Bulls Win Volatile Session


U.S. markets opened in negative territory with near-term support holding after trade pessimism crept back into global markets. While China remains the main focus of trade concerns, deals with Canada and Europe remain in play and helped sparked a rebound shortly afterwards.

The major indexes reached their session highs by midday while holding solid gains throughout the second half of action and into the closing bell. Volatility also spiked near the 15 level before deflating to keep the market rangebound.

​The Nasdaq gained 0.6% after trading to a high of 7,986. Resistance at 7,950-8,000 was split with the former holding into the close.

The Dow was higher by 0.4% after trading to an intraday high of 26,019. Resistance at 26,000 held and a level that hasn’t been recovered in 8 sessions.

The S&P 500 advanced 0.4% while reaching a lunch time peak of 2,892. Lower resistance at 2,890-2,900 was cleared but failed to hold with a move above the latter being a more bullish signal.

The Russell 2000 edged up 0.1% following its intraday run to 1,723. Lower resistance at 1,725-1,730 held with continued closes above the latter being a bullish development.

Communications Services and Energy paced sector leaders after soaring 1.1% and 1%, respectively. Technology and Consumer Discretionary rose 0.8%.

Consumer Staples and Utilities led sector laggards after falling 0.4% and 0.3%, respectively. Health Care and Industrials were off 0.1%.


Bloomin’ Brands (BLMN) upgraded to Buy from Neutral at Goldman Sachs
Nike (NKE) upgraded to Buy from Hold at Canaccord
Snap (SNAP) upgraded to Outperform from Neutral at Wedbush
CBS (CBS) downgraded to Neutral from Buy at UBS
Johnson Controls (JCI) downgraded to Neutral from Buy at UBS
Wingstop (WING) downgraded to Neutral from Buy at Goldman Sachs


Wednesday’s earnings announcements (EST): 

Before the open: ​EyePoint Pharmaceuticals (EYPT), Ocean Power Technologies (OPTT)
After the close: ​Aceto (ACET), Oxford Industries (OXM), Pivotal (PVTL), RF Industries (RFIL), Science Applications International (SAIC), Tailored Brands (TLRD)

Wednesday’s economic reports (EST): 

MBA Mortgage Applications – 7:00am
PPI-FD – 8:30am
Atlantic Fed Business Inflation Expectations – 10:00am
Beige Book – 2:00pm


Gold closed at $1,202.20 an ounce, up $2.40

Silver settled at $14.15 an ounce, down $0.03

Copper finished at $2.62 a pound, down $0.01

Crude Oil is at $69.40 barrel, up $1.85

Bitcoin Investment Trust (GBTC) ended at $8.14 down $0.09

Make it a great day!

   Todd Mitchell