Markets gapped up about two-thirds of a percent higher in the large-caps and above 1.4% in the QQQ.  After the gap-up, large caps ground sideways, while the QQQ sold off before starting its sideways grind about 11am.   This left us with a Gap-up Doji in the SPY, a large white bullish candle in the DIA (which closed at an all-time high close), and a large ugly black candle in the QQQ.  On the day, DIA gained 1.48%, Spy gained 0.58%, and QQQ lost 0.29%.  The VXX fell over a percent to 14.60 and T2122 rose deep into the overbought territory at 96.05.  10-year bond yields fell slightly to 1.521% and Oil (WTI) rose a percent and a quarter to $64.80/barrel.

The economic news on the day was that there was enough demand for 10-year bonds at the government auction that yields pulled back slightly (higher bond prices mean lower bond yields).  However, the demand was not enough to drive bond yields down strongly.  All-in-all, this is an indication the bond market thinks inflation is in check for now.  In addition, the House passed the $1.9 trillion relief bill as expected.  So, we can expect consumers to have an injection to start spending as soon as the end of the month.

Related to the virus, US infections are starting to plateau at a level above the fall level after a month and a half of steep and steady decline in new cases. The totals have risen to 29,862,124 confirmed cases and deaths have now passed half a million at 542,191 deaths.  As mentioned, the number of new cases fell again to an average of 57,621 new cases per day.  Deaths, which have always lagged, was flat at 1,477 per day.  President Biden directed the DHS to purchase 100 million more doses of the JNJ vaccine on Wednesday.  In addition, more states eased restrictions on the day.  MD is allowing “high traffic” businesses like restaurants, gyms, and retail to open without restrictions.  CA announced they will be opening theme parks and outdoor stadiums as of April 1, although at reduced capacities.

Globally, the numbers rose to 118,739,789 confirmed cases and the confirmed deaths are now at 2,634,166 deaths.  The trends have been good, but we saw a significant uptick today.  The world’s average new cases have up-ticked again slightly to 408,286 per day.  Mortality, which lags continued to tick down slowly, now at 8,517 new deaths per day.  In Central and Eastern Europe, the pandemic is picking up steam again.  Among the countries seeing a “third wave” are Poland, Czechia, Ukraine, Romania, Serbia, Bulgaria, and Hungary.  Meanwhile Denmark has suspended use of the AZN vaccine after reports that a number of patients have developed blood clots after vaccination.  In Brazil, for the 2^nd straight day, that country reported a new record number of covid deaths, this time almost 2,300.

Overnight, Asian markets were strongly in the green.  China led the gainers with Shanghai and Shenzhen both posting +2.36%, Hong Kong up +1.65%, and Taiwan up +1.68%.  In Europe, markets are mixed, but leaning to the green side so far today on modest moves.  The FTSE (-0.27%) and DAX (-0.08%) are slightly lower, while the CAC (+0.16%) is slightly higher.  The smaller exchanges are leading to the upside such as Portugal (+1.44%) and Denmark (+1.20%) at this point in their day.  As of 7:30 am, US futures are pointing to a gap higher.  The DIA is implying a +0.31% open, the SPY implying a +0.67% open, and the QQQ implying a major gap up of +1.75% open.

The only major economic news on Thursday are Weekly Initial Jobless Claims (8:30 am) and Jan JOLTS (10 am).  Major earnings reports before the open include GCO, JB, OPCH, PAE, PRTY, and REV.  Then after the close, ULTA and MTN both report.

It looks like traders are reversing the recent rotation into value names this morning. The Tech sector, which has been beaten up in the recent pullback, is looking to roar back on broad pre-market moves. There may also be general market optimism as leaks from the White House suggest President Biden will lay out a “path to normalization” in his speech tonight. Regardless of the reason, it looks like the bulls are chasing back toward new all-time highs across the board.

With that said, don’t blindly chase the gaps you miss. Make sure you are not buying into a volatility move or fade of that gap. Follow the trend, respect support and resistance, and remember another trade will be along any minute. So, control your FOMO. However, also do not try to predict reversals, just follow the market. Most importantly, keep taking your trade goals (profits) off the table when you can and stick to your discipline.  Consistency is the key, not occasional home runs.

Ed

Swing Trade Ideas for your consideration and watchlist: HON, VZ, HAL, KR, JPM, ATKR, K. 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

Bond yields pulled back overnight, leading to a gap strong gap higher by markets on Tuesday.  After this, markets rallied all morning (strongly in the QQQ and more slowly in the large-caps).  The afternoon saw more sideways action across all 3 major indices until a selloff the last 30 minutes of the day.  This left us with gains, but large high-side wicks, especially the large-caps.  On the day, QQQ +3.94% led the way higher, with SPY +1.40%, and DIA +0.11% flat on the day.  The VXX fell 4% to 14.77 and T2122 fell a bit, but remains in over-bought territory at 85.11.  10-year bond yields fell sharply, but remain elevated at 1.537% and Oil (WTI) fell almost 2% to $63.83/barrel.  It’s worth noting that after a brutal week or so, TSLA led the way in the Nasdaq at +19.64%.

Bloomberg reported an interesting fact on Tuesday afternoon.  Bear in mind, it’s quite possible to drown in a river that is “on average” half an inch deep.  In the article and story Bloomberg reported that analysts have looked at the S&P500 during periods of interest rate increases of at least 1.5%.  That had happened 13 times since 1962 and 10 of those 13 times the S&P500 also rose.  The average across all 13 instances was an S&P gain of 15%.  While rates have not currently risen 1.5%, they are headed that direction with many traders eyeing inflation with fear.  It’s worth considering.

The OECD released its economic forecast for 2021.  They are predicting global economic growth of 5.6% on the year, with +6.5% in the US, +7.8% in China, +12.6% in India, and +3.9% in the EU compared to last year.  In other economic news, US mortgage refinancing demand is down 43% from a year ago even as home purchase loan demand rose 75 for the week.  This comes as average loan rates rose three basis points on the week. In addition, the $1.9 trillion covid relief bill is expected to pass today and head to the President’s desk for signing.

Related to the virus, US infections are starting to plateau at a level above the fall level after a month and a half of steep and steady decline in new cases. The totals have risen to 29,801,506 confirmed cases and deaths have now passed half a million at 540,574 deaths.  As mentioned, the number of new cases fell again to an average of 58,564 new cases per day.  Deaths, which have always lagged, was flat at 1,640 per day.

Globally, the numbers rose to 118,257,673 confirmed cases and the confirmed deaths are now at 2,624,252 deaths.  The trends have been good, but we saw a significant uptick today.  The world’s average new cases have up-ticked again slightly to 404,475 per day.  Mortality, which lags continued to tick down slowly, now at 8,649 new deaths per day.  Mexico announced it should see results of the NVAX vaccine phase 3 trials in April.  Meanwhile, Brazil reported its highest daily death total of almost 2,000.  

Overnight, Asian markets were mixed again on more modest moves.  Australia (-0.84%) led the losses while smaller country exchanges led the gains.  China and Japan were flat on the day. In Europe, so far today markets are mostly green.  The FTSE (-0.18%) is down, but the DAX (+0.36%) and CAC (+0.68%) are more typical of the continent as of mid-day.  As of 7:45 am, US Futures are mixed and flat.  The QQQ is pointing to a -0.13% open, the SPY to a +0.11% open and the DIA to a +0.35% open.

The major economic news on Wednesday includes Feb. CPI (8:30 am), Crude Oil Inventories (10:30 am), and Feb. Federal Budget Balance (2 pm).  Major earnings reports before the open include CPB and UNFI.  Then after the close, BEST and ORCL both report. However, there is a US bond auction today and given the focus that has been placed on rising bond rates recently, this auction may be a larger driver of markets than a typical auction.

With the relief bill and reopening of the economy now priced into markets, inflation has been a key focus of traders. The handicapping seems to be that if rates rise too fast, even at low levels, markets fear the Fed going to a more hawkish stance. On the contrarian side, as I pointed out above, analysis shows that most of the time, as rates rise the market goes up. Either way, that seems to be the backdrop of market direction now. As always, it’s not the news, but how the market reacts to the news this time that matters.

Follow the trend, respect support and resistance, and don’t chase those moves that you miss.  Another trade will come along any minute. Don’t try to predict reversals, just follow the market. Keep taking your trade goals (profits) off the table when you can and stick to your discipline.  Consistency is the key, not ocassinoal home runs.

Ed

Swing Trade Ideas for your consideration and watchlist: SNDL, MSFT, MOMO, BCRX, AA, FTNT. 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 slightly higher Monday, but then diverged.  The DIA surged higher and then pulled back while being able to hold onto a white candle, leaving a high upper wick that could be seen as a shooting star if you squint.  This came largely on a pop by DIS on reports that their Disneyland resort is expected to reopen April 1.  At the same time, the SPY and especially the QQQ sold off hard to put in ugly black candles.  On the day, DIA was up 0.95%, SPY was down 0.50%, and QQQ was down a whopping 2.83% (closing down 11% from the Feb. 12 record high).  The VXX rose a little under 2% to 15.39 and T2122 drove higher, well into the overbought territory at 90.44.  10-year bond yields spiked again to 1.601% and oil (WTI) sold off over 2% to $64.74/barrel.

It was announced Monday that over the last week the US has averaged more than 1 million airline passengers per day.  This is the first time in a year the US has reached that level of travel.  This announcement came the same day that the CDC said it was okay for fully-vaccinated people (at least 2 weeks post-vaccination) to meet indoors without masks.  Small steps, but signs of progress as the country is vaccinating more than 2 million people per day.

Related to the virus, US infections are starting to plateau at a level above the fall level after a month and a half of steep and steady decline in new cases. The totals have risen to 29,744,652 confirmed cases and deaths have now passed half a million at 538,628 deaths.  The number of new cases fell again to an average of 58,798 new cases per day.  Deaths, which have always lagged, also fell again to 1,623 per day.  The Houston Health Dept. found a fairly large amount of the UK variant in their wastewater testing.  The House now plans to vote (pass) on the Covid Relief Bill on Wednesday since the Senate has not yet delivered the bill as passed in their chamber. In good news, lab studies are hinting that the PFE-BTNX vaccine can give protection against the Brazilian mutation.

Overnight, Asian markets were mixed.  China led the losses again as Shenzhen (-2.84%) and Shanghai (-1.82%) were down sharply. However, Japan (+0.99%). Hong Kong (+0.81%), and India (+0.95%) led to the upside.  In Europe, markets are mostly green, with a couple smaller exchanges being just on the red side of flat so far today.  The FTSE (+0.67%), DAX (+0.32%), and CAC (+0.36%) are all positive, with a few of the smaller exchanges being major outliers to the upside, like Denmark (+2.39%) and Portugal (+2.32%).  As of 7:30 am, US Futures are strongly higher across the board as bond yields pulled back (but remains above 1.5%) overnight.  The DIA is implying a +0.50% open, the SPY implying a +0.99% open, and the QQQ implying a +2.19% open.

The only major economic news on Tuesday is a Fed speaker (Kaplan at 6:05 pm).  Major earnings reports before the open include DKS, NAV, and THO.  Then after the close, ABM reports.

Softening bond yields overnight seem to be giving the bulls energy this morning. With no planned economic news and no real major earnings, that may be enough to help them run on the day. However, there is a lot of technical damage to overcome. So, while a “V reversal” could happen, it is more likely we will see some chop as bulls become more sure of the footing before running wild. So, be prepared for volatility and one-day directional moves.

Follow the trend, respect support and resistance, and don’t chase those moves that you miss.  Another trade will come along any minute. Don’t try to predict reversals, just follow the market. Keep taking your trade goals (profits) off the table when you can and stick to your discipline.  Consistency is the key, not ocassinoal home runs.

Ed

Swing Trade Ideas for your consideration and watchlist: WBA, JETS, PM, JWN, UAL, DIS. 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 up a percent Friday on a major beat by the Feb. Nonfarm Payrolls (379k vs 182k est.) while unemployment dipped to 6.2%.  However, that gap was met with an immediate 2% selloff as fears of inflation resurfaced.  Then about 11:30am, the bulls stepped in to defend the lows as bond yields lessened a touch from their highs.  This led to a rally that lasted the rest of the day.  This left all 3 major indices with long-wicked White-bodied Hammer type candles.  On the day, the SPY gained 1.84%, the DIA gained 1.83%, and the QQQ gained 1.51%.  The VXX fell 7% to 15.12 and T2122 rose back up to just outside the overbought territory at 77.18.  10-year bond yields spiked again to 1.577% and Oil (WTI) rose almost 4% to $66.28.

The Democratic relief bill hit a few snags on Friday.  First, the President had to agree to a reduction from $400/week extended unemployment to $300/week.  Then a WV Senator held the bill hostage for several hours related to various unemployment aspects.  In the end, the Senate passed the bill Saturday in a 50-49 party-lines vote (one Republican was absent).  The bill is now expected to be passed (as amended by the Senate) in the House on Tuesday before being signed by President Biden.  The bill gives $1,400 direct checks to those making less than $80,000, extends unemployment at $300/week through September 6 and makes the first $10,200 of unemployment tax free for households making less than $150,000.  Even with Senate passage, futures are pointing lower.  So, apparently Mr. Market has already baked-in the stimulus and has moved on to other concerns.

After the close Friday, the SEC charged T and 3 of its executives with selectively sharing non-public information about the company’s investments to certain stock analysts.  In return, those analysts lowered their earnings estimates to just below the level the company then reported.  In other words, the SEC is claiming that T bought an “earnings beat” by giving insider data to certain specific analysts. In other market news, Pot stocks slumped for the second straight week last week.  This comes as the partisan nature of Washington is being seen by industry analysts as making it much harder to get national legalization (which many had expected from a Biden administration).  And in commodity news, OPEC+ members unexpectedly agreed to keep output restrictions in place.  This triggered another rally in oil which now has the price of oil above the balanced-budget required price of three large producing countries. This includes Saudi Arabia, Bahrain, and Oman, with UAE and Kuwait only about $3/barrel from their own break-even prices.  This was before Brent topped $70/barrel over the weekend on the OPEC+ restriction extension news.

Related to the virus, US infections are starting to plateau at a level above the fall level after a month and a half of steep and steady decline in new cases. The totals have risen to 29,696,250 confirmed cases and deaths have now passed half a million at 537,838 deaths.  As mentioned, the number of new cases fell again to an average of 59,777 new cases per day.  Deaths, which have always lagged, also fell again to 1,725 per day.  In good news, the US has now hit the milestone of doing over 2 million vaccinations per day.  However, Health officials again warned over the weekend that it is too soon to ease social distancing and especially mask mandates.

Globally, the numbers rose to 117,509,784 confirmed cases and the confirmed deaths are now at 2,606,789 deaths.  The trends have been good, but we saw a significant uptick today.  The world’s average new cases have up-ticked again by 10,000 over the weekend to 399,523 per day.  Mortality, which lags continued to tick down slowly, now at 8,715 new deaths per day. Among the places seeing a surge is Brazil, which reports it highest daily increase in new cases in over 2 months.  

Overnight, Asian markets were mixed, but mostly red Monday.  Shenzhen (-3.24%), Shanghai (-2.30%), and Hong Kong (-1.92%) led the move lower as China bore more most of the brunt of rising oil prices.  However, Singapore (+1.90%) gained on that news.  In Europe, stocks are green across the board so far today.  The DAX (+1.38%) and CAC (+0.88%) are typical of the continent, but the FTSE (+0.21%) lags.  As of 7:30 am, US Futures are mixed but generally down.  The QQQ is implying a -1.32% open, the SPY implying a -0.49% open, but the DIA remains flat, implying a -0.01% open.

There is no major economic news on Monday. There are also no major earnings reports before the open.  However, after the close, CASY and WISH report.

Inflation fears continue to grip Wall Street. Even clearing another major hurdle toward the $1.9 trillion stimulus bill has not helped the weekend mood. It looks as though Friday’s strong day is being answered by the bears pushing back today. The trend remains to the downside, but remember the bulls have recently defended a level not far below. So, volatility is to be expected.

As always, don’t try to predict, just follow the market. It’s the big money that makes the market move and we just need to tag along for the swings. Follow the trend, respect support and resistance, and don’t chase those moves that you miss.  Another trade will come along any minute. Keep booking your trade goals when you can and stick with your discipline. 

Ed

Swing Trade Ideas for your consideration and watchlist: DFS, DIS, F. XRT, MO, PFE, WMT, LUMN, NLSN, IVZ, MA. 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 started off with an up-and-down first hour Thursday, but then the bulls rallied us back to the highs.  Unfortunately, at noon, while he tried to be dovish, Fed Chair Powell indicated inflation lies ahead.  This caused a massive and steep selloff that lasted 2 hours.  Bulls were able to pull stocks up off the lows the last two hours, but much of the damage was done.  This left all 3 major indices with big, ugly black albeit indecisive (large-wicks) candles.  On the day, DIA lost 1.09%, SPY lost 1.23%, and QQQ lost 1.64% (turning negative for the year).  The VXX rose over 4% to 16.26 and T2122 fell back into the oversold territory at 12.50.  10-year bond yields spiked on the inflation fears and closed at 1.545% as oil gained almost 5% to $64.24.

The Senate agreed to 20 hours of debate on the $1.9 trillion stimulus bill.  However, that time does not start immediately as WI’s GOP Senator Johnson forced clerks to read aloud the entirety of the bill (which will take several hours of in-session time).  As of now, the bill is still on track to be passed and then the reconciled bill to be passed in both houses of Congress just in time for a Wed. signature by president Biden.  This is the deadline because the previous stimulus bill expires on that day.  This said, it will be a razor-thin margin in the Senate and the GOP may have other procedural tricks in addition to Democrats playing hold-out to get favors and pet projects from their own leadership.

Potomac Economics (an independent watchdog group) found that the TX ERCOT power grid left its emergency price of $9,000/kwh in place for 2-3 days longer than their own metrics show it should have been in place.  This means that ERCOT overbilled their customers (who passed the costs on to consumers) by as much as $16 billion during the winter freeze. This falls in line with the criticism of ERCOT’s power company customers, the largest of which has already filed for bankruptcy because the financial cost (and two others defaulted on the charges and have been banned from the grid).  Since the CEO of the ERCOT grid has already been fired and most of the board has already resigned, it is unclear who will get blamed and how (if at all) things will be put right.  However, this is sure to become a political football as soon as the Texas Energy Commission meeting today as politicians try to keep the blame for not adhereing to decades of advice squarely on ERCOT and not of themselves.

Related to the virus, US infections are starting to plateau at a level above the fall level after a month and a half of steep and steady decline in new cases. The totals have risen to 29,526,086 confirmed cases and deaths have now passed half a million at 533,636 deaths. As mentioned, the number of new cases fell slightly again to an average of 64,110 new cases per day.  Deaths, which have always lagged, also fell slightly to 1,854 per day.  Yet more states are ignoring health experts and loosening their pandemic restrictions.  This cuts across party lines as CT is among the latest.

Globally, the numbers rose to 116,322,289 confirmed cases and the confirmed deaths are now at 2,583,546 deaths.  The trends have been good, but we saw a significant uptick today.  The world’s average new cases has up-ticked again to 388,894 per day.  Mortality, which lags continued to tick down slowly, now at 8,853 new deaths per day. In Europe Germany says they are seeing a rise in cases and that 40% are of the UK strain.  Italy banned shipping vaccine out of their country and France is considering following suit.  In Asia, Japan extended the state of emergency in Tokyo for another 3 weeks.  In better news, Australia announced that it has enough AZN vaccine to cover them until domestic production can get ramped up.  

Overnight, Asian markets were slightly mixed, but mostly red in modest trading. Malaysia (+1.19%) and Thailand (+0.65%) led to the upside while Australian (-0.74%) and South Korea (-0.57%) led to the downside.  In Europe, we see a similar picture so far today.  The DAX (-0.59%) and CAC (-0.31%) lead to the downside while the FTSE (+0.38%) and some of the smaller exchanges lead on the green side.  As of 7:30 am, US Futures are pointing to a flat open.  The DIA and SPY are just on the green side of flat, while the QQQ is just to the red side of break-even.  This comes as markets wait for the data dump at 8:30 am.

The major economic news for Friday includes Feb. Avg. Hourly Earnings, Imports/Exports, Feb. Nonfarm Payrolls, Feb. Participation Rate, Jan. Trade Bal., and Feb Unemployment Rate (all at 8:30 am), US Federal Budget (2 pm), and a Fed speaker (Bostic at 3 pm).  Major earnings reports on the day include BIG and GLP before the open.  There are no major earnings reports after the close.

Inflation fear remains in charge on Wall Street. After the ADP miss earlier in the week, look for all eyes to be on the Feb. Employment Report as traders look for any sign of overheating in the economy. That said, the bulls did push us up off the lows late Thursday, so they may be looking to defend a potential support level below. Volatility seems to be the only thing assured in the market now. So, preparedness is the key here.

As always, don’t try to predict, just follow the market. It’s the big money that makes the market move and we just need to tag along for the swings. Follow the trend, respect support and resistance, and don’t chase those moves that you miss.  Another trade will come along any minute. Keep booking your trade goals when you can and stick with your discipline.  And don’t forget it’s Friday…so take a paycheck off the board too.

Ed

Swing Trade Ideas for your consideration and watchlist: No trade ideas for today. 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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