Bulls Get Weekly Win 06/10/2018

MARKET SUMMARY
U.S. markets showed early morning weakness on Friday as tensions remained elevated heading into the G-7 meeting, where trade and tariffs were certainly discussed. The major indexes drifted off their lows and turned positive during the second half of action while pushing near-term resistance ahead of a number of potentially market-moving events this week.

The Nasdaq added 0.1% after making an intraday push to 7,653 while holding the 7,600 level throughout last week on the run to record highs.

The Russell 2000 rose 0.3% following a run to 1,674 and coming within 5 points of its all-time high set the previous session.

The small-caps rallied 1.6% for the week with upside towards 1,680-1,700 on continued momentum. The Nasdaq was higher by 1.2% and has potential to push 7,750-7,800 on continued momentum.

The S&P 500 advanced 0.3% on the run to 2,779 into the close and is less than 1% away from clearing major mid-March resistance at 2,800.

The Dow climbed 0.3% after reaching a peak of 25,325 and has been holding the 25,000 level for 3-straight sessions.

The Dow was up 2.8% for the week while the S&P rose 1.6%. Both indexes are roughly 4% and 3% away from triggering fresh all-time highs.

ANALYST UPGRADES/DOWNGRADES

ConocoPhillips (COP) upgraded to Outperform from Market Perform at Bernstein
Marathon Oil (MRO) upgraded to Buy from Hold at Tudor Pickering
Quest Diagnostics (DGX) upgraded to Outperform from Market Perform at William Blair
Domino’s Pizza (DPZ) downgraded to Hold from Buy at Maxim
Petrobras (PBR) downgraded to Neutral from Buy at UBS
Quanex (NX) downgraded to Neutral from Buy at Sidoti

EARNINGS

Monday’s earnings reports (EST): 

Before the open: ​Optical Cable (OCC), RF Industries (RFIL)
After the close: ​​Dave & Buster’s Entertainment (PLAY), David’s Tea (DTEA), KMG Chemicals (KMG), Limoneira (LMNR), RH (RH), Star Bulk Carriers (SBLK)

 

UPCOMING ECONOMIC NEWS

Monday’s economic reports (EST): 

No major announcements

METALS / OIL

Gold closed at $1,302.70 an ounce, down $0.30
Silver settled at $16.74 an ounce, down $0.07
Copper finished at $3.30 a pound, up $0.03
Crude Oil is at $65.56 a barrel, down $0.39
Bitcoin Investment Trust (GBTC) ended at $12.70 down $0.16

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY