Bulls Get Weekly Win

MARKET SUMMARY

U.S. markets closed slightly lower on Friday despite the official signing of the tax reform bill into law while ending the week with slight gains. The Dow and S&P 500 declined 0.1% but advanced 0.4% and 0.3%, respectively, for the week. Both indexes are working on 5-week winning streaks.

The Nasdaq also slipped 0.1% after trading in negative territory throughout the session but added 0.3% last week. Meanwhile, the Russell 2000 fell 0.3% on Friday while gaining 0.8% for the week.

Real Estate rebounded 0.7% while snapping a 3-session slide while Materials were up 0.4% to lead sector strength. Health Care and the Financial sectors were off 0.3% with Consumer Discretionary down 0.2%.

Energy surged 4.7% and Material rose 2.1% over the week while Utilities tanked 4.7% and Real Estate sank 2.3%.

ANALYST UPGRADES / DOWNGRADES

Capital One (COF) upgraded to Buy from Neutral at Compass Point
Red Robin (RRGB) was upgraded to Buy from Hold at Jefferies
RE/MAX Holdings (RMAX) upgraded to Neutral from Sell at Compass Point

Bojangles (BOJA) was downgraded to Hold from Buy at Jefferies
Hovnanian (HOV) downgraded to Sell from Neutral at MKM Partners
WWE (WWE) downgraded to Neutral from Buy at Citi

EARNINGS

Tuesday’s scheduled earnings include:
There are no major companies reporting 12-26-2017.

UPCOMING ECONOMIC NEWS

Tuesday’s economic reports (EST):

Richmond Fed Manufacturing Index – 10:00am
State Street Investor Confidence – 10:00am
Dallas Fed Manufacturing Survey – 10:30am

METALS / OIL

Gold closed at $1,278.80 an ounce, up $8.20

Silver settled at $16.44 an ounce, up $0.20

Copper finished at $3.24 a pound, up $0.02

Crude Oil closed at $58.35 a barrel, down $0.01
Bitcoin Investment Trust (GBTC)
settled at $1,990.00, up $218.00

From all of us at Trading Concepts, we wish you a very Merry Christmas and a blessed holiday season!

Maket it a great holiday!

Todd Mitchell

QUOTE OF THE DAY