Bears Make an Appearance
MARKET SUMMARY
U.S. markets showed continued momentum during Tuesday’s session before losing steam and pulling back for the first time in seven sessions. The lackluster action comes ahead of tomorrow’s FOMC minutes and a number of key economic reports as traders seemed tentative ahead of the news.
The Dow fell 1% after trading in negative territory throughout the session while testing a low of 24,926 and closing back below the 25,000 level. The Russell 2000 declined 0.9% after failing resistance at 1,550 and the 50-day moving average for the second-straight session.
The S&P 500 stumbled 0.6% despite showing midday strength while holding the 2,700 level for the third-straight session. Meanwhile, the Nasdaq slipped 0.1% to extend its losing streak to 2-straight sessions. The index has been holding the 7,200 level for 3-straight sessions following last week’s 5.3% surge and best weekly percentage gain since December 2011.
TRADE OF THE DAY
FIND YOUR TREND FOLLOWING MORON
ANALYST UPGRADES / DOWNGRADES
Chipotle (CMG) upgraded to Hold from Sell at Stifel
Flowserve (FLS) upgraded to Sector Perform from Underperform at RBC Capital
Universal Display (OLED) upgraded to Buy from Hold at Needham
Snap (SNAP) downgraded to Sell from Neutral at Citi
Teck Resources (TECK) downgraded to Neutral from Outperform at Macquarie
Wingstop (WING) downgraded to Neutral from Outperform at Baird
EARNINGS
Wednesday's scheduled earnings include:
Before the open: Advance Auto Parts (AAP), Avista (AVA), Delphi Automotive (DLPH), DISH Network (DISH), Garmin (GRMN), Innophos (IPHS), Owens Corning (OC), Ruth’s Hospitality Group (RUTH), Tile Shop Holdings (TTS), United Therapeutics (UTHR), Vonage Holdings (VG), Wex (WEX)
After the close: Alleghany (Y), Avis Budget Group (CAR), Boston Beer Company (SAM), Cheesecake Factory (CAKE), Cyrus One (CONE), Five9 (FIVN), Green Dot (GDOT), Interface (TILE), Jack in the Box (JACK), Kaiser Aluminum (KALU), Life Storage (LSI), Masonite International (DOOR), Pandora Media (P), Quidel (QDEL), Roku (ROKU), SandRidge Energy (SD), Sun Communities (SUI), Sunoco (SUN), Trex (TREX), Ultra Clean Holdings (UCTT), Wendy’s (WEN)
UPCOMING ECONOMIC NEWS
Wednesday's economic reports (EST):
MBA Mortgage Applications - 7:00am
Redbook - 8:55am
PMI Composite Flash - 10:00am
Existing Home Sales - 10:00am
FOMC Minutes - 2:00pm
METALS / OIL
Gold closed at $1,331.20 an ounce, down $25.00
Silver settled at $16.44 an ounce, down $0.27
Copper finished at $3.19 a pound, down $0.06
Crude Oil closed at $61.77 a barrel, up $0.09
Bitcoin Investment Trust (GBTC) settled at $19.99, up $2.23
Article of the Day
The What, When and How of Bear Call Spreads
A bear call spread is a credit spread created by purchasing a higher strike call and selling a lower strike call with the same expiration dates. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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