Bulls Breakout into Blue-Sky Territory
MARKET SUMMARY
U.S. markets tested fresh resistance and set new all-time highs during Friday’s shortened session to wrap up a solid week of gains. The Nasdaq showed the most strength after rising 0.3% while setting an intraday record high of 6,890. The S&P 500 gained 0.2% after trading to an all-time high of 2,604 while the Dow added 0.1% after failing the 23,600 level. The Russell 2000 climbed 0.2% and came within 3 points of setting another lifetime high.
For the week, the Dow and S&P 500 were up 1% while snapping two-week losing streaks. The Nasdaq rallied 1.4% and the Russell 2000 jumped nearly 2%.
Technology and Materials were up 0.6% and 0.5% on Friday while Consumer Staples and the Financials were the only sectors in the red after slipping 0.07% and 0.04%, respectively. All sectors closed the week higher led by Technology’s 1.8% advance. Industrials added 1.3% while Consumer Discretionary was up 1.2%.
The 'TRADE OF THE DAY' video will resume 11-27-17. We hope you enjoyed a great holiday and we wish you all the best!
FEAR OF HEIGHTS
ANALYST UPGRADES / DOWNGRADES
Deere (DE) upgraded to Buy from Hold at Deutsche Bank
Santander (SAN) upgraded to Buy from Neutral at Goldman Sachs
Tim Participacoes (TSU) upgraded to Outperform from Market Perform
Grifols (GRFS) downgraded to Market Perform from Outperform at BBVA
ZTO Express (ZTO) downgraded to Neutral from Buy at UBS
EARNINGS
Monday's scheduled earnings include:
Ferroglobe (GSM), MTS Systems (MTSC), Tech Data (TECD), Tuniu (TOUR)
UPCOMING ECONOMIC NEWS
Monday's economic reports (EST):
New Home Sales - 10:00am
Dallas Fed Manufacturing - 10:30am
METALS / OIL
Gold closed at $1,287.30 an ounce, down $4.90
Silver settled at $16.99 an ounce, down $0.12
Copper finished at $3.17 a pound, up $0.03
Crude Oil closed at $58.97 a barrel, up $0.95
ARTICLE OF THE DAY
What is Compounded Annual Return?
What is a CAGR, or CAR, as we call it and how to use it for optimal AlgoTrading. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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