After a 1% gap higher at the open and an immediate strong selloff, the bulls stepped in at 10:45 am and never looked back.  The rest of the day was a steady climb to recover the losses of the morning and close the day at the highs.  On the day, the SPY was up 1.48%, the DIA up 2.21%, and the QQQ up 0.55%.  VXX fell again to 33.15 and the T2122 rose again to a very overbought 98.11.  10-year bond yields fell slightly to 0.685% and Oil (WTI) fell for a change, closing at $32.08/barrel.

During the day, BA announced they will lay off 7,000 workers this week, part of their plan to cut 10% of their workforce.  The cuts come on the same day BA restarts the production of its fiasco 737 Max plane and are major order cancellations the company blames on the virus.  In related news, the CEO of AAL told an investor conference they will not declare bankruptcy, because that would mean admitting defeat. However, AAL does plan a 30% reduction in staff.

In tech news, still furious over having his tweets fact-checked for a change, President Trump has lumped TWTR in with everything else he considers “fake news.”  So, he is expected to order a review of a law protecting online outlets against liability from any lies spread by users.  (I don’t know how that works exactly.  It was passed by Congress and signed by a President.  So, I’m not sure how a different President can order it changed.  Still, he is expected to sign the review order today.)  TWTR is obviously on the “enough lies” side of the argument, while FB is on the opposite side because they don’t want to check any of the posts made by their users.

The other big non-economic story today is likely to be China.  After the close, the House sent a China sanctions bill to the White House for signature.  This comes on the same day Sec. of State Pompeo told Congress Hong Kong is not autonomous and no longer deserves special trade status.  Finally, overnight China ratified the new security law (ahead of schedule to spite the US) that has caused the latest uproar.  So, another round of trade war seems quite possible, if not likely.

On the Virus front, the global headline numbers are 5,813,289 confirmed cases and 357,896 deaths.  The ECB said they expect the Eurozone economy to contract 8-12% for 2020.  At the same time, their just proposed $827 billion stimulus fund has not been ratified (and will not be voted on for months) as it apparently has some opposition from countries fearing the tranfer of wealth from rich to poor countries (although notably not from the richest, Germany or France who had proposed the fund.)

In the US, we have 1,745,911 confirmed cases and 102,114 deaths reported to date. The Healthcare Cost Institute (an independent no-profit) released data Wed. showing that the number of daily deaths in the US between April 1 and now is 10% higher than the same days in previous years (2014-2019).  On the legal side, President Trump and other Republicans have attacked and threatened lawsuits over the idea of mail-in ballots.  Their claim is that it would increase the threat of voter fraud, while the counter-claim is that mail-in voting has been in-place for centuries in the US for many groups.

Overnight, Asian markets were mixed again as the US-China tension leads to trade war fears.  However, Europe stocks are green across the board so far today.  As of 7:30 am, US futures are mixed, with the President’s threat keeping the QQQ  red while the S&P looks at a half percent gap up and the DIA at almost a percent gap up at the open.

Major economic news on Thursday includes Apr. Durable Goods, Q1 GDP, and Weekly Jobless Claims (all at 8:30 am), Apr. Pending Home Sales (10 am), Oil Inventories (11 am), and a FOMC Speaker (Williams at 11 am). Major earnings reports include ANF, BURL, CSIQ, DG, DLTR, MOMO, SAFM, SHOO, and TECD before the open.  COST, CRM, DELL, DXC, JWN, MOD, MRVL, TCOM, ULTA, VMW, and WSM all report after the close.

A lot of economic data comes before the open today. It seems the bulls are in control, but US-China and TWTR-Trump tensions could dampen the mood of traders.  Keep in mind that gap and fade (and yesterday re-rally) have been the norm. So, volatility remains the market constant.  Keep your eye on the short-term chart and don’t hesitate to lock in profits.  Above all, don’t chase or predict, and remain cautious about longer-term swing trades.

Ed

Trade ideas for your watchlist and consideration: PLAY, CAKE, PENN, MU, SHAK, VALE, AAP, AG, SLV, OKE, ASML. Trade smart, take profits along the way and trade your plan. Also, don’t forget to check for upcoming earnings. Finally, remember that the stocks/etfs we mention and talk about in the trading room are not recommendations to buy or sell.

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

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

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

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

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

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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

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

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

Markets gapped higher on hopes that a vaccine will have some sort of preliminary data from a small human safety trial in July.  From there markets ground and faded the rest of the day, maybe on news of another ratcheting of tension between the US and China.  Although reported over the weekend, Tuesday afternoon news that the White House is considering specific sanctions on China, which preceded the late-day fade.  The SPY closed up 1.23%, the DIA up 2.19%, and the QQQ printed an ugly big black candle to close down 0.27% after its almost 2% gap higher to open.  The VXX closed down slightly to 33.83 and T2122 rose again to the nose-bleed area at 96.32.  10-year bond yield rose to 0.695% and Oil (WTI) rose to $34.25/barrel.

During the afternoon Senate Majority Leader McConnell said Congress will “probably” need to pass another coronavirus relief bill.  This comes after 10 days of declaring the Democrats bill DOA.  Among key Republican demands are liability immunity for those businesses whose workers contract coronavirus at work.  McConnell’s statement falls in-line with President Trump acknowledging the need for another round of stimulus.

On the Virus front, the global headline numbers are 5,709,551 confirmed cases and 352,753 deaths.  In China, the city of Wuhan has completed 6.5 million tests in 9 days as fear of a second wave in the city are being taken seriously.  Meanwhile, in Europe, France announced a $9 billion fund to aid its auto industry.  Germany also extended their social distancing rules through June, but reduced travel restrictions to many countries at the same time.  The EU unveiled the French/German plan to borrow $827 billion for a recovery fund to lend member states.  This is in addition to the original bailout program which still has $600 billion of unemployment, loan and investment funds available.

In the US, we have 1,725,808 confirmed cases and have broken the 100k level in deaths with 100,625 reported to date.  F was forced to pause production at a Kansas City plant after another employee was diagnosed and a “deep cleaning” of the plant must be done.  CA also announced after the close that it will allow barbershops to open in most counties.  On the other side of the country NY Governor Cuomo said they will move forward infrastructure projects like subway expansion, Train Station redesign, etc. in an effort to stimulate the economy.

Overnight, Asian markets were mixed, but tended to be closer to flat except for a very green India.  Europe also shows a little red, but in general is leaning heavily to the green side, especially in the three major bourses (FTSE, CAC and DAX), which are up 1.5-2%.  As of 7:30 am, US futures are also pointing to a mixed gap higher at the open (QQQ 0.7%, SPY 1.4% and DIA 1.65%).

Major economic news on Wednesday is limited to an FOMC Speaker (Bullard at 12:30 pm) and the Fed Beige Book (2 pm).  Major earnings reports are also limited to RL and VIPS reporting before the open.  Then ADSK, HPQ, NTAP, SPTN, TOL, and WDAY report after the close.

It seems the bulls are very hopeful about the economic recovery.  So, we could see them run again today.  However, don’t forget yesterday’s gap was met with a selling fade (especially in the QQQ).  So, “gap and chop” remains real.  Keep your eye on the short-term chart and don’t hesitate to lock in profits.  Above all, don’t chase or predict, and remain cautious about longer-term swing trades.

Ed

Trade ideas for your watchlist and consideration: M, NIO, UAL, DUST, DXC, UCO, CBOE, BP. Trade smart, take profits along the way and trade your plan. Also, don’t forget to check for upcoming earnings. Finally, remember that the stocks/etfs 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 were generally listless on Friday as many traders had apparently already left for the long weekend. The major indices opened flat and that’s largely how they stayed all day.  The only real take-away from the daily chart is that resistance held again.  At the close, the SPY was up 0.19%, the DIA down 0.06%, and the QQQ up 0.35%.  VXX was down slightly to 34.35 and the T2122 4-week High-Low Ratio climbed further into overbought territory at 90.98.  The 10-year bond yield fell slightly to 0.657% and Oil (WTI) fell slightly to $33.25/barrel.

As had been predicted, HTZ filed for bankruptcy over the weekend.  The White House also threatened US sanctions on China and revocation of Hong Kong’s special trade status with the US.  This was in reply to a new Chinese security law which impacts Hong Kong.  China responded with a statement this means we are entering a new cold war.  The latest development has both sides now blocking flights from the air carriers of the other country, including DAL and UAL.

On the Virus front, the global headline numbers are 5,611,540 confirmed cases and 348,328 deaths.  Brazil has become the new epicenter of the pandemic with a runaway infection rate and now has the second most number of cases to the US.  As a result, over the weekend the US had to impose travel restrictions on people who are from or who have visited Brazil.  Elsewhere, an ex-officio member of the ECB said they are likely to add more stimulus on top of the recently announced $817 billion plan.  (The next ECB meeting is on June 4.)  In Germany, Lufthansa received a $10 billion bailout from the government, which also gives the German government a 20% stake in the airline.  Finally, the UK also began easing Monday.

In the US, we have 1,706,226 confirmed cases and 99,805 deaths.  All 50 states have reopened at least partially now.  On Sunday, data showed that for average daily new case counts, 19 of the states have rising rates, 23 states are holding relatively steady, and 8 states have rates trending downward. Meanwhile, Boston Fed Pres. Rosengren announced the Fed will begin its lending program to mid-sized companies over the next 2 weeks.  This is similar to the PPP loan/grant program, but focused on larger companies (15,000 employees or less).   This came as a White House Economic Advisor told reporters the US Unemployment rate may still be over 10% in November.

Overnight, Asian markets were strongly green as vaccine hopes overrode fear from China/US tensions.  Europe is also green for the most part, but not quite as strongly so far today.  As of 7:30 am, US futures are also pointing to a 1.5%-2% gap higher at the open.

Major economic news on Tuesday is limited to conf. Board Consumer Confidence and April New Home Sales (both at 10 am).  Major earnings reports are also light with AZO, BNS, BAH, and ESLT reporting before the open.  KEYS and VSAT report after the close.

Everybody feels good after a long weekend and that rings true for the markets as well. With hope for a vaccine and seeing crowds shopping and partying again all weekend, Tuesday is looking like a bullish start to the week. However, the “gap and chop” has been real for months. There is also no evidence for any of the vaccines (just hope that we may see some evidence in several months). And while America revels in its freedom, it does so despite the best advice of experts (not because of it).  So, the only guarantees are uncertainty and volatility.  Watch the short-term chart and don’t hesitate to lock in profits.  Above all, don’t chase or predict, and remain cautious about longer-term swing trades.

Ed

Trade ideas for your watchlist and consideration: INSG, TWLO, ETSY, RRC, AR, TFX, EBAY, BCRX, GRUB, ILMN, DXCM, KMX, CSX. Trade smart, take profits along the way and trade your plan. Also, don’t forget to check for upcoming earnings. Finally, remember that the stocks/etfs 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 weekly jobless claims came in higher than expected Thursday (yet still slightly trending down from the previous weeks).  This caused a flat open and down day as resistance held again.  The QQQ faired worst among the major indices, falling 1.09% (and printing a Bearish Engulfing candle).  Meanwhile, the SPY was down 0.69%, and the DIA down 0.29% (both on indecisive candles).  The VXX rose slightly to 34.68 and T2122 pulled back a bit to 82.79.  10-year bond yields were unchanged at 0.68% while Oil (WTI) climbed again to $33.91/barrel.

On the Virus front, the global headline numbers are 5,218,711 confirmed cases and 335,072 deaths.  Latin America has overtaken the US and Europe as the region with the most new cases for each of the last three days.  Brazil, Peru and Mexico are the worst-hit countries in that region.  In China, researchers are finding that in the new Northern China outbreak, the virus is acting differently.  Patients there are carrying the virus for a longer period before showing symptoms (raising the amount of asymptomatic spread threat). In addition, they are taking longer to test negative after the first symptoms appear, which raises the amount of care needed. Patients also have more localized damage (in the lungs) and less damage to heart, kidneys, and stomach.  Ominously, this all implies that mutations may be underway. We just don’t know if any mutations would be favorable or unfavorable for humans yet.

In the US, we have 1,621,333 confirmed cases and 96,363 deaths.  All 50 states now have at least a partial reopening, and as expected about a third of states are showing an increase in new daily cases.  However, about 14 states have also shown decreases.  Bear in mind that both of these numbers could be deceiving, because there is a significant lag between infection and diagnosis, as well as between testing and state-reported results.  After hours, the President says he expects a second wave of the virus, but regardless of what comes he won’t close the economy back up…”we’ll fight fires” instead.

Overnight, Asian markets were deeply in the red as China plans to impose new security restrictions on Hong Kong and the US continues to escalate tensions with China.  Europe is at least partially mixed, but all the major bourses are in well into the red so far today.  As of 7:30 am, US futures are also pointing to a half percent gap lower across the board.

There is no major economic news Friday, in front of the Memorial Day weekend.  Major earnings reports are also limited to BABA, BKE, CAE, DE, and FL, all before the open.

The bulls refuse to back down, but resistance is proving hard to break at least for the large-caps.  With the lack of data and earnings drivers on Friday and with the long weekend ahead, we may see indecision continue or a move on lower volume.  Keep in mind that the bears have had no teeth for a couple of months and the bulls no fear.  However, the “gap and chop” has been real.  So, the only guarantees are uncertainty and volatility.  Watch the short-term chart and don’t hesitate to lock in profits.  (Put a little money in your pocket for the weekend.) Above all, don’t chase or predict, and remain cautious about longer-term swing trades.

Ed

No Trade ideas for today. It’s Friday (payday) and we have a long weekend ahead. Put some money in the bank while you can. Trade smart, take profits along the way and trade your plan. Also, don’t forget to check for upcoming earnings. Finally, remember that the stocks/etfs 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

On Tuesday, the bulls couldn’t find the energy to get past the bad news that the MRNA coronavirus vaccine trial did not actually produce the data required to be pass a Phase 1 trial.  So, the Monday enthusiasm seems to have been very premature based on just company good feelings.  As a result, all 3 major indices failed their breakout levels and printed bearish candles closing at the lows.  The SPY was down 1.03%, the DIA down 1.51%, and the QQQ down just 0.25%.  The VXX gained to 36.03 and T2122 fell a bit down to 82.05.  10-year bond yields fell to 0.688% as money bid up bonds.  However, Oil (WTI) managed to gain to $32.36/barrel.

The Congressional Budget Office announced that it projects GDP to drop 38% in Q2, which is inline with Wall Street estimates.  Fed Chair Powell also testified before Congress, essentially saying they will spend whatever it takes to put the economy right.  Treasury Sec. Mnuchin testified as well, saying the Administration is fully prepared to provide more money and take more risks (including losses) on business bailouts.

On the Virus front itself, the global headline numbers are 5,006,675 confirmed cases and 325,322 deaths.  The UK said it will need massive participation from Brits in order to get their summer harvest done as they expect only about a third of the foreign workers who normally perform the harvest.  In Europe, Germany has agreed with neighboring countries to being slowly easing border restrictions.  

In the US, we have 1,571,131 confirmed cases and 93,558 deaths.  Johns Hopkins University reported that 17 states have seen at least a 10% increase in new case rates in the last week.  However, 16 states have also seen a drop of at least 10% over the period.  This comes as every state will be at least partially open as of today.

Overnight, Asian markets were mixed with China down while Japan and South Korea were up.  In Europe, we also see a mixed story at this point.  France and Belgium are down, but the UK and Germany are just on the green side of flat now.  As of 7:30 am, US futures are pointing to more than a 1% gap higher as Lowes reported same-store sales grew over 11% and it beat on both the top and bottom lines.

The major economic news on Wednesday is limited to Oil Inventories (10:30 am) and FOMC Minutes (2 pm).  Earnings are limited to ADI, EV, FRO, LOW, MCK, RCL, and TGT before the open.  Then CPRT, EXPE, LB, SNPS, and TTWO report after the close.

Based on Tuesday’s candle, we might expect a lower-low today and all 3 major indices do remain near a resistance/breakout point.  However, the bulls have a strong tendency to run hard in spite of any bad news and the bears haven’t been able to string together a sustained pullback for two months.  As said above, markets are looking to gap higher again.  So, all we can do is watch the short-term chart and then trade the chart in front of you.  Don’t chase or predict, and remain cautious about longer-term swing trades.

Ed

No Trade ideas for today. Trade smart, take profits along the way and trade your plan. Also, don’t forget to check for upcoming earnings. Finally, remember that the stocks/etfs 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