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The stock market rallied on Thursday as the start of the third-quarter earnings season heated up with the big banks and a few of the blue-chip members reporting better-than-expected numbers before the bell.

Falling interest rates also helped Tech stocks with the benchmark U.S. 10-year Treasury yield sinking over 3 basis points to under 1.52%. Meanwhile, volatility also fell to its lowest level since early September to possibly confirm ongoing momentum.

The Nasdaq closed at 14,823 (+1.7%) after reaching a late day peak of 14,827. Fresh and lower resistance at 14,700-14,850 was cleared and held. A pop above the latter and the 50-day moving average would indicate ongoing strength towards 15,000-15,150.

The S&P 500 finished at 4,438 (+1.7%) and back above its 50-day moving average with the high kissing 4,439. Lower resistance at 4,325-4,350 was recovered. A close above the latter would likely lead to a retest towards 4,375-4,400.

The Dow tested an afternoon high of 34,923 before ending at 34,912 (+0.9%) and back above its 50-day moving average. Near-term and lower resistance at 34,750-35,000 was reclaimed. A move above the latter would suggest further gains towards 35,250-35,500.

The Russell 2000 settled at 2,274 (+1.4%) with the high hitting 2,275. Lower resistance at 2,275-2,300 was cleared but held by a point. A close above the latter would signal possible upside towards 2,325-2,350 and levels from late June. 

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ANALYST UPGRADES/DOWNGRADES

ArcelorMittal (MT) upgraded to Outperform from Neutral at Credit Suisse
Perrigo (PRGO) upgraded to Outperform from Market Perform at Raymond James
U.S. Steel (X) upgraded to Buy from Hold at Argus

Avis Budget (CAR) downgraded to Underweight from Equal Weight at Morgan Stanley
Burlington Stores (BURL) downgraded to Hold from Buy at Loop Capital
Wayfair (W) downgraded to Underweight from Equal Weight at Morgan Stanley

FRIDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Badger Meter (BMI), Charles Schwab (SCHW), Goldman Sachs (GS), J.B. Hunt (JBHT), PNC Financial Services (PNC), Prologis (PLD), Sensient Technologies (SXT), Truist Financial (TFC)

After the close: None

FRIDAY'S ECONOMIC NEWS
Retail Sales - 8:30am
New York Empire State Manufacturing Survey - 8:30am
Import and Export Prices - 8:30am
Consumer Sentiment - 10:00am
Business Inventories -10:00am
Baker-Hughes Rig Count - 1:00pm

METALS/ OIL
Gold closed at $1,797.90 an ounce, up $3.20
Silver settled at $23.48 an ounce, up $0.31
Copper finished at $4.63 a pound, up $0.11
Crude Oil was at $81.67 a barrel,  up $0.91
Bitcoin Investment Trust (GBTC) ended at $44.91, up $0.26

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The post 3Q Earnings Powers Bulls Past Key Resistance Levels appeared first on Trading Concepts, Inc..

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP
CO-HOST: ANDREW GIOVINAZZI, THE OPTION PIT
CO-HOST: MIKE TOSAW, ST. CHARLES WEALTH MANAGEMENT

IN THIS EPISODE MARK, THE ROCK LOBSTER, AND UNCLE MIKE BREAK DOWN:

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  • EARNINGS VOLATILITY IN BAC, WBA, DPZ, UNH, AA, JNJ, PG
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Prices for 'luxury' food items are hitting consumer wallets, Stew Leonard's CEO says

The CEO of Stew Leonard's noted on Wednesday that prices for some food items, like meat and seafood, have been increasing at supermarkets, attributing the rise to transportation delays, worker shortages and increased labor costs.

During an interview on "Varney & Co.," Stew Leonard Jr. pointed out that his supermarkets buys food "direct from farms."

"I am talking to farmers [and] ranchers [and] they all say the same thing, they can’t get the labor, they’ve had to raise labor rates up and transportation has been really tough right now," Leonard told FOX Business’ Madison Alworth.

Stew Leonard's opened its doors a little more than 50 years ago and has grown to be the "World's Largest Dairy Store" and thriving grocery business with annual sales of nearly $500 million, according to its website. Based in Norwalk, Connecticut, the family-run supermarket chain also has several locations in New York and New Jersey.

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Leonard made the comments shortly after it was revealed that U.S. consumer prices last month accelerated at their fastest annual pace in 13 years.

The Consumer Price Index rose 5.4% year over year in September, according to the Labor Department, matching the July reading for the hottest print since 2008. Prices increased 0.4% month over month.

Analysts surveyed by Refinitiv were expecting prices to rise 5.3% annually and 0.3% in September.

Food prices jumped 0.9% last month and are now up 4.6% annually, according to the index. The price for meats, poultry, fish and eggs soared 10.5% this year, with beef prices climbing a whopping 17.6%. Fruits and vegetables rose by 3%.

Leonard noted that he has seen "prices trickle up" for certain "luxury" food items.

He pointed out that prices for lobster and king crab legs are "through the roof."

"You are seeing some spikes like that," Leonard said, noting that "overall there are some pretty good prices in grocery stores right now."

He did, however, acknowledge that "you may have to trim back a little bit" and "not have that ribeye steak that you always wanted."


Source: Fox Business
Consumers seeing some food prices go 'through the roof,' grocery store CEO says | Fox Business

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The post Consumers seeing some food prices go ‘through the roof,’ grocery store CEO says appeared first on Trading Concepts, Inc..

The stock market was mostly higher on Wednesday following the latest Fed minutes update from the September policy meeting. Members signaled they could start reducing support for the economy in mid-November, though they remained split on how much of an impact it would pose on inflation.

In economic news, consumer prices increased 0.4% in September versus forecasts for a rise of 0.3%. The Financial sector was the worst performer after JPMorgan (JPM) reported mixed earnings.

The Nasdaq ended 14,571 (+0.7%) after making an intraday run to 14,589. Near-term and lower resistance at 14,500-14,650 was recovered. A close above the latter would suggest upside towards 14,750-14,900 and the 50-day moving average.

The Russell 2000 settled on the session high of 2,241 (+0.3%) and back above its 50-day moving average. Key resistance at 2,250 was challenged but held. Continued close above this level would be a bullish development for a retest towards 2,275-2,300. 

The S&P 500 closed at 4,363 (+0.3%) with the peak kissing 4,372. Lower resistance at 4,350-4,375 was cleared and held. A move above the latter would signal strength towards 4,400-4,425.

The Dow traded to a morning low of 34,115 before finishing at 34,377 (-0.0%) with the half-point loss extended its losing streak to four-straight sessions. Upper support at 34,250-34,000 was breached but held. A close below the latter would suggest weakness towards 33,750-33,500 and the 200-day moving average.

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ANALYST UPGRADES/DOWNGRADES

Graphic Packaging (GPK) upgraded to Outperform from Neutral at Baird
Plug Power (PLUG) upgraded to Overweight from Equal Weight at Morgan Stanley
Signet Jewelers (SIG) upgraded to Neutral from Underperform at BofA

CyrusOne (CONE) downgraded to Equal Weight from Overweight at Wells Fargo
Monster Beverage (MNST) downgraded to Hold from Buy at Jefferies
Wayfair (W) downgraded to Hold from Buy at Jefferies

THURSDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: ​Bank of America (BAC), Citigroup (C), Domino's Pizza (DPZ), Morgan Stanley (MS), Progressive (PGR), Taiwan Semiconductor (TSM), U.S. Bancorp (USB), UnitedHealth Group (UNH), Walgreens Boots Alliance (WBA), Wells Fargo (WFC)

After the close: ​​Alcoa (AA), Del Taco Restaurants (TACO), mPhase Technologies (XDSL), Siyata Mobile (SYTA), Washington Federal (WAFD)

THURSDAY'S ECONOMIC NEWS
Jobless Claims - 8:30am
Producer Price Index - 8:30am

METALS/ OIL
Gold closed at $1,794.70 an ounce, up $35.40
Silver settled at $22.517 an ounce, up $0.66
Copper finished at $4.52 a pound, up $0.19
Crude Oil was at $80.76 a barrel,  up $0.20
Bitcoin Investment Trust (GBTC) ended at $44.65, up $0.20

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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The post Bulls Bounce Back Despite Headwinds appeared first on Trading Concepts, Inc..

A majority of the U.S. House of Representatives on Tuesday voted to pass legislation raising the Treasury Department's borrowing limit to $28.9 trillion, averting a debt default that otherwise could have occurred around Oct. 18.

President Joe Biden is expected to promptly sign the bill into law. The new level of borrowing authority is expected to be exhausted around Dec. 3, requiring Congress to act again before then.

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The post Debt Limit Hike Heads to Passage in House appeared first on Trading Concepts, Inc..

The stock market was choppy again on Tuesday following another update on jobs. The JOLTS report showed job openings fell 659,000 to 10,439,000 in August. This represented the first monthly decline of the year but follows the 913,000 surge to above 11 million in July.

The major indexes traded in a tighter range and on both sides of the ledger but went out mostly lower with the small-caps being the exception. Volatility slipped a bit after closing back below a key level of support.

The Dow closed at 34,378 (-0.3%) with the low kissing 34,318. Upper support at 34,250-34,000 was challenged but easily held. A drop below the latter would indicate a further fade towards 33,750-33,500 and the 200-day moving average.

The S&P 500 tapped a late day low of 4,342 while ending at 4,350 (-0.2%). Prior and upper support at 4,350-4,325 was tripped but held. A move below the latter would be a bearish signal for weakness towards 4,300-4,275.

The Nasdaq traded down to 14,441 before settling at 14,465 (-0.1%). Near-term and upper support at 14,400-14,250 was challenged but held. A close below the latter would suggest weakness towards 14,150-14,000 and the 200-day moving average.

The Russell 2000 made a run to 2,241 while finishing at 2,234 (+0.6%) and back above its 50-day moving average. Current and lower resistance at 2,225-2,250 was recovered. A pop above the latter would indicate additional strength towards 2,275-2,300. 

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ANALYST UPGRADES/DOWNGRADES

Airbnb (ABNB) upgraded to Outperform from Market Perform at Cowen
MGM Resorts (MGM) upgraded to Outperform from Neutral at Credit Suisse
Square (SQ) upgraded to Overweight from Neutral at Atlantic Equities

Citrix (CTXS) downgraded to Market Perform from Outperform at William Blair
Lumentum (LITE) downgraded to Outperform from Strong Buy at Raymond James
Trex Company (TREX) downgraded to Neutral from Outperform at Baird

WEDNESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: BlackRock (BLK), Delta Air Lines (DAL), First Republic Bank (FRC), Infosys Technologies (INFY), JPMorgan Chase (JPM), Sono-Tek (SOTK), Theratechnologies (THTX), Wipro (WIT)

After the close: ​Esports Entertainment (GMBL), Oil-Dri Corporation of America (ODC)

WEDNESDAY'S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Consumer Price Index - 8:30am
FOMC Minutes - 2:00pm

METALS/ OIL
Gold closed at $1,759.30 an ounce, up $3.60
Silver settled at $22.51 an ounce, down $0.16
Copper finished at $4.33 a pound, down $0.04
Crude Oil was at $80.56 a barrel,  up $0.12
Bitcoin Investment Trust (GBTC) ended at $42.45, down $1.86

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

Not sure the best way to get started?

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The post Whipsaw Action Continues Following Jobs Update appeared first on Trading Concepts, Inc..

JPMorgan Chase CEO Jamie Dimon expressed optimism Monday that the U.S. economy will soon recover from supply chain issues that have plagued companies and consumers in recent months.

"I should never do this, but I’ll make a forecast," Dimon said during a virtual appearance at the Institute of International Finance’s annual conference. "This will not be an issue next year at all. This is the worst part of it. I think great market systems will adjust for it like companies have."

Supply chain issues are a source of mounting concern as global economies attempt to meet surging demand and recover from the COVID-19 pandemic. Executives from several companies, including Nike, have noted disruptions could weigh on their earnings in the coming months.

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Shortages of basic household items such as toilet paper, raw materials needed for construction and critical tech components such as semiconductors have contributed to a surge in prices for consumers. The issues prompted President Biden to form a task force in June to identify and eliminate bottlenecks in U.S. supply chains.

Dimon argued the issues are unlikely to stop the U.S. economy from rebounding from the COVID-19 pandemic and have not prevented consumers from spending money.

The JPMorgan Chase CEO noted recent statistics showing consumers are spending 20% more at present than they were prior to the pandemic.

"Keep in mind, the consumer’s buying other stuff," Dimon said. "They can’t buy cars; they’re buying home improvement. They can’t travel internationally; they travel domestically. The spend level is very high."

Source: Fox Business
JPMorgan's Dimon says supply chain woes 'will not be an issue next year' | Fox Business

I hope this article helps in your trading strategy.

The post JPMorgan’s Dimon says supply chain woes ‘will not be an issue next year’ appeared first on Trading Concepts, Inc..

The stock market opened with strong gains on Monday but closed near session lows as Wall Street awaits earnings seasons. The price of oil, which topped $82 a barrel, added to concerns over rising energy and commodity prices.

The Dow traded to a low of 34,486 before finishing at 34,496 (-0.7%). Key support at 34,500 failed to hold. Continued closes below this level would suggest weakness towards 34,250-34,000.

The S&P 500 settled at 4,361 (-0.7%) with the low tapping 4,360. Upper support at 4,375-4,350 was breached and failed to hold. A close below the latter keeps a retest towards 4,325-4,300 in play.

The Nasdaq tested a late day low of 14,482 while ending at 14,486 (-0.6%). Fresh and upper support at 14,500-14,350 failed to hold. A drop below the latter would indicate additional downside pressure towards 14,150-14,000 and the 200-day moving average.

The Russell 2000 closed on its session low of 2,220 (-0.6%) and back below its 50-day moving average. Upper support at 2,225-2,200 was triggered and failed to hold. A move below the latter and the 200-day moving average would signal additional weakness towards 2,175-2,150. 

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ANALYST UPGRADES/DOWNGRADES

Carvana (CVNA) upgraded to Outperform from Neutral at Wedbush
Eli Lilly (LLY) upgraded to Buy from Hold at Berenberg
Starbucks (SBUX) upgraded to Buy from Hold at Deutsche Bank

ConocoPhillips (COP) downgraded to Neutral from Buy at Goldman Sachs
Magna (MGA) downgraded to Equal Weight from Overweight at Barclays
TravelCenters (TA) downgraded to Market Perform from Outperform at BMO Capital

TUESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Azz (AZZ), Enzo Biochem (ENZ), Fastenal (FAST)
After the close: Pinnacle Financial Partners (PNFP), SMART Global Holdings (SGH), VOXX International (VOXX)

TUESDAY'S ECONOMIC NEWS
NFIB Small Business Optimism Index - 6:00am
Jolts - 10:00am

METALS/ OIL
Gold closed at $1,755.70 an ounce, down $1.70
Silver settled at $22.67 an ounce, down $0.03
Copper finished at $4.37 a pound, up $0.09
Crude Oil was at $80.44 a barrel,  up $0.85
Bitcoin Investment Trust (GBTC) ended at $44.31, up $1.97

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

Not sure the best way to get started?

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The post Market Slips for the 2nd-Straight Session appeared first on Trading Concepts, Inc..

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP
CO-HOST: ANDREW GIOVINAZZI, THE OPTION PIT
CO-HOST: MIKE TOSAW, ST. CHARLES WEALTH MANAGEMENT

IN THIS EPISODE MARK, THE ROCK LOBSTER, AND THE BIRTHDAY BOY UNCLE MIKE BREAK DOWN:

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  • THIRD QUARTER EARNINGS OUTLOOK (INCLUDING HCA, CCK)
  • EARNINGS VOLATILITY IN DAL, JPM, BAC, C, DPZ, WBA, AA
  • UNUSUAL OPTIONS ACTIVITY IN ENDP, OTIS
  • EXPLORING THE MYSTERIES OF WEEKEND TIME DECAY
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People will have to get used to higher food prices, the boss of Kraft Heinz has told the BBC.

Miguel Patricio said the international food giant, which makes tomato sauce and baked beans, was putting up prices in several countries.

Unlike in previous years, he said, inflation was "across the board".

The rising cost of ingredients such as cereals and oils has pushed global food prices to a 10-year high, according to the UN World Food Organization.

Kraft Heinz has increased prices on more than half its products in the US, its home market, and Mr. Patricio admitted that is happening elsewhere too.

"We are raising prices, where necessary, around the world," he said.

During the pandemic, many countries saw production of raw materials, ranging from crops to vegetable oils, fall. Measures to control the virus, as well as illness, limited output and delivery.

As economies have restarted the supply of these products hasn't been able to keep up with returning demand, leading to higher prices. Higher wages and energy prices have also added to the burden for manufacturers.

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Mr. Patricio says this broad range of factors is contributing to the rising cost of food.

"Specifically in the UK, with the lack of truck drivers. In [the] US logistic costs also increased substantially, and there's a shortage of labor in certain areas of the economy."

Mr. Patricio says that consumers will need to get used to higher food prices given that the world's population is rising whilst the amount of land on which to grow food is not.

In the longer term "there's a lot to come in technology to improve the effectiveness of farmers" that will help.

Not all cost increases should be passed on to consumers, Mr. Patricio said. Firms would have to absorb some of the rise in costs.

"I think it's up to us, and to the industry, and to the other companies to try to minimize these price increases," he said.

But big food producers like Kraft Heinz, Nestle and PepsiCo "will most likely have to pass that cost on to consumers" according to Kona Haque, head of research at the agricultural commodities firm ED&F Man.

"Whether it's corn, sugar, coffee, soybeans, palm oil, you name it, all of these basic food commodities have been rising," she said.

"Poor harvests in Brazil, which is one of the world's biggest agricultural exporters, drought in Russia, reduced planting in the US and stockpiling in China have combined with more expensive fertilizer, energy and shipping costs to push prices up."

But she said food producers would all be affected and would therefore all be raising prices in similar ways: "because it's so widespread that everyone will do it, meaning they probably won't lose customers".

This week PespsiCo warned it was also facing rising costs on everything from transport to raw ingredients, and said that further prices rises were likely at the start of next year.

However, as well as pushing up costs, the pandemic did help boost sales for some Kraft Heinz brands, Mr. Patricio said, because staying in meant "people are cooking far more than they were before".

Customers in the UK bought more Heinz Baked Beans, while customers in the US bought more Kraft Mac & Cheese. Overall sales rose 1.6% to $13bn in the first half of this year, described by Erin Lash, at the investment firm Morningstar, as "still quite impressive relative to the comparable pre-pandemic period in 2019". despite representing a slight slowdown.


Source: BBC News
Kraft Heinz says people must get used to higher food prices - BBC News

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The post Kraft Heinz says people must get used to higher food prices appeared first on Trading Concepts, Inc..

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