Nasdaq Joins S&P 500 in Fresh All-tIme Highs


U.S. markets opened in rally mode following better-than-expected job numbers while holding momentum throughout the session and pushing fresh all-time highs. Comments from White House adviser Larry Kudlow who said trade talks with China were making progress also helped sentiment.

Kudlow added the U.S. still aims to sign an initial deal this month, although the phase one agreement remained unfinished and some issues would be pushed to a second phase. Trading volume was heavy and volatility closed at its lowest level since late July, both ongoing bullish signals for the market.

The Russell 2000 rallied 1.7% while closing on the session high north of 1,589. Lowe resistance from late July at 1,585-1,600 was cleared and held with a close above the latter getting 1,610-1,625 and the early May 52-week peak at 1,618 in play.

The Nasdaq gained 1.1% after closing at a fresh all-time high of 8,386. Prior and upper resistance from July at 8,300-8,350 was cleared and held with fresh hurdles now at 8,450-8,500.

The Dow was also up 1.1% after closing on its late day peak of 27,347. Upper resistance from early September at 27,000-27,200 was cleared and held with a close above the all-time high from July at 27,398 signaling additional strength towards 27,500-27,750.

The S&P 500 soared 1% while closing at a new all-time high of 3,066 ahead of the closing bell. Lower resistance at 3,050-3,075 was cleared and held with upside potential towards 3,100-3,125 now in focus.

For the week, the Russell 2000 zoomed 2% and the Nasdaq jumped 1.7%. The S&P 500 rallied 1.5% and the Dow galloped 1.4% higher.

Energy and Industrials were the strongest sectors on Friday after surging 2.3% and 2.2%, respectively. Real Estate and Utilities and were the weakest sectors after falling 0.3%, respectively.

For the week, the best performing sectors were Healthcare (3.1%), Technology and Industrials (2.1%), and Financials (1.7%). Real Estate (-0.7%), Energy (-0.4%), and Utilities (-0.1%) were the only sectors that closed lower.

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Imax (IMAX) upgraded to Buy from Hold at Canaccord
Parker-Hannifin (PH) upgraded to Buy from Hold at Deutsche Bank
TAL Education (TAL) upgraded to Buy from Neutral at Goldman Sachs

Booking Holdings (BKNG) downgraded to Neutral from Buy at BofA/Merrill
HP Enterprise (HPE) downgraded to Underweight from Neutral at JPMorgan
Pinterest (PINS) downgraded to Hold from Buy at Pivotal Research

Before the open: Agenus (AGEN), Bausch Health Companies (BHC), Century Casinos (CNTY), Ferrari (RACE), Gannett (GCI), Insperity (NSP), MakeMyTrip (MMYT), NetList (NLST), Quotient (QTNT), Sapiens International (SPNS), Sprint (S), TriMas (TRS), Under Armour (UAA)

After the close: Aqua America (WTR), BWX Technologies (BWXT), Chegg (CHGG), Delek Logistics Partners (DKL), Diodes (DIOD), Ethan Allen Interiors (ETH), Fabrinet (FN), Freshpet (FRPT), Groupon (GRPN), Hertz Global Holdings (HTZ), Jack Henry & Associates (JKHY), Kennametal (KMT), Myriad Genetics (MYGN), Nutrien (NTR), Outfront Media (OUT), Prudential Financial (PRU), Rambus (RMBS), RealReal (REAL), Shake Shack (SHAK), Tenet Healthcare (THC), Uber Technologies (UBER), Veeco Instruments (VECO)

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Gold closed at $1,511.40 an ounce, down $3.40
Silver settled at $18.05 an ounce,  down $0.02
Copper finished at $2.65 pound, up $0.03
Crude Oil  was at $56.23 a barrel, up $2.12
Bitcoin Investment Trust (GBTC) ended at $11.20 up $0.08

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

   Todd Mitchell

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