hughes Rig Count - 1:00pm


METALS / OIL

Gold closed at $1,201.60 an ounce, down $1.30

Silver settled at $14.59 an ounce, down $0.08

Copper finished at $2.78 a pound, down $0.05

Crude Oil is at $74.57 a barrel, down $1.84

Bitcoin Investment Trust (GBTC) ended at $7.46 up $0.10



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

   Todd Mitchell

QUOTE OF THE DAY

Bears Make an Appearance as VIX Spikes

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10-03-2018 Trade of the Day

Small-Caps Rebound, Lead Momentum


U.S. markets closed higher across the board for the first time this week with the small-caps leading momentum. The blue-chips continued their record setting run while the other major indexes remain in striking distance of fresh lifetime peaks.

Economic news was mostly positive along with Fedspeak that dominated headlines throughout the day. Volatility closed at its lowest level since early August and is continuing to signal short-term market strength.

The Russell 2000 snapped a 2-session slide after soaring 0.9% while tapping a high of 1,677. Fresh and lower resistance at 1,675-1,680 held with a close the latter being a continued bullish development.

The Nasdaq was up 0.3% after reaching a peak of 8,053 while clearing and holding the 8,000 level throughout the day. Resistance at 8,100-8,150 held with the late August all-time high at 8,133.

The Dow advanced 0.2% to extend its winning streak to 5-straight sessions after testing a fresh all-time high of 26,951. The move above lower resistance at 26,800-27,000 was bullish with continued closes above the latter getting 27,250-27,500 in play.

The S&P 500 rose 0.1% following the run to 2,939. The index missed a new record peak by just over a point with a close above 2,940 being a continued bullish development.

Financials and Energy led sector strength after rising 0.9% and 0.8%, respectively.

Utilities and Real Estate paced sector laggards after giving back 1.2% while Consumer Staples sank 1%.

ANALYST UPGRADES/DOWNGRADES

Tempur Sealy (TPX) upgraded to Neutral from Sell at UBS
Michael Kors (KORS) upgraded to Buy from Neutral at Citi.
Wingstop (WING) upgraded to Buy from Neutral at Guggenheim
Honda (HMC) downgraded to Outperform from Buy at CLSA
Nike (NKE) downgraded to Hold from Buy at HSBC
Oracle (ORCL) downgraded to In Line from Outperform at Evercore ISI​

EARNINGS

Thursday's earnings announcements (EST): 

Before the open: ​​​Constellation Brands (STZ), International Speedway (ISCA)
After the close: Costco Wholesale (COST), Smart Global Holdings (SGH)

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

Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am
Factory Orders - 10:00am


METALS / OIL

Gold closed at $1,202.90 an ounce, down $4.10

Silver settled at $14.67 an ounce, down $0.02

Copper finished at $2.83 a pound, up $0.02

Crude Oil is at $76.22 barrel, up $1.13

Bitcoin Investment Trust (GBTC) ended at $7.36 down $0.04



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

   Todd Mitchell

QUOTE OF THE DAY

Small-Caps Rebound, Lead Momentum

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10-02-2018 Trade of the Day

Blue-Chips Trigger Fresh All-Time


U.S. markets showed slight weakness on Tuesday’s open as relief over a new trade agreement in North America continues to benefit blue-chip stocks more than small-caps. Economic news was light as the rebound on Fed speak took center stage throughout the session.

The blue-chips managed to hold their gains while the other major indexes struggled with momentum throughout session. The mixed finish wasn’t much of a surprise as volatility stayed range bound ahead of 3Q earnings season that begins next week.

The Dow rose 0.5% while trading to a fresh all-time intraday high of 26,824. Fresh and lower resistance at 26,800-27,000 held with continued closes above the former remaining a bullish signal.

The S&P 500 slipped a point, or 0.01% despite making an intraday push to 2,931. The fade to 2,919 afterwards held near-term support at 2,910-2,900 with a move below the latter being a slightly bearish flag.

The Nasdaq was lower by 0.5% following the back test to 7,983. Upper support at 8,000-7,950 failed to hold by a half-point with a close below the latter being a slightly bearish development.

The Russell 2000 sank 1% after making a steady decline to 1,653 into the closing bell. July and fresh support at 1,650 held with risk to 1,630-1,625 on move below this level.

Utilities led sector strength after jumping 1.4%. Communication Staples and Materials gained 0.6% and 0.4%, respectively.

Consumer Discretionary was the weakest sectors after sinking 1.4% while Real Estate decline 0.3%. The Financials finished flat after being down most of the session and a sector that has been struggling.

ANALYST UPGRADES/DOWNGRADES

At Home Group (HOME) upgraded to Buy from Neutral at Goldman Sachs
Nestle (NSRGY) upgraded to Buy from Hold at Jefferies
Urban Outfitters (URBN) upgraded to Buy from Neutral at B. Riley FBR
Ambev (ABEV) double downgraded to Sell from Buy at UBS
Schlumberger (SLB) downgraded to Hold from Buy at Tudor Pickering
Unilever (UN, UL) downgraded to Hold from Buy at Jefferies

EARNINGS

Wednesday's earnings announcements (EST): 

Before the open: ​​Acuity Brands (AYI), Lennar (LEN), RPM International (RPM)
After the close: Pier 1 Imports (PIR), Resources Connection (RECN), Synnex (SNX)

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

MBA Mortgage Applications - 7:00am
ADP Employment Report - 8:15am
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am


METALS / OIL

Gold closed at $1,207.00 an ounce, up $15.30

Silver settled at $14.69 an ounce, up $0.18

Copper finished at $2.81 a pound, up $0.02

Crude Oil is at $75.09 barrel, down $0.40

Bitcoin Investment Trust (GBTC) ended at $7.40 down $0.33



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

   Todd Mitchell

QUOTE OF THE DAY

Blue-Chips Trigger Fresh All-Time

Click to Tweet

10-01-2018 Trade of the Day

Market Mixed on New Trade Agreement

U.S. markets opened strong after American and Canadian representatives agreed to a new trade deal late Sunday night, known as the U.S.-Mexico-Canada Agreement or USMCA. The trade optimism overshadowed a bit of weak economic data that stalled momentum with the small-caps slacking for much of the session after an opening pop.

Fed speak was heavy but mostly positive as the major indexes pushed prior resistance levels while closing mixed. Volatility pushed near-term support but levels that also held into the closing bell.

The Dow held positive territory throughout the session after jumping 0.7% while trading to a high just south of 26,738. Fresh resistance at 26,750-26,800 held with the all-time high at 26,769 from the September 21st peak.

The S&P 500 was higher by 0.4% after holding green throughout the session and tapping a high of 2,937. Fresh and lower resistance at 2,940-2,950 held with the index missing its record high by 4 points.

The Nasdaq dipped 0.1% despite reaching an intraday peak of 8,107 and missing its all-time high by 26 points. Upper resistance at 8,075-8,100 held with continued closes above this level keeping 8,150-8,200 in play.

The Russell 2000 tumbled 1.4% following the plunge to 1,669. Fresh support at 1,670-1,660 held with a move below the latter being a continuing bearish development.

Energy and Materials led sector strength after jumping 1.4% and 1%, respectively. Industrials rose 0.9% while Health Care and Technology were up 0.6% and 0.5%.

Real Estate sank 0.8% to pace sector laggards. Communication Services were off 0.4% while Consumer Discretionary and Utilities were lower by 0.3%.

ANALYST UPGRADES/DOWNGRADES

Biogen (BIIB) assumed with an Overweight from Neutral at Cantor Fitzgerald
LogMeln (LOGM) upgraded to Outperform from Perform at Oppenheimer
Teva (TEVA) upgraded to Conviction Buy from Buy at Goldman Sachs
Autohome (ATHM) downgraded to Sell from Hold at 86 Research
Chipotle (CMG) downgraded to Underperform from Perform at Oppenheimer
Intel (INTC) downgraded to Underweight from Equal Weight at Barclays

EARNINGS

Tuesday's earnings announcements (EST): 

Before the open: ​Lamb Weston Holdings (LW), Paychex (PAYX), PepsiCo (PEP)
After the close: Landec (LNDC), NovaGold Resources (NG)

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

​Redbook - 8:55am

METALS / OIL

Gold closed at $1,191.70 an ounce, down $4.50

Silver settled at $14.51 an ounce, down $0.20

Copper finished at $2.79 a pound, down $0.02

Crude Oil is at $75.59 barrel, up $2.34

Bitcoin Investment Trust (GBTC) ended at $7.73 down $0.21



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

   Todd Mitchell

QUOTE OF THE DAY

Market Mxed on  New Trade Agreement

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09-30-2018 Trade of the Day

Bears Get Weekly Win, Bulls Take the Quarter

U.S. markets were mixed on Friday while closing mostly lower for the week following slightly disappointing economic news. Concerns over Italy also caused some tentativeness as the major indexes were choppy throughout the session.

President Trump signed a spending bill that will avert a government shutdown and will keep the U.S. government open through December 7th. Although it had little effect on the market, the bill removed some uncertainty ahead of the mid-term elections in November.

The Russell 2000 rallied 0.4% after testing a high of 1,699. Resistance at 1,700 and the 50-day moving average held with a close above the latter being a slightly bullish development.

The Dow climbed 0.1% following the intraday push to 26,515. It was the 4th-straight session the blue-chips made a lower high and lower low with resistance at 26,600 continuing to hold.

For the week, the blue-chips fell 1.1% and the small-caps gave back 1%.

The Nasdaq edged up 0.1% after reaching a morning peak of 8,065. Lower resistance at 8,075-8,100 held for the 3rd-straight session with a close above the latter getting fresh all-time highs in play.

The S&P 500 slipped less than a point, or 0.0% following a run to 2,920.
Lower resistance at 2,920-2,925 held for the 5th-straight session with a move above the latter being a slightly bullish signal.

The Nasdaq was up 0.6% for the week while the S&P 500 was down 0.5%.

For the month, the Dow gained 1.9% and the S&P 500 advanced 0.4%. The Nasdaq fell 0.8% while the Russell sank 2.2%.

For the 3rd quarter, the S&P 500 rose more than 7% and the Dow advanced 9% with both indexes rising in 11 of the past 12 quarters. The Nasdaq gained just over 7% for the quarter, and has closed higher for 9-straight quarters. The Russell jumped over 5% for the 3rd quarter.

Utilities and Real Estate led sector strength after surging 1.5% and 1.2%, respectively. Technology and Health Care rose 1% and 0.9% for the week.

Financials was the weakest sector after sinking 1% and was down 4% for the week. Materials tumbled 4.3% for the week while Industrials and Consumer Staples stumbled 2%.

ANALYST UPGRADES/DOWNGRADES

Lowe's (LOW) upgraded to Buy from Hold at SunTrust
Devon Energy (DVN) upgraded to Overweight from Neutral at Piper Jaffray
Cameco (CCJ) upgraded to Sector Perform from Underperform at Scotiabank
Tesla (TSLA) downgraded to Sell from Neutral at Citi
Phillips 66 Partners (PSXP) downgraded to Underweight at Morgan Stanley
Apache (APA) downgraded to Neutral from Overweight at Piper Jaffray

EARNINGS

Monday's earnings announcements (EST): 

Before the open: Cal-Maine Foods (CALM)
After the close: Stitch Fix (SFIX)

UPCOMING ECONOMIC NEWS
Monday'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 $1,196.20 an ounce, up $8.80

Silver settled at $14.71 an ounce, up $0.42

Copper finished at $2.81 a pound, up $0.02

Crude Oil is at $72.04 barrel, unchanged

Bitcoin Investment Trust (GBTC) ended at $7.94 down $0.14



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

   Todd Mitchell

QUOTE OF THE DAY

Bears Get Weekly Win, Bulls Take the Quarter

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