Bulls Push Near-Term Resistance
MARKET SUMMARY
U.S. markets showed strength on Thursday following two prior sessions of choppy action. Optimism over potential tax reform benefits along with a number of positive economic reports helped sentiment with near-term resistance holding.
The Russell 2000 led the way higher after rising 0.5% and coming within 8 points of its record high just south of 1,560. The Dow and S&P 500 advanced 0.2% but fell shy of their record highs by 26 and 2 points, respectively. Both remain on track to trip 25,000 and 2,700 on continued momentum. Meanwhile, the Nasdaq climbed 0.1% but failed clearing the 7,000 level for the third-straight session
TODAY'S WORKSHOP REPLAY
THE ZEN OF TRADING
ANALYST UPGRADES / DOWNGRADES
Darden (DRI) upgraded to Buy from Hold at Argus
Exxon Mobil (XOM) upgraded to Focus List from Outperform at Scotia Howard Weil
JPMorgan (JPM) upgraded to Buy from Neutral at Buckingham
Axovant Sciences (AXON) downgraded to Hold from Buy at Jefferies
Lazard (LAZ) downgraded to Neutral from Buy at Buckingham
PG&E (PCG) downgraded to Sector Perform from Outperform at RBC Capital
EARNINGS
Friday's scheduled earnings include:
There are no major companies reporting 12-22-2017.
UPCOMING ECONOMIC NEWS
Friday's economic reports (EST):
Durable Goods Orders - 8:30am
Personal Income and Outlays - 8:30am
New Home Sales - 10:00am
Consumer Sentiment - 10:00am
Kansas Fed Manufacturing Index - 11:00am
Baker-Hughes Rig Count - 1:00pm
METALS / OIL
Gold closed at $1,270.60 an ounce, up $1.00
Silver settled at $16.24 an ounce, down $0.03
Copper finished at $3.22 a pound, up $0.02
Crude Oil closed at $58.23 a barrel, up $0.16
Bitcoin Investment Trust (GBTC) settled at $1,772.00, down $611.00
ARTICLE OF THE DAY
Covered calls
Covered calls are the most popular option strategy used in today’s markets. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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