Market Stays White-Hot

MARKET SUMMARY

U.S. markets showed continued momentum on optimism that a U.S./Canada trade deal can be reached over the near-term. There are reports Canada is ready to make concessions on dairy for compromises in other areas.

Tech led the way higher while the blue-chips lagged with all-time highs still on hold. Volatility settled a bit but remains subdued with near-term support and resistance levels holding tight.

The Nasdaq jumped 1% to extend its win streak to 4-straight sessions while trading a fresh all-time high of 8,113. Blue-sky resistance at 8,050-8,150 was split with the former holding into the closing bell.

The Russell 2000 rose 0.4% after trading in an 13-point range while tapping another high of 1,737 intraday. Fresh resistance at 1,740-1,750 remains in play on continued strength.

The S&P 500 soared 0.6% after trading to a midday and record high of 2,916. Lower resistance at 2,900-2,925 was cleared and held with a move above the latter getting 2,950-2,975 in play.

The Dow added 0.2% despite some early weakness while reaching a peak of 26,167 afterwards. Lower resistance at 26,200-26,400 held for the second-straight session.

Consumer Discretionary showed the most strength after soaring 1.1%. Technology soared 0.9% and Materials rallied 0.8%.

Real Estate declining 0.2% while Financials dipped 0.04% and were the only sector laggards.

ANALYST UPGRADES/DOWNGRADES

Kansas City Southern (KSU) upgraded to Outperform from Market Perform at Cowen
Ferrari (RACE) upgraded to Buy from Hold at HSBC
Royal Caribbean (RCL) upgraded to Buy from Hold at Deutsche Bank wi
Irsa Propiedades (IRCP) downgraded to Neutral from Overweight at JPMorgan
Fang Holdings (SFUN) downgraded to Neutral from Outperform at Credit Suisse
Bank of Nova Scotia (BNS) downgraded to Hold from Buy at Canaccord

EARNINGS

Thursday’s earnings announcements (EST): 

Before the open: Abercrombie & Fitch (ANF), Burlington Stores (BURL), Campbell Soup (CPB), Ciena (CIEN), Dollar General (DG), Dollar Tree Stores (DLTRWealth Strength IndexAAPL is Extremely Up and trending Up), GMS (GMS), Kirkland’s (KIRK), Michaels Companies (MIK), Patterson Companies (PDCO), Perry Ellis International (PERY), Signet Jewelers (SIG), TD Bank Group (TD), Tech Data (TECD), Titan Machinery (TITN)
After the close: Ambarella (AMBA), Cooper Companies (COO), Lululemon (LULU), Nutanix (NTNX), PagSeguro Digital (PAGS), Ulta Beauty (ULTAWealth Strength IndexAAPL is Extremely Up and trending Up), Yext (YEXT), Zuora (ZUO)

UPCOMING ECONOMIC NEWS 
Thursday’s economic reports (EST): 

​Jobless Claims – 8:30am
Personal Income and Outlays – 8:30am

METALS / OIL

Gold closed at $1,211.50 an ounce, down $2.90

Silver settled at $14.70 an ounce, down $0.07

Copper finished at $2.74 a pound, unchanged

Crude Oil is at $69.72 barrel, up $1.19

Bitcoin Investment Trust (GBTC) ended at $9.49 down $0.37

Make it a great day!

   Todd Mitchell

QUOTE OF THE DAY