Large-caps opened flat on Wednesday and then proceeded to put in a sideways, but bearish grind all day.  The QQQ gapped up four-tenths of a percent and after a bit of roller coaster action rallied mildly most of the day.  The SPY printed a Hanging Man candle while the QQQ printed a Spinning Top candle.  On the day, SPY lost 0.15%, DIA lost 0.56%, and QQQ gained 0.61%.  The VXX fell over 3.5% to 17.39 and T2122 rose deeper into the overbought territory at 96.93.  10-year bond yields were unchanged at 0.882% and Oil (WTI) rose to $45.24/barrel.

Bitcoin traders got a nasty shock after the close Wednesday.  After reaching its all-time high during the trading day, after-hours Bitcoin fell nearly $3,000.  No apparent cause for the plunge is known at this point.  However, CNBC reports that most cryptocurrency experts do not feel this volatility will have long-term implications and they still expect it to reach $20,000 soon (which after this drop is 18% away).

AZN faced more scrutiny on Thursday when more details about their Phase 3 trial were released.  It turns out that the mistake, which led to data implying a 90% efficacy rate, was based on a manufacturing problem. AZN mistakenly only put half doses of the vaccine in thousands of vials.  Rather than scrap or remanufacture the product, AZN and Oxford University made the decision to just administer the half doses to a younger group of volunteers.  So, while the 1.5 dose regimen did show it was 90% effective (versus 62%when 2 doses were administered to older volunteers), the data is skewed and the AZN quality control is in question.  Worse yet, AZN and Oxford did not disclose this in their original statement. Instead, they just said 1.5 doses was 90% effective and on average the vaccine was 70% effective.  Still, the vaccine was formally referred to the UK Medicines Regulator for assessment of fitness for approval.

On the virus front itself, infections continue to rage as the US. Despite a relative respite on the holiday (only 108,289 new cases) the US totals have risen to 13,249,447 confirmed cases and 269,597 deaths.  The 7-day average of new cases to 179,923 while deaths are averaging deaths rise to 1,712/day.  The Pentagon has instituted new restriction and protocols are cases climb on bases and ships.

Globally, the numbers rose to 61,448,892 confirmed cases and the confirmed deaths are now at 1,440,531 deaths. In Europe, Russia reported a new record high in cases Friday, and Germany topped 1 million cases as it reported its worst day of deaths.  In Asia, Japan saw its second-highest new case count to date while South Korea saw the same, (with Wednesday being the record high day).

Overnight, Asian markets were mixed again, but this time leaned to the green side.  Shanghai (+1.14%) led the gainers by far while Australia (-0.53%) paced the losses.  In Europe, we see a similar mixed picture so far today.  The FTSE (-0.39%), DAX (+0.28%), and CAC (+0.052%) lead the way.  As of 7:30 am, US futures are pointing to a modestly higher open.  The DIA is implying a gain of 0.21%, the SPY a gain of 0.21%, and the QQQ to a slight gap higher (+0.35%).

There are no major economic news events Friday.  There are also no major earnings reports on the day.  However, remember that today is a half-day, with markets closing at 1 pm.

Expect a light and perhaps volatile day as many traders enjoy a four-day weekend. Also, remember that this is Friday. So, book some profits and/or place some hedges in front of the weekend. As always, respect the trend, support/resistance, and price action. Don’t chase moves you have missed (there will be another opportunity) and stick with your trading rules. Our job as traders is consistency, not hitting home runs,

Ed

Swing Trade Ideas for your consideration and watchlist: No Trade Ideas for a short Friday. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

🎯 Malcolm .: Posted in room 2, @Rick… I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade:  PYPL, TGT, and ZS.   Quality patterns and with my trading, up 24%, 7% and 12%…. this program is gold.

🎯 Friday 6/21/19  (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.

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Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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