Nasdaq Clears 11,000


The market continued its winning ways on Wednesday despite mixed economic news and ongoing snags in passing another stimulus package.

The recent 4-session winning streak is pushing the major indexes towards multi-month highs and fresh all-time peaks with Tech notching its 31st record close for 2020.

The Russell 2000 closed at its session peak of 1,546 (+1.9%). Major resistance at 1,550 was challenged but held with continued closes above this level suggesting a retest towards 1,575.

The Dow traded to a high of 27,221 before ending at 27,201 (+1.4%). Key resistance at 27,000 was reclaimed with continued closes above this level keeping a run towards the 27,500 level in play.

The S&P 500 tested an afternoon peak of 3,330 while settling at 3,327 (+0.6%). Fresh resistance at 3,325 was recovered with continued closes above this level indicating further upside towards 3,375 with the all-time high at 3,393.

The Nasdaq went out at 10,998 (+0.5%) after tapping a late day record high of 11,000. Uncharted territory and new resistance at 11,000 was cleared but held with continued closes above this level signaling additional momentum towards the 11,150 level.

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Apple (AAPL) downgraded to Neutral from Buy at BofA
Novavax (NVAX) downgraded to Sell from Neutral at Ladenburg
Tyson Foods (TSN) downgraded to Neutral from Outperform at Credit Suisse

Disney (DIS) upgraded to Outperform from Neutral at Credit Suisse
Palo Alto Networks (PANW) upgraded to Buy from Neutral at BTIG
Valvoline (VVV) upgraded to Overweight from Neutral at JPMorgan

Before the open: Abiomed (ABMD), Bristol-Myers Squibb (BMY), Colfax (CFX), Dun & Bradstreet (DNB), Focus Financial Partners (FOCS), Global Ship Lease (GSL), Hillenbrand (HI), InterDigital (IDCC), Kelly Services (KEYLA), Landmark Infrastructure Partners (LMRK), Mylan (MYL), Nomad Foods (NOMD), Papa John's (PZZA), Restaurant Brands International (QSR), ServiceMaster (SERV), TreeHouse Foods (THS), Vista Outdoor (VSTO), (WIX), Yeti (YETI), Zoetis (ZTS)

After the close: Air Lease (AL), Brighthouse Financial (BHF), Callaway Golf (ELY), CubeSmart (CUBE), Datadog (DDOG), Dropbox (DBX), First Solar (FSLR), Groupon (GRPN), Herbalife Nutrition (HLF), Illumina (ILMN), Kingstone Companies (KINS), Life Storage (LSI), Motorola Solutions (MSI), NortonLifeLock (NLOK), Open Text (OTEX), Perspecta (PRSP), Rapid7 (RPD), SolarWinds (SWI), T-Mobile (TMUS), Uber (UBER), ViaSat (VSAT), Yelp (YELP)

Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am

Gold closed at $2049.30  an ounce, up $28.30
Silver settled at $26.89  an ounce, up $0.86
Copper finished at $2.92 a pound, up $0.03
Crude Oil was at $42.32  a barrel,
 up $0.75
Bitcoin Investment Trust (GBTC) ended at $13.84 up $0.64

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

   Todd Mitchell

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