Record Highs Back in Play

U.S. markets resumed their run at record highs on Thursday following news the U.S. and China have agreed in principle to roll back some tariffs amid progress on the Phase One trade deal. Solid earnings continue to pour in with 77% of companies now topping 3Q estimates as better-than-expected numbers also helped the rally.

The Transportation sector broke out to a fresh 52-week peak and has been confirming the recent strength in the blue-chips. Meanwhile, volatility continues to consolidate and is still showing signs of lower lows following a major technical development.

The Dow closed higher for the 5th time in 7 sessions after rising 0.7% while testing a fresh all-time high of 27,774. New and upper resistance at 27,500-27,750 was cleared but held on the close above the former with a move above the latter signaling a possible run towards the 28,000 level.

The S&P 500 gained 0.3% with the midday peak and new record high reaching 3,097. Fresh and key resistance at 3,100 was challenged but held with blue-sky territory towards 3,125-3,150 on continued closes above this level.

The Nasdaq was up for the 4th time in 5 sessions after also rising 0.3% while trading to an all-time intraday high of 8,483. Prior and lower resistance at 8,450-8,500 was cleared but held with additional hurdles at 8,600-8,650 on a move above the latter.

The Russell 2000 nudged up 0.1% with the session peak reaching 1,607 shortly after the open. Near-term and lower resistance at 1,600-1,615 was cleared but held with a close above the latter and the May 52-week high at 1,618 getting 1,625-1,640 in focus.

Energy showed the most sector strength after jumping 1.5% while Technology jumped 0.8%. Utilities and Real Estate were the weakest sectors after sinking 1.4% and 1.1%, respectively.

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ANALYST UPGRADES/DOWNGRADES

DexCom (DXCM) upgraded to Buy from Neutral at Guggenheim
Match Group (MTCH) upgraded to Buy from Neutral at UBS
Regeneron (REGN) upgraded to Buy from Neutral at Citi

Bloomin' Brands (BLMN) downgraded to Neutral from Overweight at JPMorgan
Mylan (MYL) downgraded to Equal Weight from Overweight at Morgan Stanley
Twitter (TWTR) downgraded to Underperform from In Line at Evercore ISI

FRIDAY'S EARNINGS ANNOUNCEMENTS  
Before the open: Ameren (AEE), Bottomline TechnologieS (EPAY), Colony Financial (CLNY), Duke Energy (DUK), Enbridge (ENB), Fly Leasing (FLY), Garret Motion (GTX), Honda Motor (HMC), Madison Square Garden (MSG), Olympic Steel (ZEUS), Revlon (REV), Stemline Therapeutics (STML), U.S. Concrete (USCR), Workhorse Group (WKHS)
After the close: FutureFuel (FF), Pingtan Marine Enterprise (PME)

FRIDAY'S ECONOMIC NEWS
Consumer Sentiment - 10:00am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count - 1:00pm

METALS / OIL
Gold closed at $1,466.40 an ounce, down $26.70
Silver settled at $17.01 an ounce,  down $0.59
Copper finished at $2.73 pound, up $0.07
Crude Oil  was at $57.03 a barrel, up $0.52
Bitcoin Investment Trust (GBTC) ended at $10.88 down $0.32


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


   Todd Mitchell


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