Programming Note: Sheraz Mian, the Director of Research here at Zacks, was talking about the Q2 earnings season on WGN Radio's The Opening Bell this morning. Check out his appearance right here. As expected, the meeting between President Trump and North Korean leader Kim Jong-un didn’t have much of an impact on the market. The agreement signed at the summit proved to be too vague to cause much of a reaction. The market is more interested in tomorrow’s Fed announcement. A rate hike on Wednesday is a foregone conclusion, but the focus will be on the Dot Plot. Are we still set for only three hikes this year (one more after tomorrow)? Or is a fourth hike still on the table? We’ll see... Unlike yesterday, the major indices moved sharply higher in the final hour of Tuesday’s session. The NASDAQ finished with a 0.57% advance to a new high of 7703.8 and the S&P climbed 0.17% to 2786.9. However, the Dow couldn’t make it all the way back and finished with a slight 0.01% slip to 25320.7. "Despite the media coverage of the meeting between Kim and Trump, the summit had little effect on the markets," said Jeremy in Counterstrike. "The Fed is really all that matters. We will likely see a rate hike again tomorrow, but what will be more important is what kind of language will be used. For short-term trading reasons, anything taken as dovish will likely help rip markets above 2800." Other than the summit, the biggest news today didn’t come until after the close. A federal judge approved the $85 billion acquisition of Time Warner by AT&T. Now, the market is getting ready for a deluge of new M&A coming down the pike. The portfolios were very active today and included a lot of profit taking. Stocks Under $10 cashed in a triple digit winner to make room for a new buy, while Surprise Trader secured a double-digit return in less than a week. Meanwhile, Counterstrike sold all or parts of three positions to fit in a new buy, while Short List swapped out four names. Read more in the highlights section below: Today's Portfolio Highlights: Stocks Under $10: The portfolio is completely full, so Brian Bolan needs to sell a name before he can add a new one. Fortunately, the service is sitting on a triple-digit winner in Extreme Networks (EXTR), a maker of wireless networking products and services. The stock was sold today for a profit of about 120%. The move gives Brian a chance to take advantage of some shorts in the retail world. A lot of shorts have been getting squeezed in the last few days on some good reports from retailers, and the editor thinks the same thing is happening right now with Big 5 Sporting Goods (BGFV). The stock has a “ferociously high” short interest of 45% of the float, and Brian thinks those shorts have overstayed their welcome. He believes BGFV could be set to move to $11 or more on some good news. Read the full write-up for more on today’s moves. Counterstrike: The rising market has Jeremy in a buying mood, but first he needs to clear some space and take a few profits. On Tuesday, the portfolio made these moves: • Sold half of Echo Global Logistics (ECHO) for a 10.8% return • Sold all of Intuitive Surgical (ISRG) for a 9.9% return • Sold a third of Salesforce.com (CRM) for a 5% return These moves gave the editor enough space to add Parsley Energy (PE) with a 7% allocation. The stock has pulled back from a solid quarterly report in May that included a positive earnings surprise of 40%. Jeremy thinks the stock has bottomed and is poised to move if crude oil ticks higher again, which it is likely to do this summer. Read the complete commentary for more specifics on all of today’s moves. Surprise Trader: The portfolio sold Restoration Hardware (RH) on Tuesday for a nice 40.7% profit…IN LESS THAN ONE WEEK! Dave added this name last Wednesday in a “bet the jockey, not the horse” move due to his confidence in Chairman & CEO Gary Friedman. Well, shares of this upscale furniture retailer soared today after a positive earnings surprise in its latest quarterly report, which also included a strong outlook for this quarter. The editor says the shorts are getting routed, so this is a great time to cash in a double-digit winner with RH. Zacks Short List: The portfolio swapped out four names in this week’s adjustment. The short-covered stocks that left the portfolio today include: • Applied Optoelectronics (AAOI, +8.3%) • MGM Resorts Intl (MGM) • Sina Corp (SINA) • Williams Partners (WPZ) The new buys that replaced these names are: • MercadoLibre Inc. (MELI) • Schlumberger Limited (SLB) • TAL Education Group (TAL) • Zayo Group (ZAYO) Learn more about this emotion-free portfolio that takes advantage of falling and volatile markets by reading the Short List Trader Guide. 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