Although retail is celebrating a colossal holiday consumer spending spree that set new records, small business sentiment dropped to a new record low. The consumer spending would suggest more market upside on the way in the so-call Santa Claus rally. However, with the SP-500 more than 60% above the March low in the face of pandemic economic impacts, a rest or pullback would not be a big surprise.
Asian markets closed the day modestly lower overnight after reporting a 7-month streak of manufacturing growth. European markets trade mixed but mostly flat this morning, seemingly taking a rest on this last day of November. The U.S. futures point to mixed open with a possible light volume day with traders likely extending holiday vacations and the distraction of Cyber Monday sales.
Economic Calendar
Earnings Calendar
On this last day of November, we have a light day of earnings reports. Going through the list, I don’t see any that are particularly notable.
News and Technicals’
According to retail reports, holiday shopping hit new spending records, which is likely to continue with the Cyber Monday sales event today. Don’t be surprised if volumes remain low as many will be distracted surfing the internet to bag a few deals. On the bright side, such a strong showing of consumer spending could spark the so-called Santa Claus Rally into the end of the year. Unfortunately, small business confidence seems to be going in the other direction, dropping to an all-time low according to the Q4 CNBC|SurveyMonkey Small Business Survey. The results show that 53% of small business owners say they expect tax policy & increased government regulation will negatively impact their business. With small businesses as one of the largest job creators, this negative sentiment could see employment numbers struggle in a post-pandemic recovery.
Interestingly the futures don’t seem inspired by the colossal holiday buying spree pointing to a pullback in the pre-market. However, with the SP-500 up more than 60% since the March bottom to set new records despite unemployment and a severely damaged economy, perhaps a rest is not that big of a surprise. Bullish trends remain, but there’s a danger with index prices so elevated from their respective 50-day averages. That said, plan carefully, and don’t be surprised if the volume is a bit light today with traders extending vacations to shop.
Large-caps gapped about a third of a percent higher while the QQQ gapped up six-tenths of a percent at the open Friday. Some roller-coaster volatility action all 3 markets closed near the open to print indecisive Doji-like candle on the shortened day. For the session the SPY gained 0.28% (as the S&P500 closed at an all-time high), DIA gained 0.17%, and QQQ gained 0.92%. The VXX was up slightly to 17.51 and T2122 fell a percent but remains deep in overbought territory at 95.76. 10-year bonds fell to 0.842% and Oil (WTI) fell to $45.52/barrel.
Reports came from coast to coast that Black Friday shopping foot traffic was down dramatically (over 53%). Many analysts claim the virus has accelerated the move from brick-and-mortar to online shopping, but it is worth noting that retail analysts also tell us Black Friday online sales were only up 22%. So, overall sales seem to be down 30% year-on-year on the biggest shopping day of the year. On one other interesting note, Shopify reports that 71% of online sales now ome from a mobile device.
On the vaccine front, MRNA sys new data shows their vaccine is 94% effective, 100% effective in preventing severe cases, and they have enough safety data to ask for approval. They plan to file their approval request and data later today. In the meantime, the first shipment of the PFE-BTNX joint-venture vaccine has arrived in the US and will enter the special “extreme cold” distribution system. The first vaccinations using the PFE-BTNX cavvine could come as soon as the next 2 weeks.
On the virus front itself, infections continue to rage as the US. The US numbers are thrown off a bit by 20 states that have not reported data since Wednesday, which means we will also see a “catch-up spike” in the next day or so. At any rate, US totals have risen to 13,751,337 confirmed cases and 273,101 deaths. That said, the 7-day average of new cases fell to 163,649 while deaths are averaging deaths rise to 1,481/day. 26 states report a record number of hospitalizations. Dr. Birx (White House Task Force) urged Thanksgiving travelers to get a test and self-isolate in a plea aimed at minimizing another super-spreader holiday. This is likely to fall on deaf ears as over 6 million Americans traveled for Thanksgiving despite cautions. Ominously, Dr. Fauci (NIH) told the press Sunday that restrictions will be needed for Christmas and New Year’ s Day based on what was seen at Thanksgiving.
Globally, the numbers rose to 63,172,024 confirmed cases and the confirmed deaths are now at 1,467,129 deaths. In Europe, the UK reports that infections dropped 30% so far during their second lockdown. This falls in-line with PM Johnson announcing that the quarantine will end this week and be replaced with a national tier system by region. In Asia, Japan and South Korea report daily spikes again, with the latter will impose tighter restrictions as a result. Other countries like Indonesia are reporting record case counts. Even North Korea is admitting problems as it imposed very tight border restrictions with China in an effort to reduce new cases.
Overnight, Asian markets were red across the board. Hong Kong (-2.06%), South Korea (-1.60%) led the losses among major economies. However, Indonesia (-2.96%) and Malaysia (-2.79%) were the worst hit. China reported better than expected PMI numbers on Sunday. In Europe, markets are mixed so far today. Russia (-1.07%) and Denmark (+1.06%) are outliers. Among the big 3 exchanges, the FTSE is flat (+0.15%), the DAX up (+0.49%), and CAC (-0.13%) flat. As of 7:30 am, US futures are pointing to a mixed open. The DIA is implying a fall of 0.41%, the SPY a fall of 0.20%, and the QQQ to a slight gap higher (+0.29%).
The major economic news for Monday is limited to Core PCE Price index (7:30 am), Chicago PMI (9:45 am), and Oct. Pending Home Sales (10 am). Major earnings reports on the day are limited to ADNT before the open. Then after the close ZM reports.
This is the first day back after what, for many, was an extra-long weekend. So, we might see increased activity. Also, keep in mind that today is month-end. With little economic news or earnings reports, the market may be in a position to move. However, reports indicate Black Friday was a flop for retailers this year. That may weigh on at least the retail names.
We sit at or near all-time highs and the market is overextended by most counts. However, Mr. Market can remain overbought longer than you can take the pain of predicting reversals. So, don’t predict. As always, respect the trend, support/resistance, and price action. Don’t chase moves you have missed (there will be another opportunity) and stick with your trading rules. Our job as traders is consistency, not hitting home runs.
Ed
Swing Trade Ideas for your consideration and watchlist: REGI, SDGR, GKOS, TLRY, GNUS, DAR, CDAY, EVRI, TSM, PINS, DVAX, NTRA. 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
Large-caps opened flat on Wednesday and then proceeded to put in a sideways, but bearish grind all day. The QQQ gapped up four-tenths of a percent and after a bit of roller coaster action rallied mildly most of the day. The SPY printed a Hanging Man candle while the QQQ printed a Spinning Top candle. On the day, SPY lost 0.15%, DIA lost 0.56%, and QQQ gained 0.61%. The VXX fell over 3.5% to 17.39 and T2122 rose deeper into the overbought territory at 96.93. 10-year bond yields were unchanged at 0.882% and Oil (WTI) rose to $45.24/barrel.
Bitcoin traders got a nasty shock after the close Wednesday. After reaching its all-time high during the trading day, after-hours Bitcoin fell nearly $3,000. No apparent cause for the plunge is known at this point. However, CNBC reports that most cryptocurrency experts do not feel this volatility will have long-term implications and they still expect it to reach $20,000 soon (which after this drop is 18% away).
AZN faced more scrutiny on Thursday when more details about their Phase 3 trial were released. It turns out that the mistake, which led to data implying a 90% efficacy rate, was based on a manufacturing problem. AZN mistakenly only put half doses of the vaccine in thousands of vials. Rather than scrap or remanufacture the product, AZN and Oxford University made the decision to just administer the half doses to a younger group of volunteers. So, while the 1.5 dose regimen did show it was 90% effective (versus 62%when 2 doses were administered to older volunteers), the data is skewed and the AZN quality control is in question. Worse yet, AZN and Oxford did not disclose this in their original statement. Instead, they just said 1.5 doses was 90% effective and on average the vaccine was 70% effective. Still, the vaccine was formally referred to the UK Medicines Regulator for assessment of fitness for approval.
On the virus front itself, infections continue to rage as the US. Despite a relative respite on the holiday (only 108,289 new cases) the US totals have risen to 13,249,447 confirmed cases and 269,597 deaths. The 7-day average of new cases to 179,923 while deaths are averaging deaths rise to 1,712/day. The Pentagon has instituted new restriction and protocols are cases climb on bases and ships.
Globally, the numbers rose to 61,448,892 confirmed cases and the confirmed deaths are now at 1,440,531 deaths. In Europe, Russia reported a new record high in cases Friday, and Germany topped 1 million cases as it reported its worst day of deaths. In Asia, Japan saw its second-highest new case count to date while South Korea saw the same, (with Wednesday being the record high day).
Overnight, Asian markets were mixed again, but this time leaned to the green side. Shanghai (+1.14%) led the gainers by far while Australia (-0.53%) paced the losses. In Europe, we see a similar mixed picture so far today. The FTSE (-0.39%), DAX (+0.28%), and CAC (+0.052%) lead the way. As of 7:30 am, US futures are pointing to a modestly higher open. The DIA is implying a gain of 0.21%, the SPY a gain of 0.21%, and the QQQ to a slight gap higher (+0.35%).
There are no major economic news events Friday. There are also no major earnings reports on the day. However, remember that today is a half-day, with markets closing at 1 pm.
Expect a light and perhaps volatile day as many traders enjoy a four-day weekend. Also, remember that this is Friday. So, book some profits and/or place some hedges in front of the weekend. As always, respect the trend, support/resistance, and price action. Don’t chase moves you have missed (there will be another opportunity) and stick with your trading rules. Our job as traders is consistency, not hitting home runs,
Ed
Swing Trade Ideas for your consideration and watchlist: No Trade Ideas for a short Friday. 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
Vaccine fueled recovery hopes helped to inspire the bulls to new record-breaking levels creating headlines around the world. Massive rallies in energy, financials, and consumer staples have created impressive reversal patterns in the charts and suggest the move may have become a bit parabolic in the short-time. Expect volume to decline rather sharply today after the deluge of economic data as traders head out for holiday plans. Consider your risk carefully as we head into the shutdown and what typically is a choppy light volume market condition on Black Friday and the Cyber-Monday shopping distractions.
Asian markets closed mixed but mostly higher overnight while European markets slip slightly lower, resting after yesterday’s sharp rally. As we wait for a massive morning of potential-market moving economic data, the futures are taking a wait and see approach indicating a modestly lower open. Stay safe and have a Very Happy Thanksgiving, everyone!
Economic Calendar
Earnings Calendar
On the eve of the Thanksgiving shutdown, we have a relatively light day of earnings calendar. Notable reports include DE & FRO.
News & Technicals’
A pre-holiday surge set new records lifting the Dow above 30,000, enjoying the blue sky above with IWM. Energy, financials, and consumer staples sectors were the big winners, while some tech giants struggled to find buyers. Focused on vaccine recovery, hopes the bulls maintain solid control of the index trends, and there seems no price too high that they are willing to pay. Reaching the 30,000 goal was very important for the institutions. As reported on CNBC, this new threshold could draw in new investors from the sidelines with hopes that more stocks will participate in the next leg. However, there are those worried that the market is heating up to an unstainable level. One thing for sure, as the pandemic continues to impact business and the expectation of higher taxes on the horizon, traders will have to remain nimble.
Today is a massive deluge of potentially market-moving data. As of now, U.S. Futures point to a slightly lower open as if taking more of a wait and see approach this morning. Although 2020 is far from typical, it would be wise to keep in mind that volume usually shrinks quickly ahead of the holiday as traders hit the roadways and airports. Light volume choppy price action and be expected during the short session on Black Friday often extends into the following week with shoppers focused on Cyber-Monday deals. No doubt this has been a challenging year, but we still have so much to be thankful for in this great country of ours. Please take a moment during this holiday to remember those that serve in the military, our first responders as well as the health care professionals on the front lines keeping us safe.
Markets gapped higher, but mixed amounts on Tuesday. The QQQ jumped up four-tenths of a percent, the SPY eight-tenths of a percent, and on the day that the Dow broke 30,000, the DIA gapped up a full percent. We then saw a follow-through rally the rest of the morning. However, markets spent that afternoon grinding sideways, even with large position-covering volume the last 10 minutes of the day. VXX lost a percent to 18.05 and T2122 held in place deep in overbought territory at 95.84. 10-year bond yields rose again to 0.882% and oil popped 4% to $44.86/barrel as optimism (or relief from uncertainty) over a government transition seemed to buoy markets in the morning.
Mortgage rates dropped again this week to 2.92%. This move was cheered by borrowers as mortgage applications climbed 4% for the week (19% increase from the same week in 2019). However, it was refinancing (71% of the applications) that caused most of this activity. Refinance applications were up 79% year-on-year and at the highest level since April.
From the “better to be lucky than good sometimes” file, a sidebar to the recent AZN vaccine news. It turns out the 90% efficacy rate was only achieved under younger patients. More interestingly, that dosage was only stumbled upon by mistake. AZN made a systemic error and only gave half doses to a large group of volunteers. This was only discovered because they reported far fewer side effects than expected. So, rather than throw out the data and start again, AZN continued and just gave those volunteers a full dose a month later. It turns out that this 1.5 dose regimen was over 25% more effective than the full 2 doses…at least in younger patients. The CDC is reviewing the AZN data and hoping to find ways to increase efficacy or reduce side effects in the similar PFE and MRNA vaccines.
On the virus front itself, infections continue to rage as the US. This surge has raised the US totals to 12,958,805 confirmed cases and 265,986 deaths. The 7-day average of new cases to 178,692 while a spike in deaths (2,194, the highest since the start of May) saw the average deaths rise to 1,657/day. Meanwhile, the HHS is conducting a test of the vaccine distribution networks in hope of heading off problems when an approved vaccine is available.
Globally, the numbers rose to 60,240,061 confirmed cases and the confirmed deaths are now at 1,417,858 deaths. Hong Kong is seeing another rise in cases as new restrictions are to begin. The WHO says that Europe is still the epicenter, accounting for 44% of new cases and 49% of deaths the past week. This came as Germany reported another new record daily high in cases.
Overnight, Asian markets were mixed again, but this time leaned to the red side. Shenzhen (-1.74%), Shanghai (-1.19%), and India (-1.51%) paced the losses. Malaysia (+1.22%) and Thailand (+1.01%) were far and away the larges gainers. In Europe, we see a similar mixed picture so far today. The FTSE (-0.69%), DAX (-0.18%), and CAC (+0.03%) lead the way, but the continent’s exchanges range from -0.94% to +0.81%. As of 7:30 am, US futures are also pointing to a mixed open. The DIA is implying a flat open (-0.05%), the SPY a 0flat (+0.08%) open, and the QQQ to a slight gap higher (+0.38%).
There is a large amount of economic data today. Oct. Durable Goods, Q3 Employment Cost Index, Q3 GDP Price Index, Oct. Trade Balance, Oct. Retail Inventories, and Oct. Core PCE Price Index (all at 8:30 am), Oct. PCE Price Index, Oct. Personal Spending, Univ. of Michigan Consumer Sentiment, and Oct. New Home Sales (all at 10 am), and Crude Oil Inventories (at 10:30 am). Major earnings reports are limited to DOOO and DE before the open. There are no earnings reports after the close.
All the data makes the open uncertain at this point. However, remember many traders may already be headed to the door for a long weekend. So, low-volume volatility is quite possible, As always, respect the trend, support/resistance, and price action. Don’t chase moves you have missed (there will be another opportunity) and stick with your trading rules. Our job as traders is consistency, not hitting home runs,
Ed
Swing Trade Ideas for your consideration and watchlist: WRK, DFS, IP, DAR, PWR, XLB, USB, MTCH, SBUX, BA. 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 transition begins, and the U.S futures celebrate the decision surging higher this morning even as states add a blizzard of new restrictions to battle the pandemic. With a holiday shutdown just around the corner, it may be wise to consider the big gap up this morning as a gift and opportunity to profit and reduce heading into the holiday. Remember, volume typically begins to decline as traders head out for vacation plans.
Asian markets were mostly bullish overnight, with the NIKKEI surging a whopping 2.5% amid vaccine hopes. European indexes trade decidedly bullish this morning, and the U.S. futures point to a substantial gap up with a Dow 30,000 target within striking distance. Please keep in mind volume typically declines quickly, heading onto a holiday. That said, it may be challenging to maintain the bullish momentum.
Economic Calendar
Earnings Calendar
We have a busy day on the earnings calendar, with retail reports a significant focus on Tuesday. The notable reports include ANF, BBY, DKS, GPS, DLTR, JWM, AEO, ADI, ADSK, BURL, EV, HRL, HPQ, SJM, J, MDT, MOV, TIF, & VMW.
News & Technicals’
I must admit this wild bullishness continues to surprise me even as more restrictions go into place around the country trying to curb the pandemic. That said, I also have to say I am enjoying the profits the relentless push toward higher. The moral of the story, read the price action, follow the trends, and most importantly, gratefully take the gains the market provides in time like this. Futures are pointing to a gap up open, apparently celebrating that President Trump has begun the process to ensure a smooth transition. Though he vows to continue the legal challenges, the market seems to have voted this was the right thing to do. Biden’s choice, Janet Yellen, to lead the Treasury also boosted the market higher yesterday afternoon, supporting the decision. Though all the warm and fuzzy bullish is fantastic, let’s forget we have a holiday shutdown just around the corner and blizzard pandemic restrictions likely to impact businesses. As a result, it may be wise to take advantage of the morning gap by taking profits and reducing risk heading into the holiday. Remember, gaps are gifts, but the money is not yours until you take the gain and tuck it safely away in your account.
On the technical front, the indexes remain in bullish trends but keep in mind the current rally will have to deal with the price resistance created in the last three weeks. Only the IWM has thus far been able to enjoy the blue sky breakout, so watch closely for the possibility of profit-taking near resistance on the DIA, SPY, and QQQ. The T2122 indicator will show an extreme short-term overbought condition at the open as well. Don’t let greed prevent you from making a profit!
Markets gapped about a half percent higher at the open Monday on good vaccine news from AZN. However, a sharp selloff about 10am lasted an hour and a slow recovery brought the major indices back to close near the gap-ups. SPY and QQQ both printed indecisive Doji or Spinning Top type candles on the day, while DIA was a little more bullish, but still had quite a bit of wick. On the day DIA gained 1.16%, SPY gained 0.62%, and QQQ was dead flat. The VXX lost 1.24% to 18.37 and T2122 rose further into overbought territory at 95.55. 10-year bond yields rose to 0.859% and Oil gained a percent to $42.91/barrel on vaccine-recovery hopes.
President-elect Biden announced several of his cabinet nominees. The key name for markets is that Biden will nominate former Fed Chair Yellen as his Sec. of Treasury. Financial pundits claim the markets like this nomination. This comes hours before the GSA announced Monday night that the formal transition process can now begin (despite President Trump’s ongoing spate of lawsuits they hope would nullify election results and delay the process). Futures rose on the GSA news.
CNBC reports that the top Democrat on the House Judiciary Committee, Rep. Neguse, has called for hearings on regulatory approach (such as the FTC) to approving “big pharma” mergers. Specifically cited were the ABBV acquisition of AGN and the merger of PFE and MYL. This news comes in the wake of the committee’s year-long investigation into big tech (AMZN, AAPL, FB, GOOG) anti-trust practices. However, at this point, it is preliminary and yet to be determined if a full investigation is warranted.
On the virus front itself, infections continue to rage as the US. This surge has raised the US totals to 12,778,924 confirmed cases and 263,701 deaths. The 7-day average of new cases to 176,434 while the average deaths rose to 1,577/day. This surge has put a large strain on the healthcare system nationally. One example is Cleveland Clinic (a major Hospital Network in the Cleveland area) reported 970 caregivers are out due to the virus, triple the number from just 2 weeks ago.
Overnight, Asian markets were mixed. Japan (+2.50%) and Australia (+1.26%) led gainers. Meanwhile, Thailand (-1.32%) and Malaysia (-1.20%) passed the losers. In Europe, markets are generally green, with just two small-market exceptions, Denmark (-1.22%) and Switzerland (-0.22%). However, in general Europe seems to like the news of the official US transition with the 3 major bourses being typical with the FTSE (+0.99%), DAX (+0.92%), and CAC (+1.19%). As of 7:30 am, US futures are pointing to a mixed gap higher. The DIA is implying a 0.90% gap up, the SPY a 0.60% gap up and the QQQ just a 0.21% “gap” higher.
The major economic news for Tuesday is limited to Conf. Board Consumer Confidence (10 am), and 3 Fed Speakers (Bullard at 11 am, Williams at noon, and Clarida at 12:45 pm. Major earnings reports include ANF, ADI, BBY, BURL, DKS, DLTR, DY, HRL, SJM, J, MDT, and TIF before the open. Then after the close AEO, ADSK, DELL, GPS, HPQ, JWN, VMW report.
As we draw nearer to the holiday break, we may see less volume. However, there is plenty of major earnings today, especially in the retail space. That said, those are backward-looking and we do have the big Black Friday and Cyber Monday retail events coming in days. Also, remember that we have been range-bound for a couple of weeks and the very short-term trend has been a pullback with all-time high resistance above and some support just below.
As always, respect the trend, support/resistance, and price action. Don’t chase moves you have missed (there will be another opportunity) and stick with your trading rules. Our job as traders is consistency, not hitting home runs,
Ed
Swing Trade Ideas for your consideration and watchlist: PEIX, DK, WLL, LUV, SCHW, FORM. 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
Futures point to a bullish open shrugging off 20-straight days of more than 100,000 pandemic infections, focused on the latest vaccine news and hopes of more deficit spending. The big round number of a 30,000 Dow just around the corner will have the institutions working hard to get that headline. The only thing that stands in their way is pandemic news and some emerging evidence of a slowing economy as a result. Volume typically begins to decline sharply, heading into the Thanksgiving shutdown as traders head out for travel plans. This year could be very different with considerable sensitivity to news events.
Asian markets traded mostly higher overnight, with airline shares declining sharply due to virus concerns. European markets point to modest gains this morning on hopes of that vaccines will soon become available. U.S. Futures once again point to a bullish open ahead of earnings and the PMI Composite at 9:45 eastern time. Buckle up it could be a wild week.
Economic Calendar
Earnings Calendar
On the Monday earnings calendar, we have under 25 companies reporting quarterly results. Notable reports include A, AMBA, DQ, KFY, NTNX, URBN, & WMG.
News & Technicals’
After 20 straight days of more than 100,000 pandemic infections, U.S futures are once again in rally mode this morning, focused on new vaccine news and hopeful stimulus deal by the end of the year. President Trump’s flurry of lawsuits appears to have not been effective in turning over evidence of fraud. However, he has yet to concede as Biden moves forward to announce some Cabinet selections as early as this week. With mounting economic restrictions, evidence of a slowing economy, and a holiday shutdown, anything is possible this week. I fully expect the institutions to continue their push for a Dow 30,000 headline, but with pandemics weighing on investors’ minds, it could be a choppy process with whipsaws and large morning gaps. We usually see a sharp decline in volume beginning Tuesday afternoon as traders head out for holiday destinations. However, nothing about this year is normal, so stay focused and flexible.
Though we saw a little bearish activity toward the end of last week, the index trends remain bullish. We may still need more consolidation to digest the colossal vaccine move, but as long key price supports hold, the bulls have the upper hand. Expect price volatility to continue and news-driven sensitivity as we slide toward the holiday. Remember there will be a lot of focus on Black Friday and Cyber Monday shopping, so it’s possible we could see low volume choppy price action for a few days, so plan your risk accordingly.
Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it. 
