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Bears Growl, Bulls Hold Support

MARKET SUMMARY

U.S. markets were weak throughout Wednesday’s session with the Dow posting its worst decline since early September. The Nasdaq led Wednesday’s pullback but held 6,550 and a key level of support. The S&P also showed losses but held near-term support at 2,550. Meanwhile, the Russell 2000 fell to a fresh low for the month after falling below 1,490 but a level that held into the closing bell.

TRADE OF THE DAY  – ZIV!

CHASING  TRADES
ANALYST UPGRADES / DOWNGRADES

3M (MMM) upgraded to Neutral from Sell at Goldman Sachs
Capital One (COF) upgraded to Neutral from Underperform at Wedbush
PulteGroup (PHM) upgraded to Neutral from Underperform at Mizuho

Acadia (ACHC) was downgraded to Hold from Buy at Deutsche Bank
Chipotle (CMG) downgraded to Market Perform from Outperform at Telsey Advisory
Hanesbrands (HBI) downgraded to Market Perform from Outperform at Wells Fargo

EARNINGS

Thursday’s Scheduled earnings include:

Alphabet (GOOG), Amazon.com (AMZN), Baidu.com (BIDU), Boston Beer Company (SAM), Chubb (CB), CubeSmart (CUBE), Deckers Outdoor (DECK), eHealth (EHTH), Expedia (EXPE), Flextronics (FLEX), Gilead Sciences (GILD), HealthSouth (HLS), Intel (INTC), KLA-Tencor (KLAC), LogMeIn (LOGM), Mattel (MAT), Microsoft (MSFT), PriceSmart (PSMT), Seattle Genetics (SGEN), Timken Steel (TMST), VeriSign (VRSN), Western Digital (WDC), Wynn Resorts (WYNN)

UPCOMING ECONOMIC NEWS

Thursday’s economic reports (EST):

Jobless Claims and International Trade in Goods – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
Pending Home Sales Index – 10:00am
Kansas City Fed Manufacturing Index – 11:00am

METALS / OIL

Gold closed at $1,279.00 an ounce,  up $0.70

Silver settled at $16.92 an ounce, down $0.04

Copper finished at $3.18 a pound, down $0.01

Brent Crude Oil closed at $58.33 a barrel, up $0.96

Make it a great day!

Todd Mitchell

QUOTE OF THE DAY

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