Member e-Learning 12-05-24 – Doug
Jobless Claims and Trade Balance This Morning
Wednesday was pretty much all about the open. SPY gapped up 0.30%, DIA gapped up 0.45%, and QQQ gapped up 0.66%. From there, all three major index ETFs did some form of grinding sideways until 2 p.m. At that point, all three started a steady, but modest, rally that ran into the close. This action gave us gap-up, large-body, white body candles in all three major index ETFs. All three printed new all-time highs and closed at new all-time high closes. This happened on below-average volume in SPY and QQQ as well as average volume in the DIA.
On the day, six of the 10 of the sectors were in the red again and the other four in the green as Energy (-1.90%) was way, way out in front leading the majority of sectors to the downside. On the other side, Technology (+1.67%) far ahead of any other sector. Meanwhile, SPY gained 0.62%, DIA lost 0.68%, and QQQ gained 1.24%. VXX gained half a percent to close at 42.33 and T2122 dropped back a little more, but remains in the top part of the mid-range to close at 64.03. At the same time, 10-Year bond yields fell to 4.184% while Oil (WTI) dropped 1.73%, closing at $68.73 per barrel. What we saw Wednesday saw gaps higher across the market. That was followed by a sideways grind most of the day and then a modest rally into the close. All three major index ETFs printed new all-time highs and closed at new all-time high closes. So, the Bulls were clearly in control…even if most of the gain came on the opening gap higher.
The major economic news scheduled Wednesday included November ADP Nonfarm Employment Change, which came in with lower growth than expected at +146k (versus a +166k forecast and October’s +184k reading). Later, Nov. S&P Global Services PMI also came in light at 56.1 (compared to a 57.0 forecast, but up from October’s 55.0 value). When combined with Tuesday’s Nov. S&P Global Mfg. PMI this gave us a Nov. S&P Global Composite PMI of 54.9 (versus a 55.3 forecast, but up from October’s 54.1 number). Later, Oct. Factory Orders were lighter than predicted at +0.2% (compared to a +0.3% forecast but up significantly from September’s -0.2% reading). At the same time, Nov. ISM Non-Mfg. Employment Index was down to 51.5 (versus a 53.0 forecast and October value). Meanwhile, the Nov. ISM Non-Mfg. PMI itself was also low at 52.1 (compared to a 55.5 forecast and October’s 56.0 number). Later, EIA Weekly Crude Oil Inventories showed a much bigger drawdown than anticipated at -5.073 million barrels (versus a forecasted draw of 1.600 million barrels and the previous week’s -1.844 million barrels).
In Fed news, on Wednesday, St. Louis Fed President Musalem told Bloomberg that he expected “additional easing of moderately restrictive policy toward neutral will be appropriate over time.” However, he hedged his bets on how much or how fast, saying, “Along this baseline path, it seems important to maintain policy optionality, and the time may be approaching to consider slowing the pace of interest rate reductions, or pausing, to carefully assess the current economic environment, incoming information and evolving outlook.” Later, Fed Chair Powell told an interview, “We can afford to be a little more cautious as we as we try to find neutral rate.” Powell continued, “The economy is stronger than we thought it was going to be in September … the labor market is is better, and inflation is coming a little higher.” After his speech, Powell was asked about being undermined by a “Shadow Fed Chairman” (an idea broached by Trump’s nominated Treasury Sec.). Powell said, “I don’t think that’s on the table at all … There’s a set of institutional relationships between the Fed and every administration … I fully expect that we’ll have the same general kinds of relationships (with Trump Admin. officials). There’s got to be trust and mutual respect and acknowledgement of the different authorities and boundaries that we have.”
After the close, FIVE, PVH, and SNPS reported beats on both revenue and earnings lines. Meanwhile, AEO missed on revenue while beating on earnings. On the other side, GEF beat on revenue while missing on earnings.
Overnight, Asian markets were mostly green with just three of the 12 exchanges below the break-even level. India (+0.98%) paced the gains while Hong Kong (-0.92%) and South Korea (-0.90%) were by far the biggest losers. In Europe, we see a similar picture taking shape at midday with just four of 14 bourses in the red. The CAC (+0.12%), DAX (+0.31%), and FTSE (-0.08%) lead the region modestly higher in early afternoon trade. In the US, as of 7:40 a.m., Futures are pointing toward a start just on the red side of flat. The DIA implies a -0.02% open, the SPY is implying a -0.05% open, and the QQQ implies a -0.06% open at this hour. At the same time, 10-Year Bond yields are back up a touch to 4.217% and Oil (WTI) is back up a quarter-percent to $68.67 (after an overnight slump) in early trading.
The major economic news scheduled for Thursday includes Weekly Initial Jobless Claims, Weekly Continuing Jobless Claims, Oct. Imports, Oct. Exports, Oct. Trade Balance (all at 8:30 a.m.), and Fed Balance Sheet (4:30 p.m.). The major earnings reports scheduled for before the open are limited to BMO, BF.A, CAL, CM, CSIQ, DG, GMS, KFY, KR, PDCO, SAIC, SIG, and TD. Then, after the close, COO, DOCU, HPE, LULU, WOOF, ULTA, VEEV, and VSCO report.
In economic news later this week, on Friday, we get, Nov. Average Hourly Earnings, Nov. Nonfarm Payrolls, Nov. Private Nonfarm Payrolls, Nov. Participation Rate, Nov. Unemployment Rate, Michigan Consumer Sentiment, Michigan Consumer Expectations, Michigan 1-Year Inflation Expectations, Michigan 5-Year Inflation Expectations, October Consumer Credit. We also hear from Fed members Bowman and Daily.
In terms of earnings reports later this week, on Friday, we hear from DOOO and GCO.
So far this morning, CM, KFY, and SAIC reported beats on both the revenue and earnings lines. Meanwhile, CSIQ missed on revenue while beating on earnings. On the other side, BMO, DG, GMS, PDCO, and TD all beat on revenue while missing on the earnings line. However, CAL and SIG missed on both the top and bottom lines.
With that background, markets seem undecided early in the premarket. All three major index ETFs are just on the red side of flat. QQQ started the early session with a gap down, but has rallied to print a white-bodied candle to get nearly back to even. Keep in mind that the SPY, DIA, and QQQ sit at all-time highs. All three are above their T-line (8ema). So, the short-term trend is now bullish. Looking further out, obviously the mid-term and longer-term trends also remain bullish sitting at or near those all-time highs. In terms of extension, only QQQ is now stretched above its T-line, but SPY and DIA are still not extended. The T2122 indicator remains in the top half of its mid-range. So, both sides of the market have room to move, but the Bears may have more slack to work with today. In terms of the 10 Big Dogs, nine of the 10 are in green numbers at this point of the morning again, albeit on modest moves. GOOGL (+0.44%) is leading the way higher while AMD (-0.22%) is the only big dog in the red. In a return to post-election norm, TLSA (+0.39%) is leading in terms of dollar-volume traded, sitting at a little less than 1.5 times as much traded than NVDA (+0.10%), which itself has traded almost 9 times as much as the next one of the big dogs.
As always, be deliberate and disciplined…but don’t be stubborn. If you have a loss, admit you were wrong and take that loss before it gets out of hand. And when the price does move in your direction, always move your stops in your favor and take a little profit off the table. You have to keep the “Legend of the Man in the Green Bathrobe” in mind. In a winning situation, it is NOT HOUSE MONEY you’re betting, it’s YOUR MONEY! There is no reason to keep raising your bet (risk) size just because you’ve had a win. Finally, remember that trading is not a hobby, it’s a job. The gains are real and so is the risk. So, treat it that way. Do the work and follow the process. Stick to your trading rules, trade with the trend, and take those profits when you have them. Do the work!
See you in the trading room.
Ed
🎯 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.
Hit and Run Candlesticks / Road To Wealth Youtube videos
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.
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
Record-Breaking Rally
This morning, US equity futures experienced fluctuations as investors took a breather from a record-breaking rally. Despite this pause, Bitcoin surged past $100,000 following President-elect Donald Trump’s appointment of a crypto advocate as the next head of the Securities and Exchange Commission. The S&P 500 marked its 56th record close of 2024, with the Dow and QQQ also reaching new highs, largely driven by gains in big tech. Federal Reserve Chairman Jerome Powell noted that the risks from the labor market had diminished, allowing Fed officials to cautiously lower interest rates toward a neutral level that neither stimulates nor restrains economic growth.
European stocks saw an uptick, particularly in France, following the ousting of Prime Minister Michel Barnier’s government in a no-confidence vote the previous day. The market’s positive movement was driven by gains in travel and banking stocks, although industrials and health care sectors experienced minor losses. In a significant development, Shell and Norway’s Equinor announced their intention to merge their British offshore oil and gas assets, forming a new energy company based in Aberdeen, Scotland. This merger is poised to make the new entity the largest independent producer in the U.K. North Sea.
Asia-Pacific markets showed mixed performance amid significant political upheaval. In South Korea, lawmakers moved to impeach President Yoon Suk Yeol just a day after he declared martial law, with a vote scheduled for Saturday evening, according to local reports. This political instability contributed to a 0.90% drop in the Kospi and a 0.92% decline in the Kosdaq. Meanwhile, Australia’s S&P/ASX 200 saw a modest gain of 0.1%, Japan’s Nikkei 225 rose by 0.30%, but Hong Kong’s Hang Seng index fell by 1.1%.
Economic Calendar
Earnings Calendar
Notable reports for Wednesday before the bell include CRMT, BMO, BF>B, CAL, CM, DG, GMS, SIG, & TD, After the bell reports include AGX, ASAN, COO, DOCU, COMO, GTLB, GWRE, HCP, HPE, LULU, WOOF, RBBK, IWT, SMAR, SWBI, PATH, ULTA, VEEV, VSCO, & ZIMZ.
News & Technicals’
Wednesday night, Bitcoin’s price surged past the highly anticipated $100,000 mark for the first time ever. This milestone followed new closing records for the S&P 500 and Nasdaq Composite, coinciding with President-elect Trump’s announcement of his SEC chair pick and Fed Chair Jerome Powell’s comparison of Bitcoin to gold. Bitcoin has now risen over 140% in 2024 and 48% since the election. Mike Novogratz, CEO of Galaxy Digital, remarked to CNBC that the digital asset ecosystem is on the verge of becoming a mainstream financial force.
American Eagle has revised its full-year sales forecast downward and provided holiday guidance that fell short of expectations. While the retailer experienced robust demand during the back-to-school season, it noted a slowdown in consumer spending between key shopping periods. Despite this, the Aerie brand continued to perform well, with comparable sales increasing by 5%, building on a 12% rise from the previous year.
Shell and Equinor are set to establish a joint venture in Aberdeen, Scotland, aiming to sustain fossil fuel production and ensure energy security in the U.K. The deal, expected to be finalized by the end of next year pending approvals, will create the U.K. North Sea’s largest independent producer. This strategic move underscores the companies’ commitment to maintaining a stable energy supply while navigating the evolving energy landscape.
Vivek Ramaswamy, co-leading President-elect Trump’s new Department of Government Efficiency alongside Elon Musk, announced that any “last minute spending spree” under Biden’s Inflation Reduction Act (IRA) or CHIPS Act will be closely scrutinized. He specifically mentioned the recent $6.6 billion loan to electric vehicle maker Rivian Automotive. Ramaswamy emphasized that any significant increase in spending and “dollars out the door” during the final days of Biden’s term could be considered “indefensible” and potentially a “fiduciary breach.”
After yesterday’s record-breaking rally futures hint at a possible rest as the bulls catch their breath. However, the index charts all indicate bullish patterns with no signs that the bears gaining ground. That said, the decline in the T2122, T2108, T2107 indicators as the market extends is suggesting a substantial divergence is developing. Should the bears find a reason to attack the divergence could result in a swift and substantial pullback so have a plan in pace to protect capital and profits if those profit-takers find reason to run for the door.
Trade Wisely,
Doug
ADP, S&P PMI, ISM Services, and Powell on Tap
Tuesday saw a modest divergence at the opening bell. SPY opened 0.04% lower, DIA opened 0.10% higher, and QQQ gapped down 0.27%. From there, SPY and QQQ just meandered sideways in a tight channel before making a modest and slow afternoon rally. QQQ printed a new all-time high and new all-time high close. SPY printed a new all-time high close. At the same time, after its lower open, DIA followed-through to the downside until 11:45 a.m. Then it rallied almost back to the prior close level before meandering sideways the rest of the day. This action gave us Spinning Top candles in the SPY and DIA as well as a large-body white candle. SPY was a white-body Spinning Top and DIA was a black-body Spinning Top. This all happened on well below-average volume in all three major index ETFs.
On the day, six of the 10 of the sectors were in the red again and the other four in the green as Utilities (-0.78%) was out in front pacing the losses and leading the market to the downside. On the other side, Communications Services (+0.60%) led the gainers. Meanwhile, SPY gained 0.05%, DIA lost 0.19%, and QQQ gained 0.31%. VXX fell half a percent to close at 42.07 and T2122 dropped back a little more, but remains in the top part of the mid-range to close at 69.79. At the same time, 10-Year bond yields rose a bit to 4.226% while Oil (WTI) popped 2.76%, closing at $69.98 per barrel. So, what we saw Tuesday was basically consolidation by the SPY and DIA (even though SPY did print a new all-time high close). However, QQQ continued its rally despite a gap down to start the day. META (+3.51%), AMZN (+1.30%), AAPL (+1.28%), and NVDA (+1.18%) led that rally in the QQQ.
The major economic news scheduled for Tuesday was limited to October JOLTs which came in higher than expected at 7.744 million (compared to a 7.510 million forecast and a September 7.372 million reading). Then, after the close, the API Weekly Crude Oil Stock Report showed an unexpected inventory build of 1.232 million barrels (versus a forecasted 2.060-million-barrel drawdown and the prior week’s 5.935-million-barrel drawdown).
In Fed news, on Tuesday, FOMC members steered away from providing rate guidance ahead of December’s meeting. San Francisco Fed President Daly told Fox Business “I think we need to have an open mind here.” Later, Chicago Fed President Goolsbee said, “Over the next year it feels to me like rates come down a fair amount from where they are now, but we meet every six weeks because the conditions change.” For her part, Fed Governor Kugler simply gave backward-looking comments to a Detroit event, saying, “I view the economy as being in a good position after making significant progress in recent years toward our dual-mandate goals of maximum employment and stable prices.”
After the close, PSTG, OKTA, and MRVL reported beats on both the revenue and earnings lines. Meanwhile, CRM beat on revenue while missing on earnings.
Overnight, Asian markets were mixed with six exchanges in the red, five in the green, and one unchanged. South Korea (-1.44%) paced the losses, as expected given the political turmoil of the last 24 hours in that country. Meanwhile, Taiwan (+0.99%) led the gainers. In Europe, the bourses are mostly green at midday with four in the red and 10 in the green. The CAC (+0.52%), DAX (+1.05%, and FTSE (-0.23%) lead the region higher in early afternoon trade. In the US, as of 7:30 a.m., Futures are pointing toward a green start to the day. The DIA implies a +0.42% open, the SPY is implying a +0.30% open, and the QQQ implies a +0.64% open at this hour. At the same time, 10-Year Bond yields are up to 4.261% and Oil (WTI) is just on the green side of flat at $70.00 per barrel in early trading.
The major economic news scheduled for Wednesday includes Nov. ADP Nonfarm Employment Change, Nov. S&P Global Services PMI, Nov. S&P Global Composite PMI, Oct. Factory Orders, Nov. ISM Non-Mfg. Employment, Nov. ISM Non-Mfg. PMI, EIA Crude Oil Inventories, and Fed Beige Book. We also hear from Fed Chair Powell. The major earnings reports scheduled for before the open are limited to CPB, CHWY, CBRL, DLTR, FL, HRL, RY, and THO. Then, after the close, AEO, FIVE, GEF, PVH, and SNPS.
In economic news later this week, on Thursday, Weekly Initial Jobless Claims, Weekly Continuing Jobless Claims, Oct. Imports, Oct. Exports, Oct. Trade Balance, and Fed Balance Sheet. Finally, on Friday, we get, Nov. Average Hourly Earnings, Nov. Nonfarm Payrolls, Nov. Private Nonfarm Payrolls, Nov. Participation Rate, Nov. Unemployment Rate, Michigan Consumer Sentiment, Michigan Consumer Expectations, Michigan 1-Year Inflation Expectations, Michigan 5-Year Inflation Expectations, October Consumer Credit. We also hear from Fed members Bowman and Daily.
In terms of earnings reports later this week, on Thursday, BMO, BF.A, CAL, CM, CSIQ, DG, GMS, KFY, KR, PDCO, SAIC, SIG, TD, COO, DOCU, HPE, LULU, WOOF, ULTA, VEEV, and VSCO report. Finally, on Friday, we hear from DOOO and GCO.
So far this morning, CPB, DLTR, and RY reported beats on both the revenue and earnings lines. Meanwhile, CHWY beat on revenue while missing on earnings. However, FL, HRL, and THO missed on both the top and bottom lines.
With that background, markets seem bullish early in the day. All three major index ETFs gapped up a bit to start the premarket and all three have printed small white-bodied candles since that point. However, it is worth noting all three have backed off just slightly from their absolute high of the early session. In addition, keep in mind that the SPY and QQQ sit at all-time highs while DIA is less than half a percent below its own all-time high. All three are above their T-line (8ema). So, the short-term trend is now bullish. Looking further out, obviously the mid-term and longer-term trends also remain bullish sitting at or near those all-time highs. In terms of extension, QQQ is now stretched above its T-line, but SPY and DIA are still not too far extended. The T2122 indicator is now back in the top half of its mid-range. So, either side has room to move, but the Bears may have more slack to work with today. In terms of the 10 Big Dogs, nine of the 10 are in green numbers at this point of the early morning session. NVDA (+1.16%) is leading the way higher while META (-0.27%) is the only big dog in the red and by far the laggard of the group. In a return to pre-election norm, NVDA is leading in terms of dollar-volume traded, sitting at a little less than 1.5 times as much traded than TSLA, which itself has traded almost 4 times as much as the next one of the big dogs.
As always, be deliberate and disciplined…but don’t be stubborn. If you have a loss, admit you were wrong and take that loss before it gets out of hand. And when the price does move in your direction, always move your stops in your favor and take a little profit off the table. You have to keep the “Legend of the Man in the Green Bathrobe” in mind. In a winning situation, it is NOT HOUSE MONEY you’re betting, it’s YOUR MONEY! There is no reason to keep raising your bet (risk) size just because you’ve had a win. Finally, remember that trading is not a hobby, it’s a job. The gains are real and so is the risk. So, treat it that way. Do the work and follow the process. Stick to your trading rules, trade with the trend, and take those profits when you have them. Do the work!
See you in the trading room.
Ed
🎯 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.
Hit and Run Candlesticks / Road To Wealth Youtube videos
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.
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
Jerome Powell Insights
Tech stocks spearhead a rise in US equity futures as traders anticipated comments from Federal Reserve Chair Jerome Powell for insights into future interest rate movements. The Nasdaq 100 index contracts saw a 0.7% increase, driven by favorable earnings reports within the tech sector. Meanwhile, S&P 500 contracts also moved up, following the benchmark’s achievement of its 55th record high for the year on Tuesday. Additionally, the dollar gained strength, and 10-year Treasury yields rose, reflecting broader market dynamics.
European stocks were on the rise early Wednesday as investors prepared for a no-confidence vote in France’s National Assembly. The French CAC 40 index increased by 0.4% in morning trading, reflecting cautious optimism amid a politically turbulent week in France. The autos sector led the gains, climbing 1.2% following a report from Italian newspaper Corriere della Sera that Stellantis is considering outgoing Apple CFO Luca Maestri for its CEO position. Conversely, stocks in the healthcare, food and beverage, and basic resources sectors were trading lower.
South Korean markets experienced a significant downturn on Wednesday as political pressure intensified on President Yoon Suk Yeol following his brief imposition and subsequent lifting of a martial law decree. Concerns over financial instability prompted the Bank of Korea to announce plans to enhance short-term liquidity and implement measures to stabilize the foreign exchange market as needed. The Kospi index declined by 1.44%, and the Kosdaq fell by 1.98%. In contrast, Japan’s Nikkei 225 remained nearly flat, while Mainland China’s CSI 300 and Australia’s S&P/ASX 200 saw modest declines of 0.54% and 0.38%, respectively.
Economic Calendar
Earnings Calendar
Notable reports for Wednesday before the bell include CPB, CHWY, DLTR, FL, HRL, RY, & THO. After the bell reports include AVAV, AEO, CHPT, DSGX, FIVE, GEF, NCNO, PVH, S, CXM, SNPS, & VRNT.
News & Technicals’
Attention Wednesday will be focused on Powell’s upcoming speech and the latest US data on services and manufacturing as the market anticipates Friday’s crucial labor market update. Fed Bank of San Francisco President Mary Daly mentioned that while a December rate reduction isn’t guaranteed, it remains a possibility. Guy Miller, chief strategist at Zurich Insurance, noted that the Fed has been clear in its signaling so far, suggesting that if a pause is considered, Powell might hint at it to avoid surprising the market. This comes amid a significant surge in US stocks, with the S&P 500 index climbing 27% this year.
French markets remained relatively stable ahead of Wednesday’s no-confidence vote, which poses a threat to the current government. The CAC 40 index saw a slight rise, marginally outperforming the broader European Stoxx 600 index. Meanwhile, the yield premium on French bonds compared to their German counterparts held steady, and the euro experienced a slight weakening. This stability in the markets was anticipated by Nannette Hechler-Fayd’herbe, EMEA chief investment officer at Lombard Odier.
Investors in South Korea are closely evaluating the future political landscape after the opposition Democratic Party announced plans to pursue treason and impeachment charges against President Yoon for his illegal declaration of martial law. In response to the potential instability, the Bank of Korea has committed to boosting short-term liquidity and taking proactive measures in the currency markets to maintain stability. Charu Chanana, chief investment strategist at Saxo Markets, noted that while some uncertainty remains, the swift actions by Korean authorities could help limit the regional impact.
U.S. airline executives are preparing to defend their seating fees before a Senate panel on Wednesday, following accusations from the subcommittee that the industry has been generating billions in revenue through “junk” fees. The Biden administration, along with some lawmakers, has vowed to address these fees, specifically targeting the airline industry for reductions. According to a report released on November 26 by the Senate Permanent Subcommittee on Investigations, American, Delta, United, Spirit, and Frontier airlines collectively amassed $12.4 billion in seating fees from 2018 to 2023.
The bulls are running hard this morning but keep in mind Jerome Powell speaks this afternoon, and anything is possible. Bank of America published a report to their customers to exercise caution as you head toward the Friday jobs report suggesting the market may be getting ahead of itself considering the pending government shutdown on the 20th and big shakeup expected as the new administration takes control. Of course, stay with the trend but watchful for a change as the market continues to wildly extend.
Trade Wisely,
Doug
JOLTS Data Mid-Morning At All-Time Highs
Markets diverged again at the start of the day on Monday. SPY opened 0.09% higher, DIA opened 0.11% higher, and QQQ gapped up 0.26%. From there, SPY wandered to the side with a very slight bullish trend the rest of the day. At the same time, after the open, QQQ sold off sharply for an hour before meandering sideways the rest of the day. Finally, QQQ rallied sharply for and hour and the less strongly until 12:25 p.m. Then it drifted modestly lower until 2:30 p.m. when it began a modest rally that lasted into the close. This action gave us divergent candles among those big three major index ETFs as well. QQQ printed a dap up big white candle that printed a new all-time high and new all-time high close. It is also at the breakout of a J-hook pattern. For its part, SPY printed a gap-up, white-bodied Spinning Top candle that was also printed a new all-time high and new all-time high close. However, DIA printed a large-body, black candle that only missed being a Dark Cloud Cover by virtue of Friday’s upper wick.
On the day, six of the 10 of the sectors were in the red and the other four in the green as Technology (+1.21%) was far out in front leading the market higher while Utilities (-1.55%) was lagging far behind. Meanwhile, SPY gained 0.18%, DIA lost 0.30%, and QQQ gained 1.09%. VXX fell slightly again to close at 42.30 and T2122 dropped back a little further out of its overbought territory into the top part of the mid-range to close at 71.03. At the same time, 10-Year bond yields fell a bit to 4.192% while Oil (WTI) was flat, closing at $68.08 per barrel. So, Tuesday was a day where SPY and QQQ gapped up, but then diverged with SPY melting higher. At the same time, DIA gapped down and sold off before reversing to rally more strongly the rest of the day. This happened on well below-average volume in all three major index ETFs.
The major economic news scheduled for Monday was limited to November S&P Global Mfg. PMI, which came in a bit higher than expected at 49.7 (compared to a 48.8 forecast and an October 48.5 reading). Later, Oct. Construction Spending was much higher than expected at +0.4% (versus a +0.2% forecast and a September value of +0.1%). At the same time, Nov. ISM Mfg. Employment was up at 48.1 (compared to the October 44.4 reading). Meanwhile, Nov. ISM Mfg. PMI was up at 48.4 (versus a 47.7 forecast and a previous reading of 46.5). At the same time, Nov. ISM Mfg. Prices were down sharply to 50.3 (compared to a 55.2 forecast and October’s 54.8 number).
In Fed news, on Monday, Atlanta Fed President Bostic said he has an open mind on whether the FOMC should cut rates at the December meeting. Bostic said, “There is a lot of uncertainty. … I am not going into this meeting with a sense that it (a rate cut) is preordained. We have important data points that are coming in, including information to be released Friday on November job growth.” However, he went on to indicate that his starting point is leaning toward another cut when he said, “My base case on inflation remains that we are on track to reach the 2% objective…weighing the totality of the data, I do not view the recent bumpiness as a sign that progress toward price stability has completely stalled.” (And if inflation is still falling, his previous statements favor a move to solve the other mandate of full employment.)
Later, Fed Governor Waller said he was leaning toward another cut in December. Waller said, “At present I lean toward supporting a cut to the policy rate at our December meeting. But that decision will depend on whether data that we will receive before then surprises to the upside and alters my forecast for the path of inflation.” Finally, later on, New York Fed President Williams said that the FOMC is likely to cut rates, without giving a timeline. Williams said, “Monetary policy remains in restrictive territory to support the sustainable return of inflation to our 2 percent goal,” and “I expect it will be appropriate to continue to move to a more neutral policy setting over time.” Williams went on to say the economy is in “a good place” and he sees inflation continuing to ebb toward 2% and the labor market remaining “strong.”
After the close, ZS reported significant beats on both the revenue and earnings lines.
Overnight, Asian markets were nearly green across the board with the lone exception of Shenzhen (-0.40%). Japan (+1.91%), South Korea (+1.86%), and Taiwan (+1.28%) paced the broad and strong gains in the region. In Europe, we see the same picture taking shape with only Portugal (-0.14%) in the red with 13 green bourses at midday. The CAC (+0.29%), DAX (+0.14%), and FTSE (+0.74%) lead the region higher in early afternoon trade. In the US, as of 7:30 a.m., Futures are pointing toward a flat start to the day. The DIA implies a -0.02% open, the SPY is implying a +0.02% open, and QQQ implies a -0.05% open at this hour. At the same time, 10-Year bond yields are back up to 4.213% and Oil (WTI) is up 1.37% to $69.03 per barrel in early trading.
The major economic news scheduled for Tuesday is limited to October JOLTs (10 a.m.) and API Weekly Crude Oil Stock Report (4:30 p.m.). The major earnings reports scheduled for before the open are limited to BNS, CNM, and DCI. Then, after the close, MRVL, OKTA, PSTG, and CRM.
In economic news later this week, on Wednesday, we get Nov. ADP Nonfarm Employment Change, Nov. S&P Global Services PMI, Nov. S&P Global Composite PMI, Oct. Factory Orders, Nov. ISM Non-Mfg. Employment, Nov. ISM Non-Mfg. PMI, EIA Crude Oil Inventories, and Fed Beige Book. We also hear from Fed Chair Powell. Then Thursday, Weekly Initial Jobless Claims, Weekly Continuing Jobless Claims, Oct. Imports, Oct. Exports, Oct. Trade Balance, and Fed Balance Sheet. Finally, on Friday, we get, Nov. Average Hourly Earnings, Nov. Nonfarm Payrolls, Nov. Private Nonfarm Payrolls, Nov. Participation Rate, Nov. Unemployment Rate, Michigan Consumer Sentiment, Michigan Consumer Expectations, Michigan 1-Year Inflation Expectations, Michigan 5-Year Inflation Expectations, October Consumer Credit. We also hear from Fed members Bowman and Daily.
In terms of earnings reports later this week, on Wednesday, we hear from CPB, CHWY, CBRL, DLTR, FL, HRL, RY, THO, AEO, FIVE, GEF, PVH, and SNPS. Then Thursday, BMO, BF.A, CAL, CM, CSIQ, DG, GMS, KFY, KR, PDCO, SAIC, SIG, TD, COO, DOCU, HPE, LULU, WOOF, ULTA, VEEV, and VSCO report. Finally, on Friday, we hear from DOOO and GCO.
So far this morning, DCI reported beats on both the revenue and earnings lines. At the same time, BNS beat on revenue while missing on earnings.
With that background, markets seem basically flat early. All three major index ETFs opened the premarket about where they closed Monday and have printed indecisive, tiny candles since that point. It is worth noting that SPY and QQQ sit at all-time highs while DIA is less than half a percent below its own all-time high. All three are above their T-line (8ema). So, the short-term trend is now bullish. Looking further out, obviously the mid-term and longer-term trends also remain bullish sitting at or near those all-time highs. In terms of extension, QQQ is the furthest above its T-line, but none of the three are too far extended. The T2122 indicator is now back in the top end of its mid-range. So, either side has room to move, but the Bears may have a little more slack to work with today. In terms of the 10 Big Dogs, six of the 10 are in green numbers at this point of the early morning session. AMD (+1.18%) is leading the way higher while TSLA (-0.74%) is by far the main laggard of the group. In a post-election norm, TSLA is leading in terms of dollar-volume traded, sitting at 2 times as much traded than NVDA, which itself has traded almost 10 times as much as the next one of the big dogs.
As always, be deliberate and disciplined…but don’t be stubborn. If you have a loss, admit you were wrong and take that loss before it gets out of hand. And when the price does move in your direction, always move your stops in your favor and take a little profit off the table. You have to keep the “Legend of the Man in the Green Bathrobe” in mind. In a winning situation, it is NOT HOUSE MONEY you’re betting, it’s YOUR MONEY! There is no reason to keep raising your bet (risk) size just because you’ve had a win. Finally, remember that trading is not a hobby, it’s a job. The gains are real and so is the risk. So, treat it that way. Do the work and follow the process. Stick to your trading rules, trade with the trend, and take those profits when you have them. Do the work!
See you in the trading room.
Ed
🎯 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.
Hit and Run Candlesticks / Road To Wealth Youtube videos
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.
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
S&P 500 Record Closing High
Early Tuesday, stock futures showed little movement following the S&P 500’s record, closing high on the first trading session of the month. Investors are eagerly awaiting the October job opening report, which is the first of several key data releases this week that will shed light on the labor market’s strength. The highlight of the week will be the November payrolls report, set to be released on Friday. Additionally, traders are keeping an eye on speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee, scheduled for Tuesday afternoon, for further insights into economic conditions.
European markets traded higher despite the political turmoil in France. Investors are closely monitoring the situation as Prime Minister Michel Barnier invoked special constitutional powers to pass a controversial budget bill without a parliamentary vote. This move has sparked significant backlash, with opposition parties from both the left and right uniting to support a no-confidence vote aimed at toppling Barnier’s minority government. The outcome of this vote, which could occur as soon as Wednesday, is being eagerly anticipated by market participants.
Asia-Pacific markets experienced a notable rise. Japan’s Nikkei 225 surged by 2.22%, while the Topix increased by 1.71%. South Korea’s Kospi and Kosdaq both saw significant gains, rising by 1.71% and 2.03% respectively. Hong Kong’s Hang Seng Index climbed 0.65%, and mainland China’s CSI 300 edged up by 0.11%. Australia’s S&P/ASX 200 also saw a positive movement, increasing by 0.56%. Meanwhile, South Korea’s inflation rate for November rose to 1.5% year-on-year, up from October’s 1.3%. This overall positive trend in the markets reflects a strong performance across the region.
Economic Calendar
Earnings Calendar
Notable reports for Tuesday before the bell include BNS, CNM, & DCI. After the bell reports include BOX, BASE, CRM, MRVL, MITK, OKTA, & CURV.
News & Technicals’
Traders pushed the yuan to a one-year low, defying China’s attempts to support the currency. This decline reflects bets that policymakers will need to continue easing monetary policy to stimulate the economy. The yuan’s drop was exacerbated by record lows in the nation’s 10-year bond yields, driven by concerns that economic conditions will deteriorate further with the anticipated higher tariffs once Donald Trump assumes the U.S. presidency. Despite Beijing’s efforts to strengthen the yuan with a stronger-than-expected daily reference rate, the currency continued to fall.
The Department of Commerce has imposed new restrictions on the sale of high-bandwidth memory chips produced by both U.S. and foreign companies, impacting major players like South Korea’s SK Hynix Inc. and Samsung Electronics Co., as well as Idaho-based Micron Technology Inc. These chips are crucial for data storage and AI applications. Additionally, the agency has broadened existing controls on chipmaking equipment, including products made by U.S. firms at overseas facilities, while providing exceptions for key allies such as Japan and the Netherlands. In response, China’s Ministry of Commerce stated on Monday that it will take necessary measures to firmly protect its rights and interests.
The Department of Commerce has imposed new restrictions on the sale of high-bandwidth memory chips produced by both U.S. and foreign companies, impacting major players like South Korea’s SK Hynix Inc. and Samsung Electronics Co., as well as Idaho-based Micron Technology Inc. These chips are crucial for data storage and AI applications. Additionally, the agency has broadened existing controls on chipmaking equipment, including products made by U.S. firms at overseas facilities, while providing exceptions for key allies such as Japan and the Netherlands. In response, China’s Ministry of Commerce stated on Monday that it will take necessary measures to firmly protect its rights and interests.
Today, Microsoft faced allegations of unfairly overcharging customers of rival cloud companies in a lawsuit seeking over £1 billion ($1.27 billion) in damages. The lawsuit claims that customers using Amazon Web Services (AWS), Google Cloud Platform, or Alibaba Cloud are compelled to pay higher fees to license Microsoft’s cloud-based Windows Server software on these competitors’ infrastructures. It further asserts that Microsoft exploits its dominant market position in cloud-based server operating systems by imposing higher prices and encouraging customers to switch to its Azure cloud platform.
With the SP 500 record closing high, the bulls continue to show their dominance in the market and willingness to push the big tech giants higher with AI hopes as the driving force. Stay with the trend but keep in mind with P/E ratios strongly overvalued, a profit-taking wave could begin at anytime so have a plan to protect your gains. Today traders will be looking for inspiration in the JOLTS report and Fed speeches this afternoon.
Trade Wisely,
Doug
Santa Claus Rally?
S&P 500 futures dipped slightly on Monday morning as investors prepared for the final month of 2024, hoping for a Santa Claus rally to end the year. This follows a strong performance in both the past week and month, largely driven by a postelection rally after President-elect Donald Trump’s victory. Investors are keenly awaiting Monday’s economic data on manufacturing and construction spending, which will set the tone for the week. Additionally, a series of important labor data releases are expected later in the week. Market participants will also be paying close attention to speeches from Federal Reserve Governor Christopher Waller and New York Fed President John Williams for further insights into the economic outlook.
European markets opened higher on Monday as investors kept a close watch on the global economic and interest rate outlooks, heading into the final trading month of the year. Shares of Stellantis, the maker of Jeep, dropped by 8% following the unexpected resignation of CEO Carlos Tavares over the weekend. Meanwhile, recent data indicated a decline in manufacturing sector activity in both the euro zone and the U.K., although the unemployment rate in the European Union remained stable in October. Additionally, markets are on edge due to the latest tariff threats from U.S. President-elect Donald Trump, raising concerns about a potential escalation in trade tensions in 2025.
Asia-Pacific markets saw a positive start to the week on Monday, with most indices trading higher as investors turned their attention to a series of economic reports from key countries in the region, including Japan, South Korea, and China. Over the weekend, China reported its November Manufacturing PMI at 50.3, indicating slight expansion in the sector. Australia’s S&P/ASX 200 edged up by 0.14%, while South Korea’s Kospi rose by 0.35%. Japan’s Nikkei 225 experienced a notable increase of 0.8%, and Hong Kong’s Hang Seng index gained 0.65%. This data-heavy week has investors closely monitoring these economic indicators for further market direction.
Economic Calendar
Earnings Calendar
Notable reports for Monday before the bell include CRDO & ZS. After the bell reports include BNS, CNM, & DCI.
News & Technicals’
Joe Biden pardoned his son Hunter Sunday night, a reversal for the president, who repeatedly said he would not use his executive authority to pardon his son or commute his sentence. The president issued a “full and unconditional pardon” for any offenses Hunter Biden has “committed or may have committed or taken part in during the period from January 1, 2014, through December 1, 2024,” according to the White House statement. Hunter Biden was scheduled to be sentenced on Dec. 12 for his conviction on federal gun charges. He also was set to be sentenced on Dec. 16 in a separate criminal case in which he pleaded guilty to federal tax evasion charges in September.
Volkswagen plants across Germany experienced significant disruptions on Monday as workers staged strikes for several hours at a time. The strikes affected nine of Volkswagen’s car and component factories, leading to temporary halts in production and shortened shifts. These warning strikes highlight escalating tensions between the company and its workforce over proposed changes to labor agreements and the looming threat of factory closures. The demonstrations underscore the growing unrest among employees as they push back against potential changes that could impact on their job security and working conditions.
Big-box retailers are increasingly adopting smaller-footprint stores as part of their strategy to offer diverse shopping experiences. Ikea is the latest to join this trend, following in the footsteps of Target, Macy’s, and Nordstrom, which have all introduced smaller locations in recent years. Walmart pioneered this concept over a decade ago with its Express stores, and the last remaining Kmart in the U.S. also operates as a smaller format store. Data indicates that these compact stores can attract a more affluent demographic, although the shift is often driven by specific location needs and targeted expansion strategies. This approach allows retailers to adapt to changing consumer preferences and urban space constraints while maintaining a strong market presence.
Stellantis CEO Carlos Tavares unexpectedly resigned from the automaker, citing increasingly divergent views between himself and the board of directors. According to Henri de Castries, Stellantis’ senior independent director, the company’s success has historically been due to strong alignment among shareholders, the board, and the CEO. However, recent differences led to the decision for Tavares to step down. Following the announcement, U.S.-traded shares of Stellantis dropped approximately 8% in premarket trading on Monday. Prior to this, the stock had already declined by about 43% in 2024, reflecting broader challenges faced by the company.
Though many are hopeful for a Santa Claus rally remember volumes could be light with the distraction on Cyber Monday sales and the many folks extending their vacation time with family. Jobs data with be the theme of the week culminating in the Employment Situation report on Friday morning. We also have a busy week of Fed speeches with the Jerome Powell himself on Wednesday.
Trade Wisely,
Doug
Big Data Dumps at 8:30 and 10 Today
Markets diverged at the start of the day on Tuesday. SPY gapped up 0.23%, DIA gapped down 0.19%, and QQQ gapped up 0.32%. At that point, QQQ chopped to the side along its opening level for the rest of the day. Meanwhile, SPY ground sideways along the open until 10:45 a.m. when it started a long, very slow, melt higher rally that lasted all day. For its part, after the gap down, DIA followed through to the downside for the first hour. Then it rallied in a steady fashion the rest of the day, recrossing its gap by 1:30 p.m. and continuing higher. They all three took a tiny bit of profit the last 10 minutes of the day. This action gave us white-bodied candles on all those three major index ETFs. SPY printed a gap-up, large-bodied, white candle with tiny wicks at both ends. DIA printed a white-bodied candle with significant lower wick. Both of them printed new all-time highs and new all-time high closes. Meanwhile, QQQ printed a gap-up, white-bodied, Bullish Harami Spinning Top candle.
On the day, five of the 10 of the sectors were in the green and the other five in the red as Utilities (+1.06%) was well out in front (by 0.44%) leading the way higher. On the other side, Basic Materials (-0.99%) was by far the laggard (by 0.51%). Meanwhile, SPY gained 0.52%, DIA gained 0.29%, and QQQ gained 0.54%. VXX fell slightly again to close at 43.61 and T2122 dropped back out of its overbought territory into the top of the mid-range to close at 75.97. At the same time, 10-Year bond yields climbed a bit to 4.295% while Oil (WTI) fell 0.45% to close at $68.63 per barrel. So, Tuesday was a day where SPY and QQQ gapped up, but then diverged with SPY melting higher. At the same time, DIA gapped down and sold off before reversing to rally more strongly the rest of the day. This all happened on above-average volume in the DIA and a bit below-average volume in the SPY and QQQ.
There was no major economic news scheduled for Tuesday included October Building Permits, which came in a bit higher than expected at 1.419 million (compared to a forecast of 1.416 million and a September reading of 1.425 million). Later, November Conference Board Consumer Confidence was down a tick to 111.7 (versus a forecast of 111.8 but still up from the October 109.6 value). At the same time, October New Home Sales were down sharply to 610k (compared to a 725k forecast and September reading of 738k). Later, after the close, API Weekly Crude Oil Stocks report showed an unexpected 5.935-million-barrel drawdown (versus an expected +0.250 million barrels and the prior week’s 4.753-million-barrel inventory build).
In Fed news, the November FOMC Meeting Minutes indicated that Fed members see more cuts ahead, but in a more gradual pace. The minutes said, “If the data comes in about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment, then it would likely be appropriate to move gradually toward a more neutral stance of policy over time.” The continued by saying that progress on inflation continues to hold sway. They indicated some Fed members supported accelerated rate cuts should the labor market or economic growth deteriorate faster than expected. While other members floated the idea of a pause if inflation remains elevated. In addition, there was some “discussion” on where rates will end up (the so-called neutral rate) that neither stimulates nor drags on economic growth. That uncertainty “complicated the assessment of the degree of restrictiveness” needed among Fed members.
After the close, ADSK, CRWD, JWN, NTNX, URBN, and WDAY all reported beats on both the revenue and earnings lines. Meanwhile, DELL missed on revenue while beating on earnings. On the other side, HPQ beat on revenue while missing on earnings. However, GES missed on both the top and bottom lines.
Overnight, Asian markets were mixed but leaned toward the green side with big gains in China. Hong Kon (+2.31%), Shenzhen (+2.25%), and Shanghai (+1.53%) led the gainers while Taiwan (-1.52%) was by far the biggest loser. In Europe, the bourses are mostly red at midday with just three of 14 exchanges above break-even. The CAC (-1.08%) is an outlier, while the DAX (-0.49%) and FTSE (+0.05%) are more typical in early afternoon trade. In the US, as of 7:30 a.m., Futures are pointing toward a mixed, flatish start to the day. The DIA implies a +0.07% open, the SPY is implying a -0.09% open, and the QQQ implies a -0.25% open at this hour. At the same time, 10-Year bonds are down to 4.26% and Oil (WTI) is up 0.48% in early trading.
The major economic news scheduled for Wednesday includes Weekly Initial Jobless Claims, Weekly Continuing Jobless Claims, Preliminary Oct. Core Durable Goods Orders, Preliminary Oct. Durable Goods Orders, Preliminary Q3 GDP, Preliminary Q3 GDP Price Index, Preliminary Oct. Goods Trade Balance, Preliminary Oct. Retail Inventories (all at 8:30 p.m.), Chicago PMI (9:45 a.m.), October Core PCE Price Index, October PCE Price Index, October Pending Home Sales, and October Personal Spending (10 a.m.), and Weekly EIA Crude Oil Inventories (10:30 a.m.). There are no major earnings reports scheduled for either before the open or after the close.
In economic news later this week, on Thursday, markets are closed and there is no planned news due to the Thanksgiving holiday. Finally, on Friday we get Chicago PMI and markets close early at 1 p.m. for additional holiday time off.
In terms of earnings reports later this week, there are no reports of note Wednesday. Again, Thursday there are no notable reports scheduled with markets closed. Finally, on Friday, MNSO reports.
So far this morning, YY missed on revenue while beating on the earnings line.
With that background, I suspect a good portion of traders are already gone for the holiday or are waiting for the 8:30 a.m. and 10 a.m. data dumps before heading out the door. Either way, so far in premarket there is broad indecision with all three major index ETFs printing Doji or small-body Spinning Top candles for the early session. It is worth noting that SPY and DID sit at all-time highs while QQQ is only 1.25% below its own all-time high. All three are above their T-line (8ema). So, the short-term trend is now bullish. Looking further out, obviously the mid-term and longer-term trends also remain bullish sitting at or near those all-time highs. In terms of extension, DIA is still getting a bit stretched above its T-line, but the other two are not far from their 8ema. The T2122 indicator is now back in the top end of its mid-range. So, either side has room to move, but the Bears may have a more slack to work with today. In terms of the 10 Big Dogs, six of the 10 are in the red at this point of the early morning session. TSLA (+0.49%) is leading the way higher while NVDA (-1.33%) is by far the main laggard of the group. In a reversion to pre-election form, NVDA is leading in terms of dollar-volume traded, sitting at almost 3 times as much traded than TSLA, which itself has traded 3 times as much as the next premarket volume leader. Finally, if you follow Trader Almanac logic, remember it says that the day preceding a holiday (especially effectively a 4-day holiday) is often bullish with traders in great spirits.
As always, be deliberate and disciplined…but don’t be stubborn. If you have a loss, admit you were wrong and take that loss before it gets out of hand. And when the price does move in your direction, always move your stops in your favor and take a little profit off the table. You have to keep the “Legend of the Man in the Green Bathrobe” in mind. In a winning situation, it is NOT HOUSE MONEY you’re betting, it’s YOUR MONEY! There is no reason to keep raising your bet (risk) size just because you’ve had a win. Finally, remember that trading is not a hobby, it’s a job. The gains are real and so is the risk. So, treat it that way. Do the work and follow the process. Stick to your trading rules, trade with the trend, and take those profits when you have them. Do the work!
See you in the trading room.
Ed
🎯 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.
Hit and Run Candlesticks / Road To Wealth Youtube videos
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.
Free YouTube Education • Subscription Plans • Private 2-Hour Coaching
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
