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With a mixed bag of earnings results, the overall market continues to struggle with the overhead resistance of all-time highs. After receiving another late-day rally yesterday, the bulls have the upper hand but lack the inspiration to push forward with confidence. With a lighter Friday earnings calendar and the big disappointment report by AMZN, the bulls and bears seem equally matched as we head into the weekend.

Asian markets closed mixed with the uncertainties of trade and Brexit still hanging overhead. European markets also trade mixed this morning due to the mixed bag of earnings results and a possible Brexit vote ahead. US Futures currently appear to lack in energy this morning, dancing around the flat line ahead of fresh reports and a Consumer Sentiment report at 10 AM Eastern.

On the Calendar

We have a lighter day on the Earnings Calendar this Friday, with just over 63 companies expected to report. Notable reports include BUD, CHTR, GT, ITW, LEA, PSX, PSXP, VFC, VTR, VZ, WY, WETF, AND YNDX.

Action Plan

US markets struggled yesterday with the DIA under pressure ending the day with mixed results. This morning US Futures this morning recovered from some overnight losses but also seem a bit confused hovering around the flat line. Vice President Pence delivered an address with harsh words directed at China on trade and human rights practices. He also delivered some scathing criticism of the actions of NKE and the NBA organization regarding the Hong Kong protesters. Trade negotiators are scheduled to speak by phone next Friday.

With another late-day rally yesterday, the bull continues to hold a stronger hand and continues to focus on the all-time high resistance levels above that have proven to very challenging to breach. While companies such as INTC and JNPR produced better than expected earnings results, AMZN delivered a big disappointment. As we head into the weekend with such a mixed bag of earnings results, Friday trading has the potential to produce another choppy day of price action.

Trade Wisely,

Doug

Range-Bound and Earnings Focused

October 25, 2019 by Rick Saddler

Thursday saw a gap-up in all 4 major indices, but that was met will an immediate sell-off the first hour across the board. A couple more waves of rally and sell-off left us in the red in 3 of the 4 indices, with only the QQQ remaining positive by mid-afternoon. However, the day ended on a 2-hour rally across the board. For the day, we printed a Spinning Top in the SPY. The DIA and IWM gave us Bearish Engulfing signals, while the QQQ printed a gap-up Hanging Man type candle. In terms of Support and Resistance, the IWM failed its level again with the SPY, DIA and QQQ all remaining range-bound.

As expected, earnings continue to be the leading story. The same should be true Friday, with a miss by AMZN and a beat by INTC after-hours Thursday. Those reporting before the bell Friday include CHTR, ITW, PSX, VFC, VZ, and WY among the major names. Major economic news for Friday is limited to Michigan Consumer Sentiment (10 am) and the Baker-Hughes Rig Count (1 pm).

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There was no “new news” on the Brexit overnight. The EU is still deferring a decision on granting an extension until they see what happens next in the UK. Meanwhile, the UK Parliament won’t grant the PM’s desired new election until “No Deal” Brexit is taken off the table…which would mean an extension being in place. On the China Trade War front, no new news was reported last night.

Overnight, Asian and European markets were both mixed. As of 7:30 am, U.S. futures were in the same shape with the DIA on the green side of flat, the SPY on the red side of flat and the QQQ indicating a gap down of 0.4%.

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I know it is repetitive, but remember to be careful chasing. If earnings remain strong, this should be a bullish market. However, in recent months trading has been very news-driven. So, be sure to use caution, take profits along the way and trade your plans. This is especially true on a Friday when there are 2.5 days of potential news ahead of us before we can respond in our trading.

Sorry, but no Trade ideas for Friday. Remember that it’s payday…time to pay yourself. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

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Finding/Trading PBO in LTA

October 24, 2019 by Ed Carter

End of day rally.

October 24, 2019 by Doug Campbell

A sharp end of day rally greatly improved yesterday’s developing candle patterns that had spent most of the day choppy and leaning bearish. However, at the close, the DIA and IWM remain in a bullish consolidation with the SPY leading the pack with a bullish piercing pattern and the QQQ not far behind. It has been an odd earnings season, to say the least, but, thus far the results have provided just enough inspiration to keep in the bears at bay. With a huge day of earnings and economic reports anything is possible, but as of now the bulls have a slight momentum advantage.

Asian markets closed mixed but mostly higher, even as economic growth in South Korea continues to slow. European markets see nothing but green this morning responding to earnings as Brexit uncertainty continues to swirl. US Futures currently indicate a modestly bullish open this morning ahead of a slew of earnings results and several key economic reports.

On the Calendar

Today on the Earnings Calendar, we have the biggest day of reports since the 4^th quarter reports began. Notable reports include MMM, AB, AMZN, AAL, AEP, AZN, COF, CERN, CINF, CTXS, CMCSA, CUBE, DECK, DOW, FE, FSLR, GILD, GNC, HSY, HBAN, ILMN, INTC, JNPR, KIM, LH, NOK, NOC, ONDK, RTN, RCL, LUV, SWK, TMUS, TROW, TWTR, VLO, VRSN, V, and AUY.

Action Plan

Today this very odd earnings season hits a full stride with more than 250 companies reporting. We can expect significant volatility throughout the day and with big reports after the bell the possibility of a substantial gap Friday morning. Although most of yesterday’s price action was not showing much bullishness an end of day rally as dark pool volume consolidated to the market, it created a late-day rally improving the technical look of the index charts.

The SPY left behind a bullish piercing pattern finishing the day as the strongest chart with the QQQ not far behind. The DIA managed to rally back enough in the last few minutes of the day to remain in a bullish consolidation pattern holding above important supports. If the bulls happen to find inspiration in today’s earnings and economic reports, an attack on all-time highs is possible. Should earnings disappoint, the DIA seems most likely to display the stress and could test it’s 50-day moving average. However, earnings reports have provided just enough positive results that the bulls remain in control so the current momentum although light favors the bulls.

Trade Wisely,

Doug

Leveraging Fibonacci

October 23, 2019 by Ed Carter

Concerning Technical Patterns

October 23, 2019 by Doug Campbell

Yesterday push toward upward ended the day leaving behind some concerning technical patterns. The Dow is beginning to show a possible lower high failure with disappointing reports from MCD, TRV, and CAT early this morning. The SPY and QQQ left behind bearish engulfing candle patterns by the end of the day as it reacted to the uncertainty of Brexit and a big wave of reports today. Although the price resistance above is proving to be quite challenging to breach, at least the indexes are still holding above their 50-day averages.

During the night, Asian markets closed mixed but mostly lower as Brexit seeks another extension from the EU. Currently, European markets are mixed but slightly lower overall with the more Brexit political roadblocks to clear. US Futures are also currently mixed with the Dow and SP-500 suggesting a lower open but the NASDAQ trying hard to hold on to modest gains even as Mortgage Applications drop by 12%.

On the Calendar

On the Hump Day Earnings Calendar we have a big day with more than 200 companies reporting results. Notable reports include ABB, AEM, AMP, SNTM, ARI, AVY, BX, BA, BCOV, CP, CAT, CLF, EBAY, EW, LLY, EFX, FFIV, F, LLY, FXC, GD, GWW, HLT, IVZ, LRCX, MSFT, MHP, NDAQ, NSC, ORLY, OC, PYPL, RCI, ROL, SEIC, NOW, SAVE, TSLA, TMO, WM, WGO, and XLNX.

Action Plan

After failing to pass an expedited schedule to complete the Brexit agreement and extension of the October 31^st, deadline extending the uncertainty fo the outcome. It’s anyone’s guess what happens next and how their decisions could affect the overall market. Earnings have taken over the headlines, and progress on the Phase One trade agreement seems to have faded entirely from the news cycle and the mind of the market. Disappointing earnings our of MCD and TRV yesterday and the early morning miss from CAT is becoming concerning considering the lower high the index has begun to display. We are still waiting for the embattled BA to report this morning.

Technically speaking, we have some worrisome patterns developing on the index charts. The Dow is showing a possible lower high, the SPY, and the QQQ printed bearish engulfing patterns very near price resistance levels, and the IWM continues to struggle with downtrend resistance. On the positive side, all the indexes remain above their respective 50-day averages, and perhaps this is merely a rest. I think traders must remain flexible and be careful not to overcommit directionally.

Trade Wisely,

Doug

Earnings Driving the Bus

October 23, 2019 by Rick Saddler

The market seemed hesitant Wednesday with a gap down in the SPY and QQQ met by a rally back to flat and ending a bit bullish on the day. Meanwhile, the DIA and IWM formed DOJI just on the green side of flat. This leaves us with indecision on the day. The hope is that the DIA is forming a bottom of a pullback in a bull trend. However, the IWM looks very toppy with 3 Doji at resistance and neither the SPY or QQQ look very strong.

As expected, earnings continue to be the leading story, with misses by CAT, BA, LLY, and TXN leading the narrative Wednesday. However, as a whole, earnings continue to be good. The earnings flood will continue Thursday with perhaps the heaviest day of the season among S&P members.

On the Trade War front, China said they will buy $20bil in US grain within a year AFTER the Phase 1 trade deal is signed. This would raise the Chinese US grain purchases in 2020 back near the level they were in 2017 before the President’s Trade War. However, that number has been declining since they bought $25bil in 2014.

Related to Brexit, it appears the EU has agreed they will give the UK an extension. Most of the 27 other countries agree it should be an extension until the end of January. However, France is holding out for an extension of just a few days. Sources tell the European press that the EU will now stall as long as they can to avoid an internal fight and to see what PM Johnson can get passed on his side of the English Channel. So, no firm decisions in sight yet.

Thursday’s major economic news includes September Durable Goods (8:30 am) and New Home Sales (10 am). Also, in Germany the economic downturn continues with their Exports down, slower manufacturing output and Industrial Employment dropping the most in almost 10 years. (Germany is the biggest economy in Europe by far.) However, as I said, US earnings are likely to drive markets again today. Among that flood were a massive beat by TSLA after the close yesterday and a pre-market miss by TWTR.

Overnight, Asian markets were generally positive, but European markets are strongly green at this point. As of 7:30 am, U.S. futures were all pointing to gaps higher varying across the major indices. The QQQ is looking at a 0.7% gap, the DIA 0.3% and the SPY only 0.2%.

Remember to be careful chasing. If earnings remain strong, this should be a bullish market. However, in recent months trading has been very news-driven. So, be sure to use caution, take profits along the way and trade your plans.

For Your Consideration: These trade ideas for your swing-trading consideration. Long – JBHT, LEN, BF.B, HOME, PNC, IFF, WHR, PKG, GLNG. Short – DRI, HEI, WEC, ZBH, UHS, GD. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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

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.