J Powell on the Hot Seat

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Starting Wednesday Jerome Powell is on the hot seat in front of Congress. Earnings season is in the air, so let’s dig out our earnings trading rules. Not much change from last week we did close DIS with the intention of buying it back. PFE is stuck in the trending T-Band Trap. We are up 16% on SNAP and SNAP looks like it wants to be above $15.80. TGT finished last week in good shape running up the lower T-Band. X has been a bit of a pain but Friday it did perform well with a Bullish Engulf and on support. A few stocks we are actively trading and happy to share them with you. Note not all trades are for everyone.

Pre-Market Thoughts

Friday the Buyers took control and closed the SPY above the Open Friday, but could not push us above Wednesday’s close. The trend is still bullish as the players try to push the SPX SP-500 across the 3000 line. For the most part, a SPY close above $294.70 is bullish, below $294.70 would set up a lower band line test. Warning – Earnings start this week. That’s right it’s that time again, earnings, earnings, earnings. The VXX has been dead as a doornail; there simply has not been any fear in this market. Seems to be Bulls everywhere don’t know about you but that makes me a little nervous. Still, we trade the charts for short term profitable swings, not predicting what the future will bring without a chart to back it up.

😊 Have a great trading day – Rick

The LTA Alert Scanner and TC2000 are my tools of choice WHY? Because they work!.

Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.  

Trade-Ideas

✅ For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. Trade smart and wait for for the QEP → (QEP) Quality Entry Patterns). SNAP, ZS, CPB, CTL, WP, TROX, GPS, DXC, VNOM, STNG

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.

✅ A Traders Edge In All Markets

The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.

We use The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍

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

All about the Jobs Number.

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Jobs

At 8:30 AM Eastern we will get a very importing reading of the condition on the strength of our economy and the number of jobs it did or didn’t create.  If the Employment Situation number comes in weak it could provide the FOMC hammer to drive down interest rates in July.  A strong number could make an interest rate cut difficult if the US Economy continues to show resiliency in the face of a slowing global economy.  One thing for sure is that the number is likely to receive a significant price action response upon its release and may well set the direction to today’s market.

Asian markets were a bit subdued last night closing mixed up mostly higher.   European markets are currently lower across the board and US Futures point to a modestly lower open ahead of the jobs number.  The trends are bullish with DIA, SPY and QQQ breaking out to new all-time highs on Wednesday.  The task ahead for the bulls is now to prove they defend this new price level with a worrisome earnings season beginning in 10-days.

On the Calendar

calendar

On the Friday Earnings Calendar we have 16 companies stepping up to report quarterly results.  None of the reports today are particularly notable unless you happen to own them.

Limited Seats Available

Action Plan

The key focus this morning will be the Employment Situation number at 8:30 AM Eastern.  If the number comes in weak it would seemingly provide the FOMC with the cover needed to lower the interest rate next month.  However, the consensus estimate is suggesting that the number could come in strong with nearly double the jobs creation from last month.  No matter how the number comes in it’s how the market reacts to the data that important.

At the close on Wednesday the bulls were in full control setting new all-time high records in the DIA, SPY and QQQ in a show of force rather remarkable considering the holiday-shortened trading day.  Now that we have the breakout it will be important for the bulls to hold these new levels as price support.  That may be a difficult task with so many companies warning they will miss analysts estimates when earnings season kicks off in about 10-days. 

Trade Wisely,

Doug

June Payroll Numbers

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The June Payroll numbers are out today, might or might not impact the market, the charts tell the story. We closed DIS to fill the need to put a little folding money in our pockets ahead of the 4th weekend, but we are seriously looking at buying it back next week. PFE still in our bullish T-Line Bands currently up 13%. Wednesday before the close we bought SNAP, a beautiful T-Line Band breakout followed by a flag Pootb chart pattern. X is surely testing my patients; perhaps it is building an Inverted Head and Shoulders, time will tell. A few stocks we are actively trading and happy to share them with you. Note not all trades are for everyone.

Pre-Market Thoughts

Likely a slow day while most of Wall Street is still on the 4th of July Holiday. I myself will only be here in the morning and the first couple of cups of coffee. Thinking about going fishing today. The SPY busted out Wednesday almost claiming the $300.00 mark, beautiful support bounce off the upper T-Line Band that is drawing a J-Hook Continuation pattern. Price action today will likely be pulled into Monday and Mondays price action will be important. The VXX chart seems perfectly happy sliding downhill, of course until it’s not.

Have a great trading day – Rick

The LTA Alert Scanner and TC2000 are my tools of choice WHY? Because they work!.

Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.  

Trade-Ideas

For your consideration: Here are a few charts I thought should go on the watch-List, remember to trade your trade. SNAP, EVRI, CPB, SWCH, TRP, UAA, WM, WP, → (QEP) Quality Entry Patterns)

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.

✅ A Traders Edge In All Markets

The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.

We use The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍

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

New records

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New records

After some light jousting with bears during yesterdays morning session the bulls reasserted themselves once again closing the SP-500 at new record highs.  With the US/China trade uncertainty, rising tensions with Iran and a slew of company warnings about a difficult earnings season ahead the bulls continue to find the energy to push higher.  The current trends are bullish and as of now the bears appear to have no teeth.

Asian markets closed lower across the board as trade worries continue to weigh heavily.  European markets are higher the board with the nomination of Christine Lagard as the new head of the European Central Bank.  US Futures are currently pointing to a modest gap up open ahead of busy Economic Calendar and an early market close at 1:00 PM Eastern.  After the morning rush volume could drop significantly as trader’s head out early to celebrate the holiday.

On the Calendar

On the Wednesday Earnings Calendar we have just two companies ISCA & OMN reporting today.  They are not notable reports and unlikely to move the market.

Action Plan

We have a busy Economic Calendar this morning with ADP, International Trade, Jobless Claims, Factory Orders, ISM Non-Mfg & the EIA Petroleum Status.  Although we could experience a morning flurry of activity with the markets closing at 1:00 PM Eastern, the volume could decline quickly creating anemic price action. 

Yesterday’s price action saw choppy slightly bearish price action during the morning session but the Bulls refused to let that stand to stage an impressive comeback particularly in SP-500 that closed at another record high.  Trends are still bullish although they appear to be a bit stretched however that is not stopping the bulls relentless push higher as the futures point to yet another gap up open this morning.  I wish you all a safe and Happy 4th of July!

Trade Wisely,

Doug

Market Closes Early

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Market closes early today, don’t forget to make adjustments to your portfolio if you need to. DIS is trending very nice, working slowly to break through the grips of $142.60. KO closed higher yesterday to challenge the recent tops. Green on both DIS and KO. PFE is also showing us the money and challenging the recent tops. TLRY is down, but we are still holding above our stop and the current chart pattern. I was expecting a better job from X; it is still above my support line for now. A few stocks we are actively trading and happy to share them with you. Note not all trades are for everyone.

Have a Great 4th Of July Weekend!!

Pre-Market Thoughts

Market closes early today to and closed all day tomorrow. I seriously doubt today will be much more than chop while most traders are heading out of town. I SPY closed pretty good yesterday, and the futures are pointing to a higher open today. The bullish J-Hook is looking good. Now the bulls just need to keep it going. Let’s keep in mind the SPY 300 mark is only about 5 points away, that could be what the buyers want; we just need to mind the chart and keep track of price action. The VXX showed zero fear yesterday, I think that the chart is already on vacation.

Have a great trading day – Rick

The LTA Alert Scanner and TC2000 are my tools of choice WHY? Because they work!.

Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.  

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.

✅ A Traders Edge In All Markets

The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.

We use The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍

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

Pop and Drop

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Pop and Drop

The concern I expressed regarding yesterday huge gap seemed to be shared by the majority of the market producing a pop and drop pattern on the day.  Although the SP-500 inked a new record high the price action left behind more question than answers about the path ahead.  Asian markets closed mixed overnight as Australia’s Central Bank cuts interest rates.  European markets are flat to ever so slightly bullish this morning as the world looks for more details and clarity on US/China negotiations.

US Futures are currently flat to slightly lower this morning with very little to react to on both the Earnings and Economic calendars.  Baring a market-moving news report don’t be surprised to light and choppy price action today with rapidly declining volume as traders head out to celebrate the 4th of July.  There is a chance that condition lasts for the rest of the week.  Keep in mind the market closes at 1:00 PM Eastern on Wednesday.

On the Calendar

calendar

On the Tuesday Earnings Calendar we have 14 companies reporting quarterly results.  Among the notable reports AYI, JEF & SMPL. 

Action Plan

It would seem my question about what had changed to create yesterdays huge gap up was shared by most of the market after printing pop and drop patterns on all major indexes.  Although were was a late day rally to lift the indexes off the day’s lows yesterdays price action leaves more questions than answers to the path ahead.  Further complicating the issue is the growing Iranian tensions, and the will they or won’t they question regarding interest rate cuts.

With little for the market to respond to today on the Economic Calendar and Earnings Calendar as well as the coming holiday futures are suggesting a flat to modestly lower open this morning.  As I suspect many traders have already headed out to take advantage of some holiday vacation time don’t be surprised to see some very light choppy price action today will low volume.  It will not be a surprise if this problem persists the rest of the trading week.

Trade Wisely,

Doug

TLRY, KO Bought

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The week is getting shorter. Yesterday we picked up a few TLRY and KO calls. TLRY because of the highs and lows and it is trying to print a J-Hook Continuation pattern within an (RBB setup) and KO is printing a nice weekly Pop Out of The Box pattern. The trend and bullish pullback on DIS is still setting up, yesterday’s Morning Star helps. The J-Hook continuation pattern on X is still being constructed. A few stocks we are actively trading and happy to share them with you. Note not all trades are for everyone.

Pre-Market Thoughts

For the most part, yesterday was a gap and crap kinda day with the buyers and sellers chopping around, and I would not be surprised if the rest of this week turns out to be more chop (buyers and sellers running into each other). Using Price Action and the T-Line on the 2-day chart below $290.10 the sellers might be taking over, above $290.10 and the buyers still have control. And the SPY is trying to hook out of the upper two bands on the T-Band chart. Yesterday the VXX showed no signs of fear which points to a bullish market, what will today bring us? Trade wisely and don’t push the string, pull it. Some days and even weeks, we are better off taking some time off.

Have a great trading day – Rick

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.

Trade Ideas

For your consideration: Here are a few charts we are adding to our watch-list RAD, TLRY, JLL, BX, INO, KO, MSFT, AIG, OSTK →Be diligent and plan your trades out. (QEP) Quality Entry Patterns)

The LTA Alert Scanner and TC2000 are my tools of choice WHY? Because they work!.

Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.  

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.

✅ A Traders Edge In All Markets

The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.

We use The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍

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

Beast Mode

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Beast Mode

The bulls are in beast mode this morning after the US and China agreed to a cease-fire and agreed to resume negotiations.  Looking at the futures this morning one might assume the tariff war is over but as of now there is still no clear path to a deal and current tariffs will remain in place.  The good news is there was no escalation in the rift between the countries.

Asian markets closed mixed but mostly higher on the G20 developments and European markets are currently sharply higher this morning.  US Futures currently indicate a soaring gap up that will likely set new record highs and punish any traders caught short.  Keep in mind with the market closing early Wednesday for the holiday volume will likely begin to decline sharply over the next 2-days as traders head out to celebrate.  It is entirely possible the biggest price move of the day will be the gap so be careful not to chase.

On the Calendar

calendar

On Monday’s Earnings Calendar we have 14 companies reporting results but none are particularly notable.

Action Plan

Tariffs remain in place but the US and China have agreed to come back to the negotiations table.  The President also agreed to ease restrictions American companies from selling products to Huawei.  Chetan Ahya, global head of economics describes the meeting results as “an uncertain pause”, with no clear path to a deal.  However, the bulls are celebrating the meeting results of the meeting this morning and the futures are flying high.

I would expect new record highs this morning and anyone caught short will likely be squeezed out this morning.  Unfortunately the biggest price move of the day may be the gap so be very careful not to get caught up in the excitement and chase into the open.  Let’s keep in mind that the market will close early on Wednesday in observation of the 4th of July holiday.  That means volume is likely to begin dropping as traders head out early to celebrate.

Trade Wisely,

Doug

A Short Week OF Trading

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Every weekend, I say to myself, “Susan, you have to stop drinking wine” Thankfully, I’m not Susan.

A short week of trading starting with a ½ day on Wednesday. Sure is nice to see the futures up. Here are a few I help over the weekend. DIS is setting up inside the T-Bands. KSS had a good Thursday and Friday with last week constructing a turnaround bottom. QCOM is running above the T-Line with the bulls in charge. X is staring a nice little trend; we love the rest run type of patterns. A few stocks we are actively trading and happy to share them with you.

Have a good trading day – Rick

Pre-Market Thoughts

Guess what’s popping today? Yep yep yep the market. The challenge will be price closing over the June 20 high and holding. But heck we are off to a good July start! Follow the trend and manage wisely; today will likely be a good profit day for many. We love the Gap gift and base hits. A positive close over the June high sets us for another J-Hook continuation pattern. Fail the top and close back below the T-Line will put us in the T-Bands again. The VXX is deep below the T-Line, which gives out a  now fear attitude. On a little side note, the SPY’s 34-EMA has crossed over the 50-SMA on the daily chart. And you can clearly see a Bullish Inverse Head and Shoulders on both the Dail and weekly SPY chart.

Have a great weekend

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.

Trade Ideas

For your consideration: Due to technical issues there are no trade ideas today → (QEP) Quality Entry Patterns)

The LTA Alert Scanner and TC2000 are my tools of choice WHY? Because they work!.

Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market, and today’s trade ideas.  

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.

✅ A Traders Edge In All Markets

The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. 😎 One of my favorites is the T-Line Band Scan. The right tools for the job.

We use The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍

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

Will they or won’t they?

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Will they or won’t they
Your guess is as good as mine!

With the big meeting between the US and China presidents on Saturday it would seem that anything is possible by Monday morning.  Will they or won’t they?  The hope of a deal seems to remain remarkable high as the bulls once again show strength in the morning futures.  Asian markets closed lower across the board overnight but European markets are all cautiously higher ahead of the G20.

Even the beleaguered IWM managed to join the DIA, SPY and QQQ yesterday by closing just above its 50-day average.  Although the futures suggest a modest gap up this morning we must be very careful and thoughtful of the potential risk of this weekend.  I don’t know about anyone else but I will avoid adding additional risk ahead of this weekend and will likely reduce my current holdings to protect my capital from the unknown.

On the Calendar

calendar

On the Friday Earnings calendar we only have 13 companies reporting their results.  Among the notable are STZ & KHC.

Action Plan

The bulls remain very tenacious this morning even after learning that next quarter earnings are expected to flat.  One must wonder how we can remain near all-time highs without earnings growth.  Possible rate cuts will certainly help and of course a trade deal with China would be a game changer but those are still some big unknowns.  It seems a lot would have to go exactly right which makes me wonder if we’re coming close to pricing the market to perfection.  Only time will tell.

Technically speaking the current trend is up and the bulls are in control with the Futures pointing to a bullish open.  Remember the potential market volatility in reaction to the G20 meeting results after the president meets to discuss trade relations with China.  Plan your risk carefully heading into the weekend keeping in mind the holiday week that follows.  Have a wonderful weekend everyone!

Trade Wisely,

Doug