Flat Session Despite High Stakes Drama

U.S. markets were choppy but traded in a tight range throughout the session as Wall Street awaited President Trump’s decision on the Iran nuclear agreement. There was a little push into positive territory after the President announced the U.S. would pull out of the deal adding that powerful sanctions will be placed on Iran. Volatility was slightly elevated but is not at alarming level as the market finished flat for the session with some momentum into the close.

The Russell 2000 held up well after gaining 0.5% and trading in an 10-point range while reaching a peak of 1,586 ahead of the closing bell. The Nasdaq rose just under 2 points, or 0.02%, following a backtest to 7,224 while holding the 7,200 level for the 3rd-straight session. Both indexes remain above their 50-day moving averages.

The Dow added nearly 3 points, or 0.01%, after testing a low of 24,198 but has been holding fresh support at 24,000 for three-straight sessions. The S&P 500 slipped less than a point, or 0.03%, after trading down to 2,655 and in a 21-point range for the session. Both indexes failed their 50-day moving averages for a second-straight session.


Advance Auto Parts (AAP) upgraded to Overweight from Neutral at Atlantic Equities
Columbia Property (CXP) upgraded to Buy from Neutral at Goldman Sachs
Louisiana-Pacific (LPX) upgraded to Buy from Neutral at DA Davidson

Comcast (CMCSAWealth Strength IndexAAPL is Extremely Up and trending Up) downgraded to Neutral from Overweight at Atlantic Equities
Sapiens (SPNS) downgraded to Market Perform from Outperform at William Blair
Zillow (Z, ZG) downgraded to Sector Perform from Outperform at RBC Capital

Wednesday’s earnings:
Before the open: ADT (ADT), Cinemark (CNK), Delphi Automotive (DLPH), Groupon (GRPN), Horizon Pharma (HZNP), Mylan (MYLWealth Strength IndexAAPL is Extremely Up and trending Up), Office Depot (ODP), Party City (PRTY), Radnet (RDNT), Sina (SINA), Turning Point Brands (TPB), Vitamin Shoppe (VSI), Weibo (WB)

After the close: Bojangles (BOJA), CA Technologies (CA), Diodes (DIOD), Etsy (ETSY), Farmer Brothers (FARM), Fossil (FOSL), GoDaddy (GDDY), InnerWorkings (INWK), Kronos Worldwide (KRO), Marriott International (MARWealth Strength IndexAAPL is Extremely Up and trending Up), Papa John’s (PZZA), Rapid7 (RPD), ScanSource (SCSC), TripAdvisor (TRIPWealth Strength IndexAAPL is Extremely Up and trending Up), Walt Disney (DIS), Wendy’s (WEN), Zagg (ZAGG)


Wednesday’s economic reports (EST):

MBA Mortgage Applications – 7:00am
PPI-FD – 8:30am
Wholesale Trade – 10:00am

Gold closed at $1,313.70 an ounce, down $0.40
Silver settled at $16.47 an ounce, down $0.03
Copper finished at $3.06 a pound, down $0.01
Crude Oil is at $70.23 a barrel, up $0.21
Bitcoin Investment Trust (GBTC) ended at $14.71 down $0.26

Make it a great day!

Todd Mitchell