Markets opened flat Tuesday before diverging.  The DIA put in a nice little rally the first hour of the day and then ground sideways in a tight range the rest of the day.  However, SPY wobbled sideways all day long and QQQ sold off the first two hours before starting a sideways grind that lasted into the close.  This left us with a nice white candle (and new all-time high close) in the DIA, a Doji (and new all-time high close by pennies) in the SPY, and a Bearish Engulfing of a Doji (that bounced up off trendline support in the QQQ.  On the day, SPY gained 0.12%, DIA gained 0.45%, and QQQ lost 0.51%.  The VXX fell almost 2% to 27.53 and T2122 remains in the mid-range at 68.28.  10-year bond yields rose to 1.354% and Oil (WTI) spiked almost 3% to $68.45/barrel.

During the day, the Senate passed the $1 trillion Infrastructure bill with bipartisan support (69-30).  Among other winners, steel industry names such as NUE, X, STLD, etc. all rallied hard on the news as did many in the construction industry. However, this Senate vote was not the last step and it sends the bill back to the House, where the next hurdle will be whether the “progressive wing” of the Democratic party will hold the bill hostage. That said, the more liberal wing is not expected to demand large changes since the Senate also introduced (and passed) a $3.5 trillion budget bill immediately after the Infrastructure bill passed. This Budget bill includes most of the liberal wing wish-list items.

In the afternoon, there was a report out of China that should have impacted TSLA, but which in fact had no impact on the stock Tuesday.  The report, from a Chinese Auto Industry trade group, said that TSLA’s sales in China plummeted 70% in July.  TSLA sold 8,600 cars in China during the month compared to about 14,700 in June.  This is important because industry analysts expect China to account for 40% of all TSLA sales by 2022.  However, the export of Chinese-made TSLA cars also increased during July.

In other news, the semiconductor shortage continues to grow.  The average lead time for chip orders has increased again to 21 weeks.  Despite certain bright spots, the bottom line is that this shortage will not ease anytime soon.  (The problem is that it takes from 12-24 months to materially increase production capacity.  Even then there will be a ramp-up process during which production speeds will be slower than existing capacity and QA failure rates much higher.  On top of this, none of the major chipmakers want to be stuck with excess capacity once “reopening demand” wanes.)  So, for the foreseeable future, markets need to get used to things like auto-industry plant shutdowns, computer component shortages, cellphone delays, and generally higher prices for everything that contains a chip.  That will eventually hurt the bottom lines across the economy.

Overnight, Asian markets were mixed again.  Japan (+0.65%) and Malaysia (+0.52%) led gainers while Singapore (-0.85%), Thailand (-0.64%), and Indonesia (-0.64%) paced the losses.  In Europe, markets are mostly green at mid-day.  The FTSE (+0.50%), CAC (+0.29%), and DAX (+0.03%) are typical of the spread across the continent, but there are 3 smaller exchanges slightly in the red.  As of 7:30 am, US Futures are pointing to a flat open ahead of inflation data.  The DIA is implying a +0.05% open, the SPY implying a -0.08% open, and the QQQ implying a -0.20% open at this hour.  It is also worth noting that 10-year bond yields are up to 1.366%, the dollar stronger and Oil down 1.2% ahead of CPI data.

The major economic news scheduled for release on Wednesday includes July CPI (8:30 am), Crude Oil Inventories (10:30 am), July Federal Budget Balance (2 pm), and 2 Fed speakers (Bostic at 10:30 am and George at noon).  10-year Treasury notes are also auctioned at 1 pm.  The major earnings reports scheduled for the day include APG, ARCO, CAE, and RPRX before the open.  Then, after the close, APP, AVT, CACI, CPNG, EBAY, ENS, BEKE, NIO, OPEN, and RXT report.

All eyes will be on July Consumer inflation data this morning (which is expected to be hot as it was in June). However, the White House calling on OPEC to expand oil production in the face of rising fuel prices also is also a wildcard and is having an early morning impact on WTI. Beware of volatility as markets have been gapping and resting in a tight range to have gone “nowhere but sideways” over the slightly longer-term look.

Keep in mind, you don’t need to call the market turn to be successful. In fact, reversal predictors don’t tend to last long in trading. So, stick with the trend until the trend is broken. Also remember, you don’t have to trade every day. If the market action is too whippy or sideways lately, take some time off and enjoy the summer. However, if you do trade keep your losses small and consistently take profits when you have them. Never chase price. If you missed a move, admit it and move on to the next trade. Above all, stick to your trading rules. Focus on the process and managing what you can control. Discipline will see you through.

Ed

Swing Trade Ideas for your consideration and watchlist: FOLD, INO, GSK, PLUG, SNOW, JNJ, CARR. You can find Rick’s review of tickers on his YouTube Channel here. 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.

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

Markets opened flat and then oscillated sideways all-day Monday.  This left us with Doji-like candles in all 3 major indices.  On the day, SPY lost 0.07%, DIA lost 0.26%, and QQQ gained 0.18%, with all 3 being within a quarter of a percent of all-time highs.  The VXX fell 1% to 28.01 and T2122 dropped back to 45.03 as the consolidation grind continues.  10-year bond yield jumped significantly to 1.329% and Oil (WTI) “rallied” to close down only 2.17% at $66.80/barrel (after having been down over 4.5% during early morning trading).  In fact, the vast majority of commodities were down on the day as the dollar rose and Delta variant news stoked demand fears globally.

During the afternoon, it became clear that the long-awaited Infrastructure bill will receive its final Senate vote on Tuesday morning.  (Since this bill has bipartisan support, with at least 19 Republicans on board, they have delayed the vote until daytime to give Senators plenty of television airtime.)  From there the bill goes to reconciliation between the House and Senate before final passage.  The Senate and Treasury Dept. also reach agreement on an amendment to the bill that would tighten cryptocurrency regulation, while not requiring individual reporting, but forcing that reporting onto trading/brokerage platforms.  Again, this was a bipartisan-negotiated amendment.

Vaccine makers MRNA, BNTX, and PFE continue to extend a strong rally from recent weeks.  This comes even in front of potential catalysts such as approval of booster shot plans and as new (higher in the case of Europe) pricing for vaccine doses is being negotiated for deliveries out past 2021.

Overnight, Asian markets were mostly green today.  Hong Kong (+1.23%), Shanghai (+1.01%), and Singapore (+0.95%) led the gainers.  Taiwan (-0.92%), Indonesia (-0.64%), and South Korea (-0.53%) were the lone red exchanges on the day.  In Europe, markets are strongly leaning toward the green, with only two modest red numbers at this point.  The FTSE (-0.02%) is one of the two, but the DAX (+0.23%) and CAC (+0.14%) are more indicative of the broader continent.  As of 7:30 am, US Futures are pointing to a flat open.  The DIA is pointing to a -0.03% open, the SPY is implying a +0.01% open, and the QQQ is implying a +0.12% open.  10-year bond yields are flat, but Oil is up almost 2% at this hour.

The only major economic news scheduled for release on Tuesday is Q2 Nonfarm Productivity and Q2 Unit Labor Costs (both at 8:30 am).  The major earnings reports scheduled for the day include ARMK, DFH, IIVI, PRGO, SYY, and TDG before the open.  Then, after the close, COIN, DAR, GO, and SMCI report.

Markets continue their sideways chop. Progress toward Infrastructure bill spending and the newly proposed Democratic $3.5 trillion budget plan (with a shifting of priorities from prior budgets) do not seem like major potential drivers. So, the summer doldrums on low breadth may continue as the bears have no immediate catalyst either. However, there are new Covid restrictions taking shape in China and this may be the foreshadowing of a tougher time for the global economy. Be careful of volatility and day-to-day chop as you plan your risk.

Remember, you don’t have to trade every day or even week. Trading success is about consistently winning more than you lose by following the trend and then keeping your losses small while consistently taking profits when you have them. You don’t need to call the turn or have all triple-digit gain trades. So, don’t try to predict the market. Neither should you chase price and, above all, stick to your trading rules. Focus on the process and managing what you can control. Discipline will see you through. Also, remember it’s Friday. Don’t forget to pay yourself and be ready for the weekend news cycle.

Ed

Swing Trade Ideas for your consideration and watchlist: BCRX, SNAP, STLD, TSLA, CHWY, PAVE, IDN, SKY. Rick is out but the RWO Room is open. You can find Rick’s review of tickers on his YouTube Channel here. 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.

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

The July Payrolls Data came in better-than-expected Friday, resulting in a slight gap up in the large-cap indices and a gap down in the QQQ.  After that, all 3 major indices more or less ground sideways the remainder of the day.  This left us with indecisive Spinning Top type candles in all major averages.  On the day, SPY gained 0.17% (to a new all-time high close), DIA closed up 0.42% (to a new all-time high close), and QQQ closed down 0.44%.  The VXX fell 2.5% to 28.30 and T2122 rose to just outside the overbought territory at 75.33.  10-year bond yields rose sharply to 1.304% and Oil (WTI) fell 1.4% to $68.11/barrel.

Late Friday afternoon it was reported that US consumer borrowing surged in June by the largest on record.  This amounted to a 10.6% ($37.7 billion) increase compared to May.  A large portion of the increase came from credit card balances and non-revolving loans such as motor vehicle purchase loans.

On Saturday, BRK.B reported operating earnings that were up 21% year-on-year while overall earnings (which reflect the value of Berkshire equity investments) were up 6.8%.  The company has continued to buy back shares rather than make acquisitions, but the pace of buybacks has slowed, both from a year ago and from Q1.  As of June 30, the company had well over $144 billion in cash on hand.

In miscellaneous weekend news, a federal judge ruled that NCLH can require proof of vaccination prior to boarding, granting the company an injunction from Florida’s law that had barred any demand of vaccination proof by businesses.  The first NCLH cruise since before the Pandemic left Florida Sunday after the ruling cleared the way. The Infrastructure bill made some progress over the weekend, but there is still a lot of vote-wrangling to do. However, a Senate vote one way or the other seems likely this week. Elsewhere, the UN published a report, approved by all 195 member states on Friday, delivering a stark warning of the “irrefutable and unequivocal evidence” that climate change is real, has had a major human influence and is very close to being irreversible. The effects impact billions of people (consumers), business operations, and distribution around the globe. As will the mitigation efforts such as converting huge swaths of industry and public consumption from fossil fuels and petroleum-based goods (such as plastics). The economic transformation will likely be massive.

Overnight, Asian markets were mixed, but leaned to the green side. Thailand (+1.21%) and Shanghai (+1.05%) were the clear leaders among gainers.  Meanwhile, Indonesia (-1.22%) was by far the largest loser Monday as Oil prices were down over 4.5%.  The remainder of Asian exchanges saw more modest moves in either direction.  In Europe, prices are also mixed, with most of the smaller exchanges modestly higher so far today, but the “big 3” exchanges all on the red side of the ledger.  This may be due to the impact of data out of China showing that Chinese Exports unexpectedly slowed in July.  Regardless, the FTSE (-0.32%), DAX (-0.08%), and CAC (-0.02%) are all down at mid-day.  As of 7:30 am, US Futures are pointing to a mixed and flat open.  The DIA is implying a -0.27% open, the SPY implying a -0.12% open, but the QQQ is implying a +0.15% open at this point.  As mentioned, commodities are widely down with Oil leading the way as WTI is 4.44% lower early today.  The 10-year bond yield is also down significantly to 1.275% in early trading.

The only major economic news scheduled for release on Monday is June JOLTs (10 am).  The major earnings reports scheduled for the day include APD, AMRX, AVYA, GOLD, BNTX, DISH, ELAN, ENR, GTES, SGMS, SYNH, TGNA, TSN, USFD, VRTV, and VTRS before the open.  Then, after the close, ADV, ACM, CBT, ELY, CF, COMP, CAPL, HE, LU, DOOR, NGL, NTR, STE, and WES report.

Markets seem mixed and unsettled early Monday. The Delta variant continued to run, with the average daily new cases back above 100,000 and deaths beginning to slowly increase. This comes in the face of evidence the recovery may be slowing even as fiscal stimulus and the will for monetary easing is starting to wane. In short, the bear case has control of the conversation to start the week. Beware of volatility as the futures have changed directions a couple of times this morning already. So, the indices have not broken free of the consolidation of the past few weeks and day-to-day chop may continue to be the order of the day.

Remember, you don’t have to trade every day or even week. Trading success is about consistently winning more than you lose by following the trend and then keeping your losses small while consistently taking profits when you have them. You don’t need to call the turn or have all triple-digit gain trades. So, don’t try to predict the market. Neither should you chase price and, above all, stick to your trading rules. Focus on the process and managing what you can control. Discipline will see you through. Also, remember it’s Friday. Don’t forget to pay yourself and be ready for the weekend news cycle.

Ed

Swing Trade Ideas for your consideration and watchlist: MSI, FOXA, ARKK, QCOM, DEN, DHI, OTIS, VIAC, X, MU, RF, STLD, CLF, NUE, NOK, AA, MT, DVN, NVTA. Rick is out but the RWO Room is open. You can find Rick’s review of tickers on his YouTube Channel here. 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.

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

Markets gapped higher fractionally on Thursday and then ground sideways until the last half hour.  The day ended with a rally the last 30-minutes causing prices to go out on the highs in all 3 major indices.  This left strong bullish candles (on light volume) across the major markets.  On the day SPY gained 0.63% (to a new all-time high), DIA gained 0.75%, and QQQ gained 0.63% (to a new all-time high).  It is worth noting that breadth continued to decline.  The VXX fell 2% to 29.05 and T2122 rose to 64.58.  10-year bond yields rose to 1.225% and Oil (WTI) climbed 1.4% to $69.10/barrel.

During the day, in a sign of a very competitive labor market, TGT joined WMT, SBUX, and CMG in offering a program to pay for 100% of employee undergraduate college and book fees. After the close, F told CNBC that it is offering a buyout package intended to reduce its workforce by 1,000 employees.  In separate car industry news, President Biden set a national goal of having 50% of all cars sold to be electric by 2030.  The announcement was made while flanked by the executives of F, GM, and STLA (formerly Fiat-Chrysler), but noticeably absent from the event were representatives of TSLA, NKLA, HMC, TM, etc.

In virus-related news Thursday, AMZN, BLK, and WFC joined the growing ranks of companies that have postponed their workforce’s return to the office.  This came as the daily average of new cases has climbed back to about 95,000, up 50% from one week ago.  UAL also announced it will be among the companies requiring employees to be vaccinated before returning to work.  Meanwhile, after the close, NVAX announced it will delay the submission of its request for FDA authorization of its Covid Vaccine until the fourth quarter.  Oddly enough, the company says it is still on track to be making 100 million doses of the vaccine by the end of Q3, despite not having requested or gotten permission to ship.

In crypto news, JPM (whose CEO Jamie Dimon has been an outspoken critic of cryptocurrencies) had begun offering six crypto funds to its institutional and high-end wealth management customers.  Ethereum (the second-largest cryptocurrency behind Bitcoin) also announced they are moving up the event which will force “miners” to already have Ethereum in order to create new coins from mid-2022 to December 2021. This will make mining that currency essentially impossible at a profit, while still not completely centralizing the crypto coin.  Finally, overnight President Biden joined with the group of Senators that are pushing for stricter tax reporting on cryptocurrency transactions as an amendment to the infrastructure bill, which is headed for a vote this weekend.

Overnight, Asian markets were mixed, leaned to the downside on modest trading.  Australia (+0.36%) and Japan (+0.33%) were the only significant gainers, while Taiwan (-0.44%), Malaysia (-0.40%), and Thailand (-0.39%) led the wider-spread losses.  In Europe, markets are also mixed on very modest moves so far today.  The FTSE (+0.05%), DAX (+0.17%), and CAC (+0.22%) are probably the strongest bourses at this hour, with many of the smaller exchanges showing more significant losses.  As of 7:30 am, US Futures are pointing to a flat and mixed open ahead of Jobs data.  The DIA is implying a +0.10% open, the QQQ implying a -0.10% open, and the SPY implying a +0.07% open.  The dollar is up a bit with 10-year bond yields up notably to 1.257% and Oil (WTI) up 1.5% in early morning trading.

The major economic news scheduled for release on Friday includes July Nonfarm Payrolls, July Avg. Hourly Earnings, July Participation Rate, and July Unemployment Rate (all at 8:30 am).  The major earnings reports scheduled for the day include AMCX, BBU, CLMT, D, SSP, FLR, GCI, GLP, GT, LEA, MGA, MODV, NMRK, NCLH, QRTEA, SPB, SRCL, VTR, and VNT before the open.  There are no scheduled reports for after the close.

The world seems to be waiting on this morning’s July Jobs Report. With stocks at their highs, quarterly earnings having been very strong so far, and signs of a peaked recovery, I’m not sure what Mr. Market hopes to see from the report. However, the risk is to the downside. Regardless of the initial reaction, beware of potential whipsaw action as volatility will spike around the binary news event.

Remember, you don’t have to trade every day or even week. Trading success is about consistently winning more than you lose by following the trend and then keeping your losses small while consistently taking profits when you have them. You don’t need to call the turn or have all triple-digit gain trades. So, don’t try to predict the market. Neither should you chase price and, above all, stick to your trading rules. Focus on the process and managing what you can control. Discipline will see you through. Also, remember it’s Friday. Don’t forget to pay yourself and be ready for the weekend news cycle.

Ed

Swing Trade Ideas for your consideration and watchlist: MT, DVN, DHI, UPRO, CLF, NYCB, NOK. Rick is out but the RWO Room is open. You can find Rick’s review of tickers on his YouTube Channel here. 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.

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

ADP July Nonfarm Employment came in far below (less than half of) expectations early Wednesday.  Still markets shrugged off the news and only gapped down fractionally.  After that initial move, trading ground sideways in the large-caps and slowly rallied in the QQQ.  The exception was a significant across-the-board selloff the last 5 minutes.  This left us with indecisive candles, a Doji on the SPY and Spinning Top type candles in the DIA and QQQ.  On the day SPY lost 0.48%, DIA lost 0.89%, and QQQ gained 0.14%. However, this left us still in the sideways consolidation in all 3 major indices.  The VXX was flat a 29.77 and T2122 fell to 32.05.  10-year bond yields remained flat at 1.174% and Oil (WTI) fell over 3.5% to $68.04/barrel.

Just before the close, Treasury Sec. Yellen said that she expects monthly inflation to be running at a level consistent with the Fed’s goal (2% per year or 0.1 – 0.2%/ month) by the end of 2021.  However, she believes annual inflation readings will remain “uncomfortably high for some time.”  She also reiterated the administration’s position that an eviction moratorium is needed because state and local governments have only managed to disperse 10% of the $47 billion in rental assistance that the Federal government has allocated.  This is due to the program being brand new and multiple levels of government being involved. 

After the close, the torrid earnings pace continued, with the only reported misses being ALB on revenue and BKNG on earnings (loss).  MET, ALL, MCK, WDC, MRO, and APA were among those reporting strong beats.  However, forward guidance continues to be potty as many companies do not believe they can continue to match Q2 performance.

In stock news early today, the strong earnings season continues.  CI, BDX, HBI, XRAY, BLL, and IRM were among those reporting beats, without a single report missing on either line so far among major companies this morning.  MRNA reported that its vaccine booster shot has produced a “robust” immune response against the Delta variant (which now makes up 95% of new cases) in Phase 2 trials. The company also beat on both lines of their earnings report.  HOOD continues to be extremely volatile in its first week of trading as the company amended its filing to say that insiders and pre-IPO investors will sell almost 98 million shares.  This comes after the price soared more than 50% on Wednesday while trading in a 60%-wide range.

Overnight, Asian markets were mixed but leaned to the red side on modest moves.  Thailand (-1.18%) was the biggest mover as their currency fell.  However, outside that anomaly, Hong Kong (-0.84%) and Shenzhen (-0.79%) led the losses.  Indonesia (+0.75%) and Japan (+0.52%) paced the gainers.  In Europe, markets are mostly green on modest moves at mid-day.  The FTSE (-0.25%) and DAX (+0.01%) lag, but the CAC (+0.23%) is fairly typical of the rest of the continent.  As of 7:30 am, US Futures are pointing to green start to the session.  The DIA is implying a +0.13% open, the SPY is implying a +0.19% open, and the QQQ is implying a +0.22% open.  10-year bond yields are flat at 1.172% and commodities are mixed as the dollar is down slightly in early trading.

The major economic news scheduled for release on Thursday includes June Trade Balance and Initial Jobless Claims (both at 8:30 am) and a Fed speaker (Waller at 10 am).  The major earnings reports scheduled for the day include GOLF, AHCO, ADNT, WMS, AES, APTV, ARW, ATH, AAWW. BLL, BCE, BDX, BERY, BV, BEP, BLDR, CAH, CNP, CQP, LNG, CI, XEC, COMM, XRAY, DUK, EPC, EPAM, EVRG, GIL, GTN, HBI, HII, IBP, IRM, ITRI, K, MMS, MRNA, NOMD, NRG, OGE, PAE, PZZA, PH, PRTY, PENN, PPL, PRMW, PWR, REGN, REV, SRE, SRLP, TRGP, TEN, TMX, TRI, VGR, VIAC, VSAT, W, WCC, and ZTS before the open.  Then after the close, IHRT, AL, LNT, AEL, AIG, COLD, AMN, BECN, BHF, BKD, CVNA, CNDT, ED, CTVA, CVET, CWK, DBX, ENDP, EXPE, FND, FLS, G, ILMN, ITT, MTZ, MNST, MSI, NFG, NWSA, ZEUS, OTEX, CNXN, PFSI, POST, PRI, REZI, RMD, SEM, SWX, SFM, TDS, TDC, USM, VOYA, ZG, and ZNGA report.

Weekly Initial Jobless Claims are likely to decide the direction of markets early today as traders look for clues to what Friday’s July Jobs data might be (or mean). Jitters over a potential “already peaked” recovery with the Fed policy change down the road has the bulls being hesitant. Yet, the bears have made no headway either as markets just consolidated for two weeks at the all-time highs. With that said, we have drifted close to the longer-term bullish trendlines in all 3 major indices. So, a decision point for the next move may be near.

Remember, trading success is about winning more than you lose by following trend and price action and then keeping your losses small while consistently taking profits when you have them. You don’t need to call the turn or have all triple-digit gain trades. So, don’t try to predict the market. Nobody ever made a consistent living calling the top (or bottom). Neither should you chase price and above all, stick to your trading rules. Discipline will see you through. Focus on the process and managing what you can control.

Ed

Swing Trade Ideas for your consideration and watchlist: No tickers today. Rick is out but the RWO Room is open. You can find Rick’s review of tickers on his YouTube Channel here. 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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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