SPY and the QQQ provided some market lift yesterday while the DIA and IWM took a little break. Index trends remain bullish as officially kickoff the 1st quarter earnings season hearing from BLK with GS, JPM & C reports Friday morning. We will get the latest reading on Jobless Claims, Jerome Powell speaks at 12:30 AM Eastern, and President-Elect Biden will reveal his stimulus plan. These are potentially market-moving events, so stay alert for price volatility as the data is released.
Asian markets closed mixed but mostly higher as China’s December trade data beat expectations. Across the pond, European markets trade with modest gains across the board on hopes of U.S stimulus. U.S. futures trade mixed but mostly higher this morning with the intoxicating smell of freshly printed deficit spending in the air.
Economic Calendar
Earnings Calendar
On the Thursday earnings calendar, we have the 1st quarter earnings season’s official kickoff with eight verified reports. Notable reports include APHA, BLK, TSM, & DAL.
News & Technicals’
The U.S House has voted to impeach President Trump. Now the Senate will take up the issue, but according to reports, the trial may not begin until after President Biden’s inauguration. Airbnb yesterday canceled reservations in the Washington area during the inauguration. Though a bit choppy, the market managed to push upward, led by the SPY and QQQ, while the DIA and IWM chose to rest, slipping sideways. We have vaccines back in the news as J&J’s one-shot system is proving safe and generates a promising immune response. Health officials are hopeful as the new vaccine would greatly simplify the inoculation of the country. Treasury yields are again on the rise this morning with the expectation of Bidens’ stimulus plan announcement later today. The market loves freshly printed deficit spending, so be prepared for a possible reaction.
Trends remain bullish, with the indexes charts mostly consolidating as we head into the 1st quarter earnings season. Blackrock (BLK) will kick off the big bank’s reports today, followed by JPM, GS, and C on Friday. The financial sector has rallied strongly in anticipation so let’s hope it’s not a buy the rumor sell the news event. Keep in mind before the market, we get the latest reading on Jobless Claims and have Jerome Powell speaking at 12:30 PM eastern. Stay alert as big moves up or down remain quite possible.
Markets opened flat and then printed indecisive (Doji or Spinning Top type candles). The QQQ even formed a sort of “Morning Star type” signal, although the wicks are too large to meet the technical definition. On the day, the SPY (+0.25%) was up, the DIA (-0.04%) on the red side of flat, and the QQQ (+0.68%) closed higher. The VXX was down to 16.49 and T2122 (4-week New High/Low Ratio) rose higher into overbought territory at 90.91. 10-year bond yields fell for the first time this year to 1.095% and Oil (WTI) pulled back half a percent to $52.91/barrel.
After the close, Congress impeached the President for a second time with 10 GOP members voting with all Democrats to call for an impeachment trial. This vote came as 7,000 National Guard troops (of 20,000 expected) and another 1,500 Federal Law Enforcement personnel had already occupied the Capitol because the FBI reported 3 credible threats of terrorism (dated 1-16 through 1-20) targeting those buildings and officials, presumably around the Inauguration event.
The US Budget Deficit grew 61% in December to $144 billion. Oddly, that number was much better than the $200 billion deficit for the month that was expected. In other good news, Crude Oil Inventories came in a million barrels lower than expected, declining 3.25 million barrels. In not-so-good news, Fed member Brainard reported that workers in the bottom quartile of salary still has an unemployment rate above 20%.
Related to the virus itself, US infections continue to rage as the US. The totals have risen to 23,616,345 confirmed cases and 393,928 deaths. This comes as we average just over 253,000 new cases and just over 3,400 deaths per day. JNJ reported after the close that their one-shot vaccine is showing promising results from a tiny set (57) or early-stage study participants. However, the company also acknowledged a mfg. delay that has put them behind schedule on production of the vaccine (pre-producing in hope it will be approved later). Meanwhile, Ohio researchers have identified two new US-originating mutations of COVID-19, one of which (dubbed the “Columbus Strain”) is similar to and as contagious as the UK variant.
Globally, the numbers rose to 92,891,624 confirmed cases and the confirmed deaths are now at 1,989,396 deaths. As a reference, the world is averaging 733,000 new cases and over 13,400 new deaths per day. A study out of the UK has found that if you catch COVID-19 and recover, your body has approximately 5 months of immunity, but not lifetime resistance. In other bad news, one of the Chinese vaccines from Sinovac Biotech was found to be only 50% effective in Brazilian trials (versus the 78% effectiveness the company had claimed from Chinese trials). In Japan, PM Suga declared a state of emergency for 7 additional regions of the country. And in the UK, Health Sec. Hancock is now considering putting COVID-19 patients into hotels to ease capacity pressure on the NHS. However, while it would surely help make space, that measure would not help any personnel, material or equipment capacity issues. And in Germany, the government tightened inbound travel restrictions again today, specifically trying to stop the UK and South African mutations of the virus. This after reporting that German 2020 GDP had contracted by 5%.
Overnight, Asian markets were mixed yet again. Shenzhen (-1.39%) and Shanghai (-0.91%) again paced the losers. Meanwhile, Hong Kong (+0.93%) and Japan (+0.85%) led gainers. European markets are leaning to the green side so far today. Among the big 3 bourses, the FTSE (+0.73%), DAX (+0.20%), and CAC (+0.10%) are all positive at mid-day. As of 7:30 am, US futures are flat. The biggest mover is the DIA, which is implying a +0.27% open, while the SPY implies a +0.14% open, and the QQQ implies a -0.06% open.
The major economic news for Thursday includes Dec. Import/Exports and Weekly Initial jobless Claims (both at 8:30 am) and 3 Fed Speakers (Bostic at 11 am, Chair Powell at 12:30 pm, and Kaplan at 1 pm). The other event that could be caused major economic news is President-elect Biden will unveil his stimulus proposals after the close. (Sources have told reporters it will be in the $2 trillion price range.) Major earnings reports on the day include BLK, DAL, FRC, and TSM before the open. There are no major earnings reports after the close.
With all political drama done, for now, waiting for more economic news or on the outcome of additional threatened acts of insurrection may give the market pause. Also remember that Monday is a market holiday. So, there could be some hedging or profit-taking the next couple days in front ofth e long weekend. Again, we can look at the bright side of this sideways action helping work off over-extension.
As always, follow the trend, respect both support and resistance, and don’t chase the moves you have missed. Lock in those profits (base hits are the way we build consistency) and stick with your discipline. Focus on the overall market, the specific chart, and your own trading process. Remember, trading is a marathon, not a sprint.
Ed
Swing Trade Ideas for your consideration and watchlist: GBT, QCOM, CB, SPWR, MVIS, LLY, BKD, HUYA, NET. 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.
🎯 DickCarp: 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
|607% in just 24 months |
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.
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 energy sector was the clear winner yesterday, with the financial sector coming in a close second, helping to set new record highs Russell-2000. The Dow fell just short of setting new records as the rotation to value stocks continues. Retail had a very good day as well, surging higher as folks spend their stimulus checks. However, with high political drama in Washington, traders should prepare for the possibility of price volatility as we near the inauguration of President-elect Biden. Be prepared if a profit-taking wave begins because the point move down to price supports is substantial.
Asian markets closed mixed but mostly lower as the surge in pandemic cases puts 28 million people in lockdown. European markets trade cautiously around the flatline, while the U.S. futures seem to take a wait and see approach as the pandemic death toll sets a new daily record and the political drama in Washington unfolds. It would be wise to prepare for a bumpy ride.
Economic Calendar
Earnings Calendar
On the hump day earnings calendar, we have eight companies fessing up to quarterly results today. Notable reports include INFO, INFY, SJR, & WIT.
News & Technicals’
Another day and another record high as IWM continues to surge higher, supported by rising energy prices and strong buying in the financial sector. The bulls pushed hard but fell just short of breaking out to a new record. Unfortunately, we also set a grim new record of pandemic related death with more than 4300 Americans succumbing to the virus. China is also under pressure putting 28 million people into lockdown ahead of their lunar holiday. Facebook has again banned the President from posting to his account until after the inauguration of president-elect Biden. Though under pressure from Congress, Vise-president Pence has refused to envoke the 25th Amendment to remove President Trump from power in his last week of office. However, that is not the answer Congress wants to hear, so they are moving forward with impeachment proceedings in an attempt to remove the President from office. It will not be a surprise if the political drama in Wahington spills over to the market in the form of price volatility.
Technically there is no doubt the bulls are still in control and that the index trends remain bullish. That said, the T2122 indicator is warning once again of a short-term extended condition. The VIX also remains a bit perplexing, closing the day above a 23 handle as new record highs continue. Stay with the trend but have a plan should a profit-taking wave begin because there is a large point move before finding price supports on the charts. With many charts showing very extended conditions, it’s easy to find parabolic stocks in nearly all market sectors. Be careful not to chase!
Markets opened flat Tuesday and then proceeded to print indecisive Doji-type candles in all 3 major averages. So, after a rollercoaster session, the consolidation of the last couple days remains in force. On the day SPY (+0.01%) was on the green side of flat, DIA (-0.16%) was on the red side, and QQQ (+0.18%) was on the green side. The VXX lost 3.4% to 16.75 and T2122 jumped back up into the overbought territory at 87.08. 10-year bond yield were flat at 1.134% and Oil rose the better part of 2% to $53.15/barrel.
During the day, two different Fed speakers said that into 2022 the FOMC will remain accommodative, but that inflation could rise faster than expected. In other economic news, President-elect Biden announced more economic relief will be coming, saying he will extend the Student Loan repayment moratorium in addition to earlier calling on Congress to forgive $10,000 in student loans. The dollar also continued to weaken, which helped most commodities and even bonds to an extent. However, this weakening also raises concerns that the EU, China, and perhaps others will soon make moves to devalue their own currencies relative to the dollar to offset the impact of falling dollars (it is harder to sell things to the US when a dollar buys less).
Overnight, in Europe, ECB President Lagarde told reporters she is standing by her forecast of 3.9% GDP growth for 2021 (versus what is believed to be a 7.3% contraction last year). Despite the current lockdowns and travel restrictions, she said the model expected the current situation. She said that what might change forecasts would be lockdowns that extended past March. Until then, she still expects close to 4% growth.
Related to the virus itself, US infections continue to rage as the US. The totals have risen to 23,369,732 confirmed cases and 389,621 deaths. The post-holiday surge is now starting to hit, as we average just over 253,000 new cases and after another record day of 4,300 dead, we now average almost 3,400 deaths per day. The CDC has announced that all international air travelers will require a negative test before boarding a flight destined for the US as of Jan. 26. In addition, the agency also reported that we have vaccinated 9 million people with the first round (of two) of the PFE-BTNX or MRNA vaccines. REGN also announced a deal with the government to provide 1.25 million additional doses of its Covid antibody treatment. Interestingly, at almost the same time Dr. Fauci (NIH) and other scientists were saying that the new South African variant may pose a threat to the effectiveness to the existing antibody treatments and could theoretically also impact the effectiveness of vaccines.
Globally, the numbers rose to 92,118,795 confirmed cases and the confirmed deaths are now at 1,972,685 deaths. As a reference, the world is averaging over 733,000 new cases and over 13,000 new deaths per day. Germany tightened inbound travel restrictions and extended its lockdown again today, specifically trying to stop the UK and South African mutations of the virus. In bad news, a Chinese vaccine from Sinovac Biotech was found to be only 50% effective in Brazil trials (versus the 78% the company had claimed from Chinese trials). In Japan, PM Suga declared a state of emergency for 7 additional regions of the country. And in the UK, Health Sec. Hancock is now considering putting COVID-19 patients into hotels to ease capacity pressure on the NHS. However, while it would surely help make space, that measure would not help any personnel, material or equipment capacity issues.
Overnight, Asian markets were mixed again. China showed the only red with Shenzhen (-1.08%), Shanghai (-0.27%), and Hong Kong (-0.15%) to the downside. Meanwhile, Taiwan (+1.74%), Malaysia (+1.53%), and Japan (+1.04%) led gainers. European markets are also mixed, but lean to the red side on modest moves so far today. Among the big 3 bourses, the FTSE (-0.20%) , DAX (-0.19%), and CAC (-0.10%) are all slightly red. As of 7:30 am, US futures are also in the red. The DIA is implying a -0.18% open, the SPY a -0.28% open, and the QQQ a -0.26% open.
The major economic news for Wednesday includes Dec. CPI (8:30 am), Crude Oil Inventories (10:30 am), Fed Beige Book and Dec. Federal Budget Balance (both at 2 pm) and 4 Fed Speakers (Bullard at 9:30 am, Brainard at 1 pm, Harker at 2 pm, and Clarida at 3 pm). Major earnings reports include INFO, INFY, SJR, and WIT before the open. There are no major earnings reports after the close.
With no surge of earnings today and the political drama still only slowly simmering, markets may be wont to drift with threats of more seditious violence 3-10 days away (according to FBI reports). If we look at the bright side, this sideways action could be taken as good for the bulls as over-extension gets worked off. However, be careful of odd moves. Bloomberg reported that six of the 10 most active stocks on Monday were penny stocks which moved in massive swings on no particular news, possibly pointing to major pump-and-dump or other unknown activity.
As always, follow the trend, respect both support and resistance, and don’t chase the moves you have missed. Lock in those profits (base hits are the way we build consistency) and stick with your discipline. Focus on the overall market, the specific chart, and your own trading process. Remember, trading is a marathon, not a sprint.
Ed
Swing Trade Ideas for your consideration and watchlist: PTON, LYFT, XLB, XLI, CPE, MOMO, SPCE, NKLA. 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.
🎯 DickCarp: 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
|607% in just 24 months |
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.
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 bears made a brief appearance yesterday to remind us there are some concerns to be aware of, but the bulls, hopeful of more stimulus, won the day defending the early selloff. Rising treasury rates hint at the possibility of additional price volatility slow the rally of growth names and inspire more attention toward consumer cycles, and value plays as a result. With the VIX closing above a 24 handle once again testing its 50-day average as resistance, traders will need to stay on their toes. Swift whipsaws and reversals are possible.
Asian markets closed green across the board even as China moves to lockdown more areas of the country due to surging pandemic numbers. European markets are mixed and mostly lower this morning as investors focus on virus impacts and turbulent U.S. politics. That said, the U.S futures are once again on the rise this morning, hovering just below new index records ahead of the jobs opening report.
Economic Calendar
Earnings Calendar
On the Tuesday earnings calendar, we have just seven confirmed quarterly reports. Notable reports include ACI & KBH.
News and Technicals’
After a nasty gap down at the open, the bulls went to work defending the selloff pushing the index back up but fell short of fully recovering. The U.S. House has introduced an article of impeachment with a vote planned for next Tuesday. I could include a provision to prevent president Trump from holding elected office. China adds to lock down areas as the virus spikes ahead of the WHO visit intended to investigate the origin of the pandemic. The death toll in the U.S rose above 375,000 as the health care system strains to handle the growing numbers of the infected despite the efforts to vaccinate. Treasury yields continue to climb, with the 10-year notes hitting 1.156% and the 30-year moving to 1.888% as the market reacts to the president-elect Biden promise of further economic stimulus. Rising bond rates could signal more volatility ahead for investors.
Yesterday’s bumpy ride ended the day with no discernible technical damage to the index charts. However, it demonstrate the potential danger of possible swift and substantial moves that could occur should sentiment shift. It servers as a reminder that to be prepared should the bears have an opportunity to attack. Although the bulls stepped up and defended the early selloff, the VIX rallied once again to test its 50-day average as resistance. Closing above a 24 handle as the indexes hover near all-time highs remains a concern and keeping traders a bit on edge and alert to the potential of whipsaws and even the possibility of reversal. Stay with the trade and remain focused with a plan as the price moves could be substantial.
After a huge bullish party on the first week of 2021 where bad jobs data didn’t matter, may the futures suggest the market may have to deal with a hangover this morning. Surging pandemic numbers with California officials reporting a death every 8-minutes on average weighs on investors. Index trends remain in bullish trends and enjoy price breakout price supports just below. That said, a 200 point Dow reversal at the open with the VIX still hovering above a 20 handle could become painful if the bears begin to show their teeth.
Overnight Asian markets were mixed but mostly higher. European markets currently trade in the red across the board, and U.S futures point to a gap down open ahead of a light economic calendar day. Keep in mind; we officially kick off the 1st quarter earnings season this week so expect some price volatility and wild morning swings as traders and investors react to the data.
Economic Calendar
Earnings Calendar
On the Monday earnings calendar, we have 11 companies that have confirmed their quarterly results will release today. Notable reports include CNXC, KRUS & SNX.
News & Technicals’
After a substantial rally on the first week of 2021, the market seems to have turned its attention to pandemic concerns. According to health officials, California is in crisis mode with hospitals over capicty and an average of one death every eight minutes. Refrigerated trucks must now be utilized as temporary storage of bodies, and waiting patients line the hallways as the system strains to provide care. Japan has now identified another variant of the virus, while countries scramble to contain two other contagious variants that have emerged in the U.K. and South Africa. The 10-year treasury is on the rose above 1.1% following Bidens Friday pledge of more economic stimulus that would be, ‘in the trillions of dollars.” If that’s not enough political news to give the market heartburn, Congress is moving forward with President Trump’s impeachment process with just a week to go before President Biden takes office.
Though it seems like there chaos around the world, the U.S. market has had an unbelievable ability to ignore continuing to set records. The jobs data seems to no longer be necessary as long as the government is willing to deficit spend. Although that would seem to have a diminishing return over time, stocks have enjoyed a ravenous bull run. Index’s remain in bullish trends as the VIX continues to hover above a 20 handle. This morning futures point to a gap down open, but with indexes above price supports and tends, it could be nothing more than a short-term pullback. Stay with the trend while keeping in mind there could be a substantial risk if the sentiment suddenly shifts. Don’t overtrade and have a plan should the bears make an appearance.
Heads up: There will be no Tuesday morning blog, my Buckeyes play tonight.
Markets gapped up moderately on Friday and then did a roller-coaster selloff until mid-afternoon. At that point, the bulls stepped in and led a strong rally that lasted right into the close. This left the SPY and DIA with Hanging Man type candles. All 3 major indices closed at yet another new all-time high close. On the day, QQQ (+1.29%) led, while the SPY gained 0.57% and the DIA gained 0.17%. VXX lost another percent to 16.35 and T2122 remains in the overbought territory at 87.06. 10-year bond yields screamed higher again to 1.119% and Oil (WTI) gained 3.74% to $52.73/barrel.
On the heels of Thursday night’s large government fine and charges, in what may be more bad news for BA, an older model of the 737 (a 737-500) crashed a few minutes after takeoff in Indonesia on Saturday. The black boxes were located on Sunday and the Indonesian government hopes to retrieve them from the ocean shortly. In other trading news, Bitcoin is proving as volatile as ever for crypto traders. It has fallen 11% overnight on what analysts are saying is likely profit-taking. This comes as the Dollar rose against global currencies.
In continued fallout from Wednesday’s seditious riots on the US Capitol, AAPL followed GOOGL lead and has removed the radical right alternative to TWTR from its app store. TWTR, FB, YouTube and other social media have also banned the President and most of his leading conspiracy theory spewing followers such as QAnon, Sidney Powell, Rudy Giuliani, Michael Flynn, etc. Other related news includes Congress demanding VP Pence invoke the 25th Amendment and they are also expected to pass another Impeachment this week. For his part, the President apparently intends to try changing the topic and running out the clock by traveling to a section of the border wall in Texas.
Related to the virus itself, US infections continue to rage as the US. The totals have risen to 22,917,334 confirmed cases and 383,275 deaths. The post-holiday surge is now starting to hit, as we average 250,368 new cases and 3,306 deaths per day. The US has now seen more than 100,000 COVID-19 hospitalizations for 40 days in a row. Harvard and MIT report that the US is lagging in the speed of genetic sequencing of samples, which helps explain why so few cases of the new UK variant have been found. In the US it takes 85 days on average from sample collection to posting sequences. This is slower than many smaller and poorer countries (such as Bangledesh).
Globally, the numbers rose to 90,769,055 confirmed cases and the confirmed deaths are now at 1,944,726 deaths. As a reference, the world is averaging over 725,000 new cases and almost 13,000 new deaths per day. In the UK, the Chief Medical Officer of the country said Britain was at the worst point of the pandemic. The UK plans to tighten its lockdown in response. However, in France, the government says no new lockdown measures are needed at this point. In China, they have completed the mass testing of over 17 million people in one province…all done in 5 days. In Japan, they have identified (genetically sequenced) yet another COVID-19 variant.
Overnight, Asian markets were mixed. Japan (+2.36%) far outpaced all other gainers, while Shenzhen (-1.80%), Shanghai (-1.08%), and Malaysia (-0.98%) had the worst losses. In Europe, markets are mixed but lean much more heavily to the downside as of mid-day on the continent. Among the 3 major bourses, the FTSE is down 0.51%, the DAX down 0.68%, and the CAC down 0.60%. As of 7:30 am, US Futures are following Europe this morning. The DIA is implying a gap down of 0.77%, the SPY implying a gap down of 0.64%, and the QQQ implying a gap down of 0.63%. This is possibly pre-market profit-taking after a strong week and trying to time exuberance.
There is no major economic news for Monday, but there is a Fed speaker (Bostic at noon). Major earnings reports on the day are limited to CMC before the open and SNX after the close.
Markets have moved on from the seditious Washington riots and seem to be more focused on extension, if not valuations at these all-time highs. With no economic data or earnings to change the narrative, the balance seems to be between how much Mr. Market likes President-elect Biden’s stimulus plans and the vaccine rollout versus how much he fears over-extension and the virus. Keep this in mind as you decide whether to add positions, hedge your bets, or take money off the table.
As always, follow the trend, respect both support and resistance, and don’t chase the moves you have missed. Lock in those profits (base hits are better than long fly-outs) and stick with your discipline. Focus on the market, the chart, and your trading process. Remember, trading is a marathon, not a sprint.
Go Bucks!
Ed
Swing Trade Ideas for your consideration and watchlist: PEIX, BMY, ZEN, CSCO, PTON, PINS, LOW, JD, GE. 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.
🎯 DickCarp: 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
|607% in just 24 months |
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.
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
Bulls continue to run, and no price seems too high, setting new records as traders and investors hope for more federal stimulus. Today we get the latest reading on the Employment Situation, but it may not matter as we saw on Wednesday when private payrolls declined and the market soared. That said, stay focused and prepared because if a bearish move were to begin, price supports are painfully lower so, have a plan. Also, keep in mind, this could be a particularly newsy weekend on the political front.
Overnight Asian markets mostly rose, with the NIKKEI soaring 2.36%. European markets trade higher this morning, and ahead of the Employment Situation report, U.S. futures point to more record highs. Remember to take some profits after such a steep rally as we head into the weekend.
Economic Calendar
Earnings Calendar
We have had a very light day on the Friday earnings calendar with only one verified report coming from the small-cap company LEDS.
News & Technicals’
The market continued to rally after congress certified the Biden presidency. In the final days of the Trump administration, there has been a call to invoke the 25th amendment to remove him from power. Congress is also threatening the 2nd impeachment to remove the president. How these events might impact the market is anyone’s guess. As of now, the bulls seem very confident the Biden administration will put the printing presses into overdrive, adding additional federal stimulus, resulting in new market records with the Dow more than 1100 points above the Monday low. Sadly at the same time, the daily death rate from the pandemic also set a new record, topping 4000 for the first time.
A look at the index charts, and there is not much to say other than the bulls remain in control, and no price seems too high as traders and investors rush into already extended stocks. Today we will get a reading on the Employment Situation. Consensus suggests job growth declined in December due to pandemic restrictions. Still, I’m not sure that matters in this current environment as we saw on Wednesday with private payrolls falling and the Dow rallied sharply. The T2122 indicator is once again signaling a short-term overbought condition, and the VIX remains elevated above 20 handles as we continue to push higher. Stay with the trend and stay focused because a profit-taking pullback has the potential of beginning at any time and could be rather steep with not much for nearby price support.
