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Bears Make an Appearance

MARKET SUMMARY

U.S. markets traded in negative territory throughout the majority of Tuesday’s session with the weakness attributed to a rise in interest rates and mixed economic news. The selling pressure caused a slight spike in volatility with near-term resistance holding and the major indexes improving off their worst levels into the closing bell.

​The Dow dropped 0.8% after testing a low of 24,629 to snap an 8-session win streak. The S&P 500 sank 0.7% to snap a 4-session win streak while trading to a low of 2,701. Both indexes remain roughly 1% above their 50-day moving averages.

The Nasdaq was lower for the 2nd time in 3 sessions after falling 0.8% and making a backtest to 7,320. The Russell 2000 was flat, literally, after trading in an 11-point range while holding the 1,600 level.

TRADE OF THE DAY
THE SCIENCE OF WINNING – PART 1
ANALYST UPGRADES / DOWNGRADES 

Gap (GPS) upgraded to Outperform from Market Perform at Telsey Advisory
CBS (CBS) upgraded to Outperform from Market Perform at Bernstein
Valeant (VRX) upgraded to Buy from Neutral at Mizuho
Ford (F) downgraded to Neutral from Overweight at Piper Jaffray
ClearOne (CLRO) downgraded to Neutral from Buy at B. Riley FBR
Travelport (TVPT) downgraded to Neutral on valuation at BofA/Merrill

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EARNINGS

Wednesday’s earnings: 
Before the open: Azz (AZZ), CPI Areostructures (CVU), Eagle Materials (EXP), Home Depot (HD), iPic Entertainment (IPIC), Kamada (KMDA), National Vision Holdings (EYE), Pointer Telocation (PNTR), Sorl Auto Parts (SORL), Virtusa (VRTU)

After the close: Boot Barn Holdings (BARN), DLH Holdings (DLHC), GrowGeneration (GRWG), Limbach Holdings (LMB), NetList (NLST), PerIQ (PETQ), Sunworks (SUNW)

UPCOMING ECONOMIC NEWS

Wednsday’s economic reports (EST): 

MBA Mortgage Applications – 7:00am
Housing Starts – 8:30am
Industrial Production – 9:15am
Atlantic Fed Business Inflation Expectations – 10:00am

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METALS / OIL

Gold closed at $1,290.30 an ounce, down $27.90

Silver settled at $16.27 an ounce, down $0.38

Copper finished at $3.05 a pound, down $0.04

Crude Oil is at $70.93 a barrel, down $0.21

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Bitcoin Investment Trust (GBTC) ended at $14.25 down $0.25

Article of the Day

The bursting of the dotcom bubble has brought prominence to some of these collars, including Mark Cuban’s of his Yahoo stock. The following article gives an example of the anatomy of a collar using the publicly available information about Cuban’s Yahoo collar. [read more]

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY





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