Crude Prices Rise

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Crude Prices Rise

Crude prices rise sharply after Iranian attacks on Saudi oil fields forced the shut down of nearly 50% of their daily production.  The President has authorized the opening of the US Strategic supplies in response.  The UAW has officially placed 48,000 General Motors on strike, but negotiations are set to resume this week.  What a difference a weekend can make!  With the market hopeful of FOMC rate decision and forecasts on Wednesday afternoon and the weekend disruptions, we should prepare a bit more price volatility in the days ahead.

Overnight Asian markets closed mostly lower as higher oil prices could pressure and the already challenged Chinese economy.  European markets are seeing red across the board in reaction to oil prices and the obvious geopolitical tensions it’s likely to occur.  US Futures had bounced slightly off of overnight lows pointing to a gap down open.  One has to wonder what comes next as a response to the attack on world energy supplies?

On the Calendar

Although were nearing the end of the quarter we still have stragglers yet to report.  Today we have 21 companies expected to report but is see none that are particularly notable.

Action Plan

Iranian attacks on Saudi Arabian oil fields wiped out 5% of the global supply and forced the shutdown of nearly 50% of their daily production.  Not surprisingly crude price rose sharply as futures markets reopened.  What’s more, unsettling is what comes next?  Disrupt the supply of energy, and a significant military response is not likely far behind.  Aerospace and Defense sector stocks may join in the rally with oil prices.  Tuesday begins the 2-day FOMO meeting with their announcement on rates and forecasts at 2:00 PM Eastern Wednesday. 

Typically the market tends to chop with lighter than normal volume ahead of an FOMC announcement but, normal may be difficult to achieve today with the new uncertainty of energy.  US Futures have improved from overnight lows but continue to point lower this morning with the Dow expected to gap down about 100 points.  Keep in mind the 8-day rally has put the indexes in a short-term overbought condition with 50-moving average support significantly lower so we should not rule out the possibility of a test.  However the hopefulness of lowered interest rates could inspire the bull to hold firm.

Trade Wisely,

Doug

Oil Event Causes Ripple

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The market (SPY), Yesterday was a tremendous money-making day in the market, all thanks to the LTA Scanner and a few critical indicators on our charts. The SPY is on a beautiful T-Line Run, and it will last until it doesn’t, watch price action. Price action over the past ten days has gone from below the T-Bands to above the T-Bands, a bullish move for the buyers. Let’s keep our eyes on the $302.23 high and the price staying above the T-Line. Any changes we will post an update.

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Bullish Cup and Handle Pattern: The “cup and handle formation” is a bullish signal pointing to a continuation of the current trend. It may extend over several weeks or even months and contains specific attributes.
As with any continuation pattern, you rely on confirmation in one form or another. This may occur as a second technical price signal, a candlestick continuation, volume spike, or change in momentum.
There are several parts to the cup and handle. First is the cup, which is a rounded bottom extending over time. As the shape of the cup is completed, expect the handle to emerge. This is a swing trade in the opposite direction, characterized by a specific channel between resistance and support, forming as a pennant or similar channel movement and, quite often, separated from the “cup” with an upside gap. As the handle declines and concludes, price reverses, moving again to the upside and setting up as a breakout from previous resistance. Read More

The I path Series S&P 500 VXX Short Term Futures ETN. The VXX is looking at a bounce today with the oil situation. The VXX is already in a 13-Min premarket (RBB) Pattern. Above @23.60 the VXX could get to the 34-EMA and the 5-SMA on the daily chart.

Trade-Ideas

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. PGC, NVAX, XEC, AXSM, WB, MCD, SBUX, SHOP Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell

😊 Have a great trading day – Rick

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🎯 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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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

Interim deal, Maybe?

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Interim deal

The ECB delivered as expected, and the President said he is willing to consider an interim trade deal adding rocket fuel an already extended rally lifting the SPY temporarily to a new record high print.  After 8-days up it hard to be a buyer but the bulls are working hard this morning suggesting more than a 100 point Dow gap and possibly secure more records before the weekend.  With the FOMC expected to deliver even more stimulus next Wednesday the momentum remains firmly with the bulls.

Overnight Asian markets closed with green across the board with growing optimism of a trade deal.  European markets are mostly bullish this morning after the aggressive ECB move even as worry of a German recession grows.  The US Futures point to another triple point gap up in the Dow on its 8th day of rally that has recovered nearly 1400 points.  Consider the risk carefully you carry into the weekend as this rally become very extended.

On the Calendar

On the Friday Earnings Calendar, we have just 11 companies reporting results.  Looking through the list I can find none that are particularly notable.

Action Plan

Although there was some light selling as we moved into yesterdays close the bull, remain solidly in control with relentless upside pressure.  Having said that with the indexes up 8-days in a row and looking to extend that streak this morning, I don’t see this as a buying opportunity.  Heading into the weekend with a gap up open on Friday seems more a profit-taking rather than a day to add risk. 

Our T2122 indicator is flashing an extreme over-bought short-term condition, but I wouldn’t bet on a selloff until we see something in the price action that suggests the bears are willing to fight back.  That could begin today, but with the bullish momentum and an FOMC expected to provide more stimulus I wouldn’t be surprised if the bears have already taken the rest of week off.  Have a wonderful weekend everyone!

Trade Wisely,

Doug

Melt-up

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Melt-up

The huge Institutional rotation into value plays created an amazing melt-up in index prices yesterday.  Traders can witness this massive shift with a quick study of value ETF’s that have moved up so quickly they are nearly parabolic.  Adding fuel to the fire is the expected ECB stimulus package and the likely accommodative FOMC decision next Wednesday.  Toss in the Trump tariff delay from Oct. 1 to the 15 in what he called a goodwill gesture, and we have the recipe for new record highs in the indexes.  I would be careful chasing this rally at this point considering the Dow has already rallied more than 1100 points in just 7-days of trading.

Asian markets mostly rallied on the Trump tariff delay news but continue trouble in Hong Kong kept the HSI in the red at the close of trading.  European indexes have reversed earlier gains on fears of a German recession even as the ECB is expected to make an accommodative decision today.  Undeterred by European concerns the US Futures point to yet another gap up open to challenge the all-time high resistance levels in the DIA, SPY, and QQQ.

On the Calendar

The Thursday Earnings Calendar indicates that 25 companies are confessing their quarterly results.  Notable reports include KR, AVGO & DLTH.

Action Plan

An amazing rally yesterday as the indexes relentlessly marched higher.  To put this extraordinary rally into perspective, the Dow has gained more than 1100 points in just 7-days or trading.  A big portion of the rally seems have occurred in a huge institutional rotation into value plays that happen to be heavier weighted in the indexes.  Also, there appears to be a substantial rotation out of safety plays, such as precious metals and bonds into stock value plays. 

One reason for this is the expectation that ECB and the FOMC will both provide a monetary backstop to fears of slowing world economies.  The president in what he called a goodwill gesture in delayed the tariffs that were scheduled to increase on October 1 to the 15th of the month.  As a result this short-term over-extended market is pointing to further extension this morning.  The tariff extension, continued institutional rotation, and the likely ECB stimulus package expected today could easily inspire the bulls to set new record highs in the market.  I would, however, caution traders to be careful not to chase this rally after so many days up.  Profit-taking could begin at any time so keep a watchful eye on price signals.

Trade Wisely,

Doug

Bullish T-Line Run

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The market (SPY), Yesterday was a tremendous money-making day in the market, all thanks to the LTA Scanner and a few critical indicators on our charts. The SPY is on a beautiful T-Line Run, and it will last until it doesn’t, watch price action. Price action over the past ten days has gone from below the T-Bands to above the T-Bands, a bullish move for the buyers. Let’s keep our eyes on the $302.23 high and the price staying above the T-Line. Any changes we will post an update.

Bullish Hook Reversal Pattern As a trader, it might feel like you spend all your time watching the waters and waiting for a signal to “tug at your fishing line.” Although you may have to throw a few fish back to sea along the way, once you spot the Bullish Hook Reversal pattern, you’ll know that you have a winner. A highly reliable signal, this short-to-medium candlestick pattern heralds a reversal in investor sentiment. However, if you want to catch this elusive pattern, you will need to learn (1) what it looks like and (2) what it’s trying to say. For help, use the succinct summary we’ve created below. Read More

The I path Series S&P 500 VXX Short Term Futures ETN. All though VXX is getting near support I don’t see buyers stepping in as of the close yesterday. Watch the price action and the T-Line.

Trade-Ideas

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. FTCH, ALKS, NEWR, RDUS, MDCO, VSAT, LW, WWD, MLM Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

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

Mid-Day 9/11/2019

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🎯ABBV has tuned as a great trade currently up 62%. ABBV is an (RBB) setup. Working the plan is key.

Yesterday we bought URBN up 25% another (RBB) set up. Working the plan to profits. We also bought UTHR up 2 % today so far, and we bought ZG up 1% today. Both UTHR and ZG came from one of our new Candlesticks scans. Stay in touch with us.

✅ At Hit and Run Candlesticks, we focus on Stocks / Simple Directional Options

Connect with us on Facebook, alerts and free trade ideas from time to time. Connect

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

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

September 11th

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September 11th

Today we remember one of the most tragic days in US history, September 11th, 2001, where nearly 3000 fellow citizens died.  First responders that give their lives that day will be honored this morning at the market open with the ringing of the bell.  We are also waiting to see if the ECB will provide a stimulus package and the latest reading of the Producer Price Index.  The bulls and bears continue to battle in a very tight and challenging to trade chop.  Perhaps the market can find some inspiration from the ECB today, or perhaps we continue to chop as we wait on the FOMC next Wednesday.

Asian markets closed mixed waiting on the ECB, and Apple suppliers rallied on the unveiling of their new product yesterday.  European markets are green across the board this morning in anticipation of their central bank decision.  The US Futures point to a modestly higher open waiting on the ECB.  There is something about the smell of freshly printed money that the bulls can’t get enough of and just maybe the ECB will score them the fix they desire.

On the Calendar

The hump day Earnings Calendar has 24 companies expected to report results.  ACB & TRLD are among the notable reports today.

Action Plan

As we remember and honor the nearly 3000 Americans that died on September 11th 2001 we wait to hear from the ECB and a possible stimulus package.  There is not much that the market loves more than the smell of freshly printed money.  It’s a little like a heroin addict that knows the drug is not good for them, but the immediate gratification of the next high outweighs the long-term effects.  The damaging effects of debt no longer appears to matter as long as the market continues to go up in the short-term.  The President agrees tweeting just a few minutes ago, “Fed boneheads’ should cut interest rates to zero ‘or less,’ US should refinance debt.”  Wow!

US Futures point to a slightly higher open this morning as we wait on the ECB and ahead of PPI numbers at 8:30 AM Eastern that is expected to decline according to consensus estimates.  Although indexes continue to show signs of short-term overbought conditions the bulls currently seem determined to attack all-time highs and a stimulus package could be just the inspiration to get it done.  However, we could also see more choppy price action as we wait for the FOMC to chime in on interest rates next Wednesday.  An institutional rotation seems to be underway with risk coming out to defensive assets and rolling into value plays such as financials and energy. 

Trade Wisely,

Doug

Bulls Still Holding

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The market (SPY), Yesterday the SPY came close to testing the $294.00 support line and may still do it. While the price is above the $295.00 support line we will remain bullish. Price may bounce around and drive traders crazy. A breakout of $200.20 will surely test the July highs, and a breakdown below the support line will be looking at the recent lows.

Secret Sauce

Secret Sauce> There are many aspects a successful seasoned swing trader considers while planning a trade. The Top 7 we focus on are the ones above in the image. Take action to gain the most knowledge during your membership with us: Focus on price, price support, price resistance price trending and more

. Read More

The I path Series S&P 500 VXX Short Term Futures ETN. The VXX chart has been below the T-Bands for 4-day now, no fear yet. The weekly chart is showing a reversal chart pattern setting up off the bottom, be cautious.

Trade-Ideas

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. GMED, BERY, BA, PFE, SHW, ABBV, KO, URTH, Trade smart and trade your trade. All stocks ticker we mention and talk about are not recommendations to buy or sell.

😊 Have a great trading day – Rick

✅ Check out our newest YouTube videos👈

$50.00 discount with code: Privilege

🎯 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.

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

Frustrated?

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Frustrated

Are you frustrated with the current price action, overnight gaps and go nowhere choppy days?  Do you feel as if your missing out and feeling the pressure to trade not wanting to miss out on your share?  Believe me; you are not alone!  I speak with may traders every day that share the same frustration with this uncertain news-driven market.  Those that succumb to the emotion of missing out have and continue to suffer significant losses while traders standing aside waiting for their edge to return are equally frustrated by the market condition but retain their capital as they wait.

Are you holding onto an edge, or are you trading on emotion and finding your account suffering as a result?  The choice is yours.  You are the CEO of your trading business.  The buck stops with you!  It’s perfectly okay to feel frustrated with the current condition of the market and the wild price action.  That’s normal, but if you’re giving up your trading edge and allowing your emotion or sheer boredom to guide your trading your capital and your confidence will both disappear very quickly.  Make your choice!

On the Calendar

We have just 14 companies on the Earnings Calendar to fess up to quarterly results.  Notable reports today include GME, PLAY, RH & ZS.

Action Plan

Choppy consolidation consumed the vast majority of yesterdays price action.  However, it would seem there is an institutional rotation underway selling-off market leaders and picking up value plays.  The rotation also appears very targeted into heavily weighted index names that have significant impacts on overall index valuation.  Overnight Britain’s Prime Minister failed in his attempt to force a new vote on Brexit creating a stalemate with Parliament as the deadline nears.  Forty-Eight states have joined an antitrust investigation into GOOG while 11 states have joined in antitrust investigations into FB.  Big Tech is also under federal antitrust scrutiny as AAPL, FB, GOOG & AMZN come under fire.

US Futures rallied off overnight lows currently pointing to modestly lower open.  We have the APPL dog and pony show this morning as they unveil there new iPhone line up so expect some volatility in the stock.  I would not be surprised to see continued choppy price action as the market waits and hopes on as ECB stimulus package later this week and the FOMC decision Wednesday the 16th.  Of course, any is possible in this emotional and news-driven market, so plan your risk carefully.

Trade Wisely,

Doug

Asking for US help.

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Hong Kong citizens ask for US help to gain their freedom while China directly accuses members of Congress of inciting new violent riots that resumed last night.  How will this affect the scheduled US/China trade talks next month?  The Taliban issued a direct threat to US lives after the President abruptly canceled peace talks, and Afghanistan is said to be bracing for violence.  The British Prime Minister is once again attempting to force a vote on Brexit today while at the same time a new Parliamentary bill to block the action is supposed to go into effect today as well.  With all this in play the bulls are pushing for another gap up open continuing to stretch toward all-time highs.

Overnight Asian markets closed mixed but mostly higher as Hong Kong protests flair up and Chinese exports unexpectedly decline.  European markets are also mixed but mostly lower at this hour as the Brexit battle continues and hoping for an ECB stimulus action.  US Futures point to another gap up open ahead of a light day of earnings reports and a quiet economic calendar.  I would not rule out the possible pop and drop, and I would also not be surprised to see the bulls try very hard to keep the momentum marching higher.

On the Calendar

The Monday Earnings Calendar expects 25 companies to fess up to quarterly results today.  The notable report of the day is CTRP.

Action Plan

The US pulls out of peace talks with the Taliban this weekend and violent protests once again break out in the streets of Hong Kong.  While Hong Kong asks for US help to gain freedom, China is directly accusing members of Congress for encouraging the riots.  One would rationally assume that could be a major stumbling block to the scheduled trade talks scheduled next month. 

Whether focused on the hopefulness of a future rate cut or the sheer momentum of the current rally, the US Futures point to a bullish open.  In the UK, Prime Minister Boris Johnson is once again trying to force a vote for a no-deal Brexit while at the same time Parliament’s new bill to block such an action goes into effect today.  How all the uncertainty warrants the US markets rallying toward record highs in the light of declining job increases makes little sense.  T2122 suggest we are at or very near a short-term overbought condition, so watch the possible pop and drop but don’t ignore the bullish momentum as this all or nothing emotional trading continues.

Trade Wisely,

Doug