U.S. markets showed strength throughout Friday as trade talks between the U.S. and China are signaling a possible deal is near. In a letter to U.S. President Donald Trump, China’s Xi Jinping said that both parties will redouble their efforts to meet halfway on trade.
Trump said that perhaps they will work out the final points, or perhaps not, as the market backed off its midday highs. However, a final hour rally pushed the major indexes towards fresh 2019 peaks with the overall market extending its winning streak to 9-straight weeks.The Dow climbed 0.7% after closing 21 points off the session high of 26,052. The close above the 26,00 level was the first of the year with fresh resistance now at 26,250-26,500.The S&P 500 rose 0.6% following the late day run to 2,794. New and lower resistance from early November at 2,800-2,825 held with a close above the former being a continuing bullish signal.For the week, the Dow advanced 0.6% and the S&P gained 0.7%.The Russell 2000 rallied 0.9% after testing a high of 1,590 into the closing bell. Fresh and lower resistance at 1,590-1,600 and the 200-day moving average was cleared and held with additional hurdles at 1,615-1,625 on continued momentum.The Nasdaq was also up 0.9% following the late session push and close at 7,527. Major and lower resistance from early November at 7,500-7,550 and the 200-day moving average was cleared and held to set up a possible run towards 7,625-7,700.The small-caps rocketed 1.4% higher for the week while Tech was up 0.7%.Technology led sector strength after surging 1.3%. Communication Services and Healthcare jumped 0.9%. Consumer Staples and Financials were the only sector laggards after giving back 0.5% and 0.2%.For the week, Industrials and Materials surged 3.6% and 3.3%, respectively, while Financials added 3%. Communication Services was the only sector laggard after declining 0.7%.
INSTANTLY identify markets with the Highest Relative Strengththat will allow you to Minimize Risk & Maximize yourProfit Potential!
Citi (C) upgraded to Buy from Hold at Jefferies Dropbox (DBX) upgraded to Buy from Neutral at BofA/Merrill Planet Fitness (PLNT) upgraded to Buy from Hold at JefferiesBroadcom (AVGO) downgraded to Market Perform from Outperform at CowenKraft Heinz (KHC) downgraded to Equal Weight from Overweight at BarclaysRoku (ROKU) downgraded to Neutral from Outperform at Wedbush
EARNINGS Monday Before the Open (EST):Anaplan (PLAN), Carter’s (CRI), Dorman Products (DORM), Frank’s International (FI), iStar (STAR), Kosmos Energy (KOS), McDermott International (MDR), National Storage Affiliates (NSA), Tenneco (TEN)Monday After the close(EST):
Athene Holding (ATH), Carrizo Oil & Gas (CRZO), Douglas Dynamics (PLOW), Etsy (ETSY), Foundation Building Materials (FBM), Hertz Global Holdings (HTZ), JBT (JBT), Kaman (KAMN), Life Storage (LSI), Mosaic (MOS), Nautilus (NLS), Potbelly (PBPB), RealPage (RP), Shack Shack (SHAK), Tenet Healthcare (THC), Xencor (XNCR)
UPCOMING ECONOMIC NEWS Monday’s Economic Reports (EST):Chicago Fed National Activity Index – 8:30amWholesale Inventories – 8:30am
METALS / OIL
Gold closed at $1,332.80 an ounce, up $5.00Silver settled at $15.91 ounce, up $0.11
Copper finished at $2.95 a pound, up $0.06
Crude Oil is at $57.07 a barrel, up $0.25
Bitcoin Investment Trust (GBTC) ended at $4.84, up $0.12
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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