Tuesday saw a gap higher and early rally before markets ground sideways from 10:30 through the midafternoon.  A late rally took stocks out near the highs.  Once again the QQQ and SPY both printed new all-time high closes and the DIA managed to print a bullish engulfing signal.  On the day, QQQ gained 1.70%, SPY gained 0.94%, and DIA gained 0.91%.  The VXX gained a bit to 27.27 and T2122 also rose a little to 60.39 (still in mid-range).  10-year bond yields fell to 0.677% and Oil (WTI) rose slightly to $42.88/barrel.

During the day Treasury Sec. Mnuchin told Congress that the US economy urgently needs additional fiscal stimulus.  He did not offer a new proposal on the matter but did say he’d be calling Speaker of the House Pelosi after being prompted to do so by one of the Democratic committee members.  During his testimony, he specifically said that the Services and Travel industries, as well as small businesses, need a fresh round of funds.  Fed Speaker Brainard reiterated the same thing in his speech, adding that FOMC help will continue to be needed for years.

In a related story, White House Chief of Staff Meadows told reporters that the primary stumbling block in negotiations is emergency funding for states and municipalities.  As is normal in partisan negotiators, he went on to say that the starting point for resumed negotiations sholuld not be the Democrat $3 trillion plan from May, nor the Democrat $2 trillion offer of 5 weeks ago, nor the Republican $1 trillion offer from 5 weeks ago. Instead, he thinks they should start from a $500 billion level to negotiate.

On the virus front, in the US, the numbers show we now have 6,258,028 confirmed cases and 188,907 deaths.  New cases are back to the elevated flattened curve average of 42,000, but deaths remain above the 7-day average at 1,164.  On Tuesday a panel of NIH experts said that just as with hydroxychloroquine, the data does not support recommending the recently touted treatment of convalescent plasma therapy.  In separate news, while the CDC guidelines say a person can return to work 10 days after the onset of symptoms, a new study out of Britain suggests patients need to wait at least a month before going back to public exposure and that symptoms can last for many months.

Globally, the numbers rose to 25,935,511 confirmed cases and 861,900 deaths.  Global GDP numbers continue to trickle in showing what we all knew, Q2 was a bad quarter (how bad depends on the expectation-lowering done ahead of time) with Australia showing a 7% decline for the quarter and an annual GDP decline of 6.3%. A study out of Iceland shows that coronavirus antibodies stay in the body at least 4 months. This finding contradicts smaller studies that showed the antibodies fade more quickly.  It also does not address the cases of reinfection found recently…but does show we are gaining knowledge on the virus all the time now that we are studying it. 

Overnight, Asian markets were mixed, but mostly modestly green.  Shanghai, Hong Kong, and Taiwan were the only red and even they posted modest loses.  Europe is even more bullish with the big 3 bourses up sharply at mid-day.  The FTSE is up 1.71%, while the DAX and CAC are both up 2.35%.  The only red is in Norway and like Asia, that is only a minor loss.  In the US, at 7:30 am, the futures are pointing to another gap-up open with the large caps implying a 0.65% higher open and the QQQ implying a 1% higher open.   

The only major economic news for Wednesday is August ADP Nonfarm Employment (8:15 am), July Factory Orders (10 am), Crude Oil Inventories (10:30 am) and a trio of Fed speakers (Williams at 10 am, Mester at noon, and Kashkari at 2pm).  The only major earnings reports on the day are M before the open and PVH and SAIC after the close.

Like the Honeybadger, the bulls simply don’t give a damn, especially about extension from averages. The run continues and looks to be back in play for the open today. So, as tempting as it might be, don’t predict reversals…follow the trend. And remember not to chase moves you have missed, because there will be another one any minute.  Stick with your rules and consistently lock-in profits and reduce your risk. 

Ed

The Daily Swing Trade Ideas for today: TNA, PZZA, MOS, FB, AMD, MAS, LB, LEN, URI. 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

Monday was a day of divergence in the major indices.  The SPY had a tiny gap down and then chopped sideways all day.  The DIA gapped down a bit more and then followed through a bit before grinding sideways all afternoon.  Meanwhile, QQQ gapped up and rallied more-or-less all day on the back of the TSLA and AAPL split moves.  On the day, SPY closed down 0.22%, DIA down 0.89%, and QQQ up 0.80%.  The VXX rose almost 5% to 26.85 and T2122 fell all the way back to 42.34.  10-year bond yields fell to 0.705% and Oil (WTI) was down just a touch to $42.81/barrel. This capped the strongest August market in decades.  During the month the S&P500 rose more than 7%, the most since August 1984.

Change is coming I’m afraid.  During the day, AMZN, joined UPS and GOOG as firms who have been given FAA approval for drone deliveries beyond the line of sight of the pilot.  AMZN told CNBC it was not yet ready for its drone fleet to begin the deliveries, but this is another step toward 30-minute delivery of packages up to 5 pounds soon.  UPS has already done CVS prescription deliveries in one high-end FL suburb and GOOG has been doing drone delivery to a VA town since last October.  

WMT announced it will launch its Walmart+ membership program on September 15.  While the company claims the program is not designed to compete with any other service, it is seen far and wide as a direct competitor to the AMZN Prime membership.  Prices of the two services are similar ($119/yr. or $12.99/mo. for Prime and $98/yr. or $12.95/mo. For Walmart+), but Prime includes free two-day shipping and other services like video streaming while the WMT offering includes gas discounts (up to 5 cents/gallon) and expedited in-store checkout.

On the virus front, in the US, the numbers show we now have 6,212,174 confirmed cases and 187,742 deaths.  While 26 states reported an increasing number of new cases, the overall national number remains far below the 7-day average at “just” 38,560 new cases Monday. 

Globally, the numbers rose to 25,662,163 confirmed cases and 855,352 deaths. Europe reported a 6% spike in cases last week, led by a 21% increase in Spain, 16% in Russia, and 10% increase in France.  In Asia, a private survey found that Chinese manufacturing PMI rose faster in August than it has in over 10 years (at 53.1 vs. 52.7 expected). 

Overnight, Asian markets were mixed, but the big-economy indices were all in the green as South Korea, China, and India led and Japan was flat.  With the exception of the FTSE (whish is down 1.2% at mid-day), all the European bourses are in the green so far.  In the US, at 7:30 am, the futures are pointing to a divergent open.  The Dow Futures imply a DIA open that is flat, S&P futures imply a SPY open up three-tenths of a percent and Nasdaq futures imply a QQQ open up 0.90%. 

The only major economic news for Tuesday is August Mfg. PMI (9:45 am), August ISM PMI (10 am), and a Fed speaker (Brainard at 1 pm).  There are also no major earnings reports on the day.

Just prior to publishing this blog, TSLA announced they will sell an additional $5 billion of stock following its 5-for-1 split apparently to take advantage of the rally and very high valuation.

Markets are pointing to a desire to follow-through on a record-breaking August.  As has been the case, we remain extended above the moving averages, but only the DIA shows even a hint of a bear being around. And even that index is holding a strong bullish trend.  So, follow the trend, but don’t chase moves you have missed.  Stick with your rules and work to consistently lock-in profits and reduce risk. 

Ed

The Daily Swing Trade Ideas for today: NIO, SQ, AMD, FB, KMB, MKC, JNJ, MCHP, KO, PG, VXX. 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

Friday was an up-and-down day, more or less within the range of the opening gap-up, until a late-day rally closed markets near their highs…at least in the SPY.  Again, the SPY closed at an all-time high.  Meanwhile, both the DIA and QQQ printed another gap-up Spinning Top type indecisive candle.  On the day, SPY gained 0.64%, DIA was up 0.52%, and QQQ was up 0.58%.  The VXX was flat at 25.79 and the T2122 4-week New High/Low Ratio rose back into the overbought territory at 86.88.  10-year bond yields fell to 0.724% and Oil (WTI) was flat at $42.98/barrel.

Friday evening the IRS issued guidelines on the Payroll Tax deferral.  Those guidelines say the taxes must be paid, by employers, by April 30.  So, it puts the responsibility to collect deferred taxes on the employers. Normal Payroll Tax Withholding will resume on January 1 and it will then be up to the businesses to either pay the deferred tax from company funds or to otherwise get the money back from the employees whose taxes went uncollected for 4 months. This may dramatically mute or eliminate the impact of the President’s scheme to get a short-term boost to consumer spending as companies may not want to take on the risk of being on the hook for taxes the employee is unwilling or unable to repay.

On Saturday it was reported that WMT has teamed up with MSFT to jointly bid against ORCL for the purchase of TikTok North American operations.  This was an odd move in that MSFT wanted that asset for themselves until the ORCL bid significantly raised the price…and also because WMT is not in the social media business.  Another 11th-hour bid was also made by investment firm Centricus. Then Sunday, the next shoe fell in the US-China trade war. China tightened its laws and now the sale of those North American operations (by Chinese company Byte Dance) will require the approval of the Chinese government.  In fact, it is reported that China’s approval may be needed even for negotiations to continue.  All this while a Trump-imposed deadline for the sale approaches.

On Sunday, Bloomberg reported that China’s biggest banks have reported the largest profit decline in over a decade as loan defaults are weighing on profitability.  The four largest Chinese banks (all Hong Kong Listed) reported loan loss provision increases of up to 97%.  As a result, the stocks of those banks are trading at less than half of book value.  This is only relevant in that many analysts see the Chinese economy as leading the US economy by about a quarter in pandemic impact owing to the relative lateness of the US response (shutdown) versus the Chinese shutdown.  So, this could theoretically offer some forecast for major US banks in the coming quarter.

On the virus front, in the US, the numbers show we now have 6,175,008 confirmed cases and 187,227 deaths.  New cases reported fell dramatically (as has been the norm) on the weekend.  However, 21 states (mostly Midwestern) are seeing case growth of 5% or more on the 7-day average this week.  The US also saw its first confirmed case of reinfection as DNA test show a 25-year-old Nevada man was hospitalized and then tested positive in mid-April.  He then got better and had two negative tests at the end of April.  However, he was hospitalized again in late May and tested positive again.  (It took almost 3 months for DNA analysis to prove it was multiple infections and not the same one.)

Globally, the numbers rose to 25,416,064 confirmed cases and 851,099 deaths. On Sunday, India reported a new record high (passing the US’ worst day by 1,500) with 78,761 new confirmed cases.  It took 6 months for the mega-population country to reach 1 million cases and 3 weeks to then reach 2 million. Despite this, as régimes are wont to do, India is pressing ahead with reopening measures.  Japan and South Korea also report increasing outbreaks, but their crises are measured in hundreds instead of tens of thousands per day.

Overnight, Asian markets were solidly in the red, with Japan being the only market to make it into the green (possibly on Berkshire buying a stake in Japan’s 5 largest trading firms).  China was down less than half a percent, but South Korea, Hong Kong, Taiwan, and most of the smaller markets were down well over 1% on the day.  Exactly the opposite is true in Europe, where only the holiday-closed FTSE did not make it to the green,  Everything else is well into positive territory, though none of them have reached +1.00% as of mid-day.   In the US, at 7:30 am, the futures are pointing to a modestly higher open across the board with moves of 2-3-tenths of a percent implied now.  

The only major economic news for Monday is a Fed speaker (Clarida at 9 am).  There are also no major earnings reports on the day.

Markets continue to be extended from their trendlines, but there is no doubting those trends are bullish…and there have been no bears to be seen for quite some time.  The rally continues to be strong and extended (from averages), but the bears have shown no sign of having the energy to step in for quite some time.  So, don’t go predicting any reversals.  Follow the trend and don’t chase moves you have missed. (Another one will come along any minute.)  Stick to your rules, process, and work to consistently lock-in profits and reduce risk.

Ed

The Daily Swing Trade Ideas for today: EMR, IT, DOW, GLW, NLOK, MCHP, MNST, NWS, TGT. 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

Stocks began Thursday with a modest gap higher that was met with an immediate selloff back below the prior close.  That started a rollercoaster day that ended up not far from where it began as all 3 major indices printed gap-up, indecisive candles.  On the day, SPY was up 0.22%, QQQ down 0.31%, and DIA up 0.59%.  The gain left the SPY at another all-time high close.  The VXX gained a bit back up to 25.70 and T2122 climbed a bit to 67.72 (still in the mid-range).  10-year bond yields rose strongly to 0.746% as buyers sought safety in bonds.  Oil (WTI) fell almost a percent to $43.00/barrel.

As expected, prior to the open Fed Chair Powell announced that the FOMC will now use an “Average Inflation Target.”  This means the Fed will let inflation run well past the 2% target without action until full employment is achieved.  He also implied that the FOMC will let unemployment run below its target before taking action on inflation.  This set of announcements did have an immediate impact on bond yields and helped bank stocks as investors started to expect inflation.

At the close, House Speaker Pelosi announced she had held a 25-minute call with White House Chief of Staff Meadows.  However, she also said no progress was made and there remains a “tragic impasse” between the two sides.  Political blame games followed from both parties.  This comes as leaks are suggesting the Senate Republicans are trying to agree amongst themselves on a “mini stimulus” bill that is only half the size of their August proposed $1 billion negotiating position.  Just as the Senate Republicans had said the Democrat plan from May was a non-starter and would not even be considered, the Democrats in the House are likely to do the same with a Republican mini bill…assuming the Republicans can agree to it among themselves.  Again, just political posturing on both sides here.

On the virus front, in the US, the numbers show we now have 6,048,404 confirmed cases and 184,834 deaths.  New cases edged up again Thursday to 46,286 (above the 7-day average again) and new deaths fell back to 1,143 for the day (also still above the 7-day average).  Meanwhile, airlines continue to threaten layoffs with AAL saying they will cut 40,000 jobs (mostly from buyouts and early retirements) and now UAL saying they will cut 3,000 pilots, both to take place at the end of Federal-aid…unless they get another $25 billion in aid as an industry.

Globally, the numbers rose to 24,661,422 confirmed cases and 836,338 deaths. In Europe, Germany is introducing tougher virus control measures as cases continue to rise.  This includes fines for not wearing a mask in any public space, bans on large gatherings, required isolation after returning from high-risk areas.  On the vaccine front, both Japan and Germany announced they are working on contracts to secure enough multi-dose vaccines for all their citizens by mid-2021.  Speaking of Japan, PM Abe resigned last night due to unspecified health concerns of his own.

Overnight, Asian markets were mixed again.  China led the gainers adding between 1.5% and 2%.  Meanwhile, Japan and Australian paced the losers down about 1%. Europe is also mixed so far today, but leans to the red side.  The biggest gainer is Belgium (+0.37%) while the biggest loser is Sweden (-1.00%).  The 3 major European bourses are all just on either side of flat.  In the US, at 7:30 am, the futures are pointing to a modestly higher open in the large-caps and a dead-flat open in the QQQ.

The major economic news for Friday includes July Personal Consumption, July Trade Balance, July Personal Spending, July Retail Inventories (all at 8:30 am), Chicago PMI (9:45 am), Michigan Consumer Sentiment (10 am), and the virtual Jackson Hole Central Banker Symposium continues. Major earnings reports are limited to BIG before the open.  There are no major reports after the close.

The rally continues to be strong and extended (from averages), but the bears have shown no sign of having the energy to step in for quite some time.  The wait for the political conventions to be over is done and the question is whether the market will now wait until after Labor Day to return or maybe come back next week.   Just remember we have had a couple of gap-up indecisive candles in a row now.  So, use a little extra caution about getting “too long” into the weekend. 

With that said, despite some extension, the trend remains bullish any which way you look at the chart.  So, don’t go predicting a reversal to the downside either.  Follow the trend and don’t chase moves you have missed.  Stick to your rules, process, and work to consistently lock-in your profits and reduce risk.  Also, don’t forget to take some off the table today…Friday is payday after all.

Ed

The Daily Swing Trade Ideas for today: CCL, CPRI, FSM, FCX, PVH, BSX, ALLY, NOC. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

🎯 Malcolm .: Posted in room 2, @Rick… I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade:  PYPL, TGT, and ZS.   Quality patterns and with my trading, up 24%, 7% and 12%…. this program is gold.

🎯 Friday 6/21/19  (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.

Hit and Run Candlesticks / Road To Wealth Youtube videos

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

The bulls ran wild on Wednesday as the massive tech names (CRM, NFLX, FB, TSLA, etc.) pulled the SPY and QQQ to yet another all-time high close.  Larger than expected July Durable Goods orders also helped.  While the QQQ candle looks a lot like a blow-off top, it did this on only average volume.  Regardless, on the day, the QQQ gained 2.13%, SPY gained 1.00%, and DIA gained 0.29%.  Contrary to the large-caps, the IWM lost 0.63%.  The VXX also gained to 24.93 and T2122 fell dramatically to the mid-range at 57.06.  10-year bond yields rose slightly to 0.688% and Oil (WTI) was flat at $43.42/barrel.

Overnight hurricane Laura began pounding the state of LA with sustained 150mph winds and a 20-foot storm surge.  While it was a Category 4 when it hit, 4 hours after making landfall the storm has now been downgraded to a Category 2 (110mph winds).  Forecasters say they are expecting a 15-foot storm surge to make it 30 miles inland.  Widespread and extensive economic damage is expected as the area hit is filled with Oil, Gas and Chemical plant and infrastructure. And with so many dangerous substances in this path, the potential for significant environmental damage is also in play.

That said, all eyes in the market are on the Jackson Hole Virtual Central Banker Symposium where Fed Chair Powell speaks at 9:10am.  Leaks have been reported the last couple days forewarning us that he will announce a dramatic shift in FOMC policy. This shift will let inflation significantly overshoot the 2% target without action until the goal of full employment is met.  (This would overturn policy dating back to the start of the Reagan Administration and then-Fed Chair Paul Volcker.)  However, the market is also expecting the announcement of specific programs under this new policy (for being capitalist markets, we sure do love our government handout money). So as always, it won’t be the general news, but the specifics and the reaction that matters in the market.

On the virus front, in the US, the numbers show we now have 6,001,103 confirmed cases and 183,667 deaths.  New cases edged up Wednesday to 44,6637 and new deaths remained just under 1,300 for the day.  However, the 7-day averages have come down a touch to 42,658 and 966 per day.  ABT won emergency approval for a cheap ($5) and fast (15 min.) virus test.  Since granted approved, the test will start shipping in later September with full production levels reached in October.  In HI, a 2-week “stay at home” order has been issued on the island of Oahu, effective today.

Globally, the numbers rose to 24,364,884 confirmed cases and 830,360 deaths.  South Korea reported the highest number of new cases since March.  However, it was the surge to almost 76,000 new cases on the day in India that was most alarming.  Still, remember this number must be weighed against both testing and reporting that most expect dramatically under-reporting and the fact that India has over 1.3 billion people. 

Overnight, Asian markets were mixed, but leaned modestly higher.  South Korea Hong Kong and Singapore led to the downside, while Shenzhen was the only major gainer.  The remaining markets were mostly green, but only modestly so.  However, European markets are modestly red across the board while waiting on J. Powell’s speech.  The 3 major bourses show FTSE -0.18%, DAX -0.31%, and CAC -0.46% as of mid-day.  In the US, at 7:30 am, the futures are pointing to a mildly down open across the board.  However, again this is just a placeholder until Powell’s speech and perhaps the Q2 GDP read. 

The major economic news for Thursday is limited to Preliminary Q2 GDP and Initial Jobless Claims (both at 8:30 am), Fed Chair Powell’s Jackson Hole speech (9:10 am), and July Pending Home Sales (10 am).  Major earnings reports include ANF, BURL, CM, COTY, DG, DLTR, and TD all before the open.  Then after the close DELL, GPS, HPQ, ULTA, VMW, and WDAY report.

The rally really kicked into overdrive Wednesday but did so on only average volume.  This lower volume might be a good thing, in that it may mean the exuberance is not completely widespread (meaning we may not be seeing a blowoff top).  Regardless, it is clear markets are extended from the T-line 17ema or whatever other averages you follow.  So, use a little extra caution about getting “too long.”

With that said, the trend still remains strongly bullish.  So, despite some extension, don’t go predicting a reversal to the downside either.  (We have to remember that markets can stay “wrong” a lot longer than we can stay solvent being right too early.)  Follow the trend and don’t chase moves you have missed.  Above all, remember, trading is a job.  We must obey our rules, stick to the process, and work to be consistently profitable.

Ed

The Daily Swing Trade Ideas for today: FCX, VIAC, EBAY, MDLZ, STZ, KO, ADI, GLW, PLNT. 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