U.S. markets showed little reaction to the U.S.-North Korea summit to start Tuesday’s session but picked up momentum afterwards with fresh all-time highs back in play. A joint statement and signed agreement came out of the summit, with details and further verifiable progress to be decided at future dates.
The Fed’s FOMC meeting will now take center stage with an announcement coming out Wednesday afternoon on interest rates.
Volatility remained calm and is on the verge of testing May and June lows.The Nasdaq was up 0.6% following its push to 7,708 and fresh lifetime high while settling above the 7,700 level.The Russell 2000 rallied 0.5% after testing an all-time high of 1,686 and remains on track to trip 1,700 on continued strength.The S&P 500 added 0.2% after testing a high of 2,789 but failed Monday’s peak by a half-point with major resistance remaining at 2,800.The Dow was the weakest link, but was only down just over a point, or 0.01%, following the back-test to 25,247 and tight 117-point trading range. As a side note, the Dow Transports cleared 11,000 to start the week and were up again today.
Albemarle (ALB) upgraded to Buy from Hold at Vertical ResearchEntravision (EVC) upgraded to Buy from Hold at Noble FinancialNewmont Mining (NEM) upgraded to Overweight from Equal Weight at Morgan StanleyBarrick Gold (ABX) downgraded to Underweight from Equal Weight at Morgan StanleySeaWorld (SEAS) downgraded to Sell from Neutral at CitiSotheby’s (BID) downgraded to Neutral from Buy at Sidoti
Wednesday’s earnings reports (EST):
Before the open: Bitauto Holdings (BITA), Crown Crafts (CRWS), Korn/ Ferry International (KFY)After the close: Culp (CULP), Sonoma Pharmaceuticals (SONA), Tailored Brands (TLRD), Zedge (ZDGE)
Wednesday’s economic reports (EST):
MBA Mortgage Applications – 7:00amPPI-FD – 8:30amAtlantic Fed Business Inflation Expectations – 10:00amFOMC Minutes – 2:00pm
Gold closed at $1,299.40 an ounce, down $3.80
Silver settled at $16.89 an ounce, down $0.06
Copper finished at $3.25 a pound, unchanged
Crude Oil is at $65.86 a barrel, down $0.18
Bitcoin Investment Trust (GBTC) ended at $11.29 down $0.41
The Beautiful Thing About (Stock) Options is that once again you will totally control your downside risk. [read more]
Make it a great day!
Todd Mitchell
Copyright © 1994-2018 Trading Concepts, Inc.
All Rights Reserved.
