Bulls Showing Strength
MARKET SUMMARY
U.S. markets showed strength to start the week to build off Friday’s gains with the Dow snapping a four-session losing streak. Near-term resistance levels held as trade concerns remained in focus but volatility dropped after spiking on the morning open.
The Dow jumped 1.4% after trading to a high of 24,961 while falling just shy of clearing the 25,000 level. The S&P 500 soared 1.1% to reclaim the 2,700 level while coming with 1% of clearing its 50-day moving average.
The Nasdaq gained 1% after rebounding 145 points off the morning low to reach a high of 7,350 while holding the 7,300 level. The Russell 2000 added 0.8% after testing 1,550 and clearing its 50-day moving average but levels that failed to hold into the closing bell.
TRADE OF THE DAY
WINNING TRADERS MINDSET - Part 1
ANALYST UPGRADES / DOWNGRADES
Monster Beverage (MNST) upgraded to Buy from Hold at Deutsche Bank
Newpark Resources (NR) upgraded to Buy from Hold at Johnson Rice
Tractor Supply (TSCO) upgraded to Buy from Neutral at MoffettNathanson
Amag Pharmaceuticals (AMAG) downgraded to Hold from Buy at Jefferies
LifePoint (LPNT) downgraded to Market Perform from Outperform at Leerink
Vectrus (VEC) downgraded to Hold from Buy at Drexel Hamilton
EARNINGS
Tuesday's scheduled earnings include:
Before the open: Ameresco (AMRC), Cars.com (CARS), Donaldson (DCI), GMS (GMS), Myers Industries (MYE), ParkOhio Holdings (PKOH), Target (TGT)
After the close: Autodesk (ADSK), Bojangles (BOJA), Casey’s General Store (CASY), Great Ajax (AJX), H&R Block (HRB), Korn/ Ferry International (KFY), Mexican Restaurants (CASA), Ooma (OOMA), Qumu (QUMU), Ross Stores (ROST), Sunrun (RUN), Urban Outfitters (URBN)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
PMI Services Index - 9:45am
ISM Non-Manufacturing Index - 10:00am
TD Ameritrade IMX - 12:30pm
METALS / OIL
Gold closed at $1,319.90 an ounce, down $3.50
Silver settled at $16.41 an ounce, down $0.06
Copper finished at $3.12 a pound, down $0.01
Crude Oil closed at $62.62 a barrel, up $1.27
Bitcoin Investment Trust (GBTC) settled at $18.61, up $0.61
The Anatomy of a Collar: An Options Strategy That Only The Wealthy & Privileged Know About! [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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