On Brexit, overnight the UK and EU reached a new deal.  However, it was reached using a political move, removing the ability of the DUP party (Northern Ireland) to have consent.  So, regardless of the headline (assuming the 27 EU leaders agree), there is extreme doubt over whether this deal has any chance of passing the UK Parliament Saturday.  This leaves another extension request still the highest probability.  

In other International news, China tensions may be on the rise again.  China has said it will need tariff relief in order to do the additional Ag purchases President Trump claimed as progress last week.  Congress passed a bill condemning the Chinese for the Hong Kong situation. Of course,  China immediately condemned Congress’ condemnation. In the HK Parliament, rebels shouted down the PM’s annual speech.  And overnight China arrested two Americans.

Wednesday was another blah day with a gap down open met by a trading range that filled the gap and came back a few times the rest of the day.  In the end, we printed a Doji Harami in the SPY, DIA and QQQ.  Mixed earnings, an unexpected Retail Sales miss and a Fed speaker (Evans) saying “we don’t need any more rate cuts this year” may have left markets confused and waiting for the next headline.

Overnight, Asian markets were mixed.  European markets are all green, with the FTSE jumping a massive 11% at this point on Brexit hopes.  As of 7:30 am, U.S. futures were all pointing to open higher (about 0.30% in the SPY and DIA and 0.65% in the QQQ).

Thursday’s economic calendar includes Sept. Building Permits (8:30 am), Philly Fed Mfg. Index (8:30 am) and a couple of Fed speakers in the afternoon.  However, once again Earnings will likely have more impact with BBT, DOV, GPC, HON, KEY, MTB, MS, PPG, PM, SNA, STI, and UNP before the open. (MS already reported a major beat this morning.)   

While the short-term uptrend remains in place and there was some good news overnight, this has not been a deliberately-trading market.  Gaps and whiplash do not make for a good swing trading environment. So, be careful chasing and as always trade your plan.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Long – GME, PPL, GLNG, BF.B, LW, EQR, DLTR, DG, DOCU, NKE, INFO, WU – Short – PPC, SBAC, FSLR, TSN, SHAK, BHGE, HAL. Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Tuesday was a strong day from the start on the back of good earnings reports from major banks.  However, after a solid gap and run at the Open, the Bulls seemed to hit a wall about 11 am.  The rest of the day was a grind sideways with the close at the low end of the 11 am 15min candle. This action left us with a Bullish Trader’s Best Friend signal (albeit less than optimal with an upper wick).  It certainly appears that the Bulls want to at least retest the all-time highs again. 

In International news, there was European fear on news of stalled Brexit negotiations. This comes less than 24hr after optimism for a new deal. However, nothing will be sure until Thursday night (EU Leader dinner where a new Brexit deal will be debated). Even then, it is unsure if any new deal could be passed by the UK Parliament in its emergency Saturday session. 

Overnight, Asian markets were mixed, but mostly higher.  European markets are also mixed. As of 7:30 am, U.S. futures were all pointing to mostly flat open, looking for a gap down of only 0.10%.

Today’s economic calendar includes Retail Sales (8:30 am) and Oil Inventories (10:30 am).  However, once again earnings are likely to drive action with ABT, BAC, PNC and USB reporting before the open.  (BAC already reported, posting higher the expected results.) CSX, CCI, IBM, KMI, NFLX and URO report after the Wed. Close.    

Remember to be careful chasing gaps.   The downtrend has been broken, but this market remains very volatile and looking for the next news items on which to over-react.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short – EL, SHAK, LDOS, SBUX, YUM – Long – JBL, AMAT, MPC, DLTR, KBH, INFO, DE, LEN, SYY, KLAC Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Monday was a blah day in markets as traders seemed to wait on the next news.  Regardless of the cause, all four major indices put in indecisive Doji candles just South of Friday’s close.  This was done on VERY light volume.  Perhaps traders are waiting on the earnings season that kicks off today. 

Overnight, the US applied sanctions on Turkey in a belated attempt to avoid looking like we abandoned the Kurds. However, Turkey is such a small trading partner that I doubt this impacts markets. Today’s economic calendar only the Empire State Manufacturing Index and a handful of Fed speakers.  Neither is likely to drive markets unless there is a major surprise.  What very well may drive markets are earnings as we hear from C, GS, JPM, WFC, BLK, JNJ, UNH (among others) all before the Open and UAL and JBHT after the close.

Asian and European markets were both mixed overnight. However, as of 7:30 am, US futures are pointing toward a gap up of 0.40%.

Remember to be careful picking bottoms or chasing gaps.  As Rick says, a profit trader’s job is to take their bites out of the middle of the sandwich. Leave the crusts for knife-catchers and Top-pickers who won’t be around long. So, be careful until the recent tendency toward “gaps and whiplash” has worked itself out.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short: SHAK, SBAC, SBUX, LDOS, SMPL, PG, YUM – Long: DOCU, HCP, SYY, MPC, AIV, LEN, BF.B, NWL Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Markets gapped strongly and the bulls ran hard most of the day Friday on the hope of a US-China Trade Deal.  However, at day end, markets crashed back down to Open levels when it became clear there was no deal (not even a partial deal), just handshake and political spin.  (Nothing was put on paper and none of the major points were even discussed.)

So, what we really got Friday was an agreement to talk more and not escalate the trade war until we do talk again.  While President Trump is claiming success (and that China is starting to buy US Ag products, which was true before the meeting began), the Chinese statements say nothing of any deal, just that some progress was begun).

The post-announcement market crash left US indices looking a lot like Shooting Star candles at the top of the recent pull-up.  However, the good news is that the indices did break the recent downtrends.  Monday’s economic calendar is empty and Earnings Season does not kick off until Tuesday.

Overnight, Japan was closed, China was green and European markets are all in the red two-thirds of a percent.  As of 7:30 am, U.S. futures were all pointing to 3/10^th of a percent gap down (apparently either following Europe lower or continuing the “No Deal Crash” late Friday).

The bottom line remains that it is very hard to swing trade in the recent markets successfully.  Until we start getting fewer “gaps and whiplash” and more “trend and follow-through” be very cautious.  Day or Position trading look much more attractive in this sort of volatile and choppy market.  So lock in profit whenever you can. Do not confuse one candle as trading wisdom…or a new trend.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short – CME, MO, RDUS, LDOS, SBUX, SMPL, SHAK, HEI Long – HCP, ES, EQR, AMH, MPC, SYY, AIV, LEN, GRMN Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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