One Close, Three New Buys

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One close and three new buys on Friday. Friday we closed QCOM to cut a little risk and bought INTC, OXY, and VXX. INTC has produced and little Continuation pattern that closed bullish just above the green band. OXY had a sweet flag pullback, above Thursdays Doji, we entered. With bullish follow-through over the next few days, OXY will become an (RBB) set up. VXX failed to push lower, and we saw signs of buyers, took the enter a little less than mid-candle Friday. This week is another heavy week of earnings; we expect earnings to stay relatively flat and expected. And with the current candle pattern in the VXX chart, we may see a run to the 34-EMA or 50-SMA if the buyers can continue with the current construction. Other charts we are holding BABA, CPB, F, and X.

Pre-Market Thoughts

Well, Friday ended interesting after a good exciting morning, after the bullish gap the sellers started to peel back the skin of the buyers and the sellers made them say Bearish Engulf. If the buyers can not keep us above $296.70, I think the sellers will continue to peel to the $294.80 area with the possibility of $293.00 (about the 50-SMA). We should also mention the $290.80 area below the 50-SMA. The VXX failed to push lower, and we saw signs of buyers Friday with the construction of a Fig Newton candle pattern. This week is another heavy week of earnings; we expect earnings to stay relatively flat and expected. And with the current candle pattern in the VXX chart, we may see a run to the 34-EMA or 50-SMA if the buyers can continue with the current pattern construction.

😊 Have a great trading day – Rick

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 the QEP → (QEP) Quality Entry Patterns). AKS, BBY, BA, CVS, OXY, HPQ, AGN, MDR, CVE  Check Earnings!

$50.00 discount with code: Privilege

🎯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

Palpable earnings uncertainty.

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Palpable earnings uncertainty

Friday’s price action certainly raised a lot of concerns, but the selling stopped short of breaking the current up-trends in the DIA, SPY, and QQQ leaving behind a palpable earnings uncertainty.  Of course, the growing tensions with Iran and the uncertainty of US/China trade negotiations and huge earnings calendar this week only add to the uncertain path ahead.  We should expect and prepare for the possibility that two-sided very challenging price action will continue in the days ahead.

Asian markets struggled overnight closing in the red across the board.  However, European markets are currently trading with modest gains across its 3-major indexes this morning.  US Futures are also projecting modest gains at the open as earnings continue to roll out.  There is little on the Economic Calendar for the market to react on this morning, so it’s all about the quality of the earnings reports and how they are perceived by the market this morning.  With so many big reports this week we should plan for the possibility of large overnight gaps and reversals and should plan our risk accordingly.

On the Calendar

On the Monday Earnings Calendar, we have 70 companies reporting in a week where the number of earnings ramp up substantially.  Among the notable are ACC, CALM, GNC, HAL, LII, PETS, STLD, AMTD, WHR, and ZION.

Action Plan

No doubt about it last Friday was a rough day as selling increased into the close as traders took profits ahead of an uncertain weekend.  Tensions with Iran continued to grow after Friday’s capture of a British oil tanker and now the claims they have claimed they have captured and detained about a dozen individuals they accuse as US spies.  However, the Friday selling stopped short of breaking the current uptrends in the DIA, SPY, and QQQ.  Although the price patterns left behind warrant an extra measure of caution keep in mind, there must be a downside follow-through breaking trends to indicate bearishness.

This morning futures are currently pointing to bullish open ahead of the 70 or so earnings reports expected today.  We should expect the rather challenging volatility to continue and the possibility it could ramp up with about 800 earnings reports, including three-quarters of the so-called FANG companies.  Large overnight gaps are possible as these big techs report so carefully plan your risk.  So far, the earings price action has been very choppy and two-sided, so it may be wise to avoid becoming over-extended in your holding with a single directional bias.

Trade Wisely,

Doug

Holding Key Support Levels

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Holding Key Support Levels

After a concerning morning selloff during the morning session, the bulls stepped up right on queue defending current up-trends and holding key support levels with a nice afternoon rally.  After the bell, yesterday MSFT’s strong earnings report also seems to have at least temporarily lifted some trade war fueled tech earning concerns. 

FOMC members Willimas & Clarida spurred speculation of a more aggressive interest rate cut after their comments late Thursday.  As a result, Asian markets closed decidedly bullish seeing green across the board.  However, European markets are mixed but mostly slightly lower this morning after the Fed clarifies and tones down the rate cut rhetoric.  Consequently, US Futures point to modestly bullish open as earnings reports roll in and ahead of the Consumer Sentiment at 10:00 AM Eastern.  With tensions once again on the rise after the US downing of an Iranian drone carefully consider the risk you carry into the weekend.

On the Calendar

On Friday’s Earnings Calendar we have a slightly lighter day with 39 companies reporting.  Notable reports today include BLK, CLF, KSU, MAN, NVR, SLB, STT, and SYF.

Action Plan

Yesterday’s strong earnings report from MSFT may go a long way to soothing traders concerns of a trade war influenced tech slow down at least for today.  Next week we jump headlong into earnings with more than 800 companies expected to report with big tech being a major focus.  There is renewed hope of a bigger rate cut this morning after a late afternoon speech’s by FOMC members Williams & Clarida spurred speculation of a more aggressive Fed.  If that is the case, with such strong current economic indicators, it will leave very little firepower for the Fed if an economic crisis really does arrive. 

Technically speaking the afternoon rally yesterday seemed to come at just the right time holding current trends and key support levels in the indexes.  Toss in a good MSFT report, and a warm and fuzzy feeling of possible rate cuts the US Futures are suggesting a modest rally at the open, and I would not be surprised if overnight futures highs get tested sometime during today’s session.  We have Consumer Sentiment at 10:00 AM Eastern that is expected to remain strong and more Fed speak to round out this week’s economic calendar. 

Trade Wisely,

Doug

Bullish Piercing Candle

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Friday Update: (SPY) The Bullish Piercing Candle from yesterday did not get follow-through. Today we bought INTC, LYFT, OXY, and VXX. INTC ended about where we bought it, LYFT up 1.57%, OXY up 16.9% and VXX is up 16.9%.

Have a great weekend everyone!

MSFT is gapping on earnings! Yesterday July 18, we closed VXX for a small loss and made no other trades. Due to market chop and condition. BABA is still set up in the Bands, over $178.10 we would look for a challenge of $184. Still holding F and will add over $10.30 (earnings on Wednesday). CPB is acting well pattern breakout and riding the trend. A close below the Red T-Band and I will close QCOM. We have added a couple of new scans to the scanner and will hold a clinic this Friday at 2: pm in room #3.

Save $50.00 with Promo Code: 👉 Privilege 👈

👉 Full disclosure, we are actively trading all stocks mentioned in the above. We may close or add more at anytime. To learn more about us or join in the live trading room consider an HRC membership or trial Rick and the HRC Members kick off the trading room starting at 9:10 Eastern We review the market and today’s trade ideas.

Pre-Market Thoughts

The SPY made four lower lows then yesterday on a FED comment the bulls stepped in. The SPY closed with a Bullish Piercing Candle from the $296. Key support line. Like all Candlesticks signals, confirmation is required, for yesterday’s rally to be confirmed we need to see positive trading above $298.90. With minimal overhead resistance, a Bullish J-Hook continuation pattern is setting up. At one point yesterday it looked as if the VXX chart was going to make a run for it, then pulled back closing with a Doji. The VXX is still trending down. A close above $24. Could rally a few more points. Stay safe and cautious with this market.

😊 Have a great trading day – Rick

🎯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.

Trade-Ideas

✅ It’s Friday, no trade Ideas today. Trade smart and wait for for the QEP → (QEP) Quality Entry Patterns). Check Earnings!

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

Bears are once again on the prowl!

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Bears are once again on the prowl

With the smell of fresh blood in the air after the disappointing results, NFLX reported yesterday the nearly forgotten bears are once again on the prowl.  NFLX has warned they would miss expectations and it makes you wonder what might lay ahead with the many other company warnings that were issued.  Technically speaking the bullish trends in the DIA, SPY and QQQ remain intact, but we should expect price action to become much more volatile as earnings reports increase over the next couple weeks.

Asian markets closed lower across the board overnight, reacting to earnings and growing trade war tensions.  European markets are currently mixed but mostly lower, citing trade uncertainty and tech earnings concerns.  US Futures have recovered significantly from overnight lows ahead of the 8:30 AM eastern Jobless Claims report and the Philly Fed Business Outlook Survey which both have the potential of moving the market.  I would expect challenging price action in weeks ahead, so plan your risk carefully.

On the Calendar

On the Thursday Earnings calendar, we have 90 companies stepping up to report quarterly results.  Among the notable reports ALLY, BBT, COF, CHWY, DHR, DOV, ETFC, GPC, HON, ISRG, MTB, MS, MSFT, NVS, NUE, PM, PPG, SKX, SWKS, STI, TSM, UNP, and UNH.

Action Plan

NFLX earnings disappointed traders after the bell yesterday reporting a significant decline in domestic subscribers.  Shares of the streaming service are indicated to open nearly 40 points lower this morning pulling the QQQ down to test breakout support levels.  It may also elevate the concerns of all the other tech companies that have warned about missing expectations this season.  Perhaps an even more damaging report came for CSX yesterday sending the railroad sharply lower raising significant concerns for the overall transport sector.

With another big round of earnings reports this morning and the tech giant MSFT reporting after the bell, we should expect an increase in volatility.  As of the close of yesterday overall trends of the DIA, SPY and QQQ remain bullish, but with the scent of blood in the air, hungry bears will be on the prowl.  As I write this, the bulls are trying to put on a brave face with the futures recovering significantly from overnight lows and currently suggesting modestly bearish open.  I would not be at all surprised to see a retest of the overnight lows depending on the morning earnings results and the 8:30 AM Economic Calendar reports. 

Trade Wisely,

Doug

Scanning Clinic Friday 2 pm

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NFLX down big could shake the tree a little, more big earnings today and tomorrow. Yesterday near the close we bought VXX calls and earlier in the day we bought BABA calls. F is resting and consolidating in tier 1 of the T-Bands. CPB was broke out of the wedge and holding well. QCOM gapped yesterday kudos to those that took profits near the highs. Looks like QCOM needed to test the recent pivot. We have added a couple of new scans to the scanner and will hold a clinic this Friday at 2: pm in room #3.

👉 Full disclosure, we are actively trading all stocks mentioned in the above paragraph. We may close or add more at anytime. To learn more about us or join in the live trading room consider an HRC membership or trial

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

Save $50.00 with Promo Code: 👉 Privilege 👈

Pre-Market Thoughts

NFLX OUCH! And there are a few other big names today and tomorrow, grab ahold of something and hang on. Seriously if think trading around earnings date the simple answer is don’t take, cash is a position. The SPY has bee forming a Megaphone top for about the last 1-1/2 years, and the recent top is the 3rd time touch. Yesterday proved to be another lower low and lower high. $295.65, $293.75, $291.15 followed by the 50-SMA are four possible targets and bounce points on the SPY. A few scans we like to use is the Blue Ice Failure, Rounded Top breakdown, and  Bear Trap Scans. The VXX chart shows a little spunk the last two days with a Doji and a Bullish Engulf. If the VXX can show positive price action over the T-Line, we could be in for a bit of a market pullback. Trade with extra caution and wise.

😊 Have a great trading day – Rick

🎯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.

Trade-Ideas

✅ FFor 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). All short trades today, AAXN, BOLD, FRPT, TSN, PAYX, CCEP, PLNT TGNA, ZYNE. Check Earnings!

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.

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

US/China Negotiations back in the news.

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Negotiations

Presidential remarks that trade negotiations with China have a long way go and his willingness to raise another 325 billion in tariffs did little to dissuade the bulls after Powell’s dovish speech in Paris raising hopes of a rate cut.  Although choppy consolidation over the last couple days has maintained bullish trends, it seems to have also seemed to signal a wait and see attitude as earnings season continues to ramp up.  Big tech will begin to join the earnings stage this afternoon with reports from EBAY, NFLX, and IBM.  Keep in mind that NFLX has already warned it will miss analysts estimates.

Asian markets reacted negatively to the tough trade talk closing modestly lower across the board overnight.  Currently, European markets are mixed but by and large slightly lower as they also ponder the difficulties ahead with Chinese trade negotiations.  Despite that US Futures continue to put on a brave face indicating a very slightly bullish open fulled by hopes of a rate cut ahead of the Housing Starts report at 8:30 AM Eastern.   Anything is possible, so plan your day very carefully and stay focused on price clues as they develop.

On the Calendar

On the Wednesday Earnings Calendar, we have 55 companies reporting quarterly results.  Among the notable reports are AA, BAC, BK, CCI, EBAY, IBM, NFLX, KMI, NDLS, PNC, PGR, USB & WIT.

Action Plan

We have an interesting setup for this mornings market.  The President yesterday remarked that the US/ China negotiations have a long way to go and went on to say he could impose an additional 325 billion in tariffs.  However in a speech in Paris yesterday the Fed Chairman Powell reiterated a weakening global economy once again raising hopes of a rate cut.  While Asian and European markets reacted negatively to the long road ahead on trade, the US futures choose to rally during the night on rate cuts.  It would seem our priorities are very misplaced!

After 2-days of sideways chop, perhaps today with a big round of notable earnings reports the market can find the inspiration it needs to break the log jam.  BAC has already topped estimates, but as of writing this report, investors appear unimpressed, and the stock is indicated lower.  This afternoon  EBAY, NFLX, and IBM will set the stage for the beginning of big tech earnings.  Also, keep in mind, we have Housing Starts and the Petroleum reports on the economic calendar that may have a say in market direction. 

Trade Wisely,

Doug

Master The Trade

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Yesterday we closed WBA with a whopping 4.3% profit, hey it was a profit! Really I didn’t like the risk the Price Action (Candlesticks) that’s been presented in the last three days. I still like the chart and the potential of WBA, so we are keeping it on the watch-list for another day. Our BABA gapped and held yesterday closing up 4.43% on the stock; we are currently up 35.2% on our option trade. We also bought CPB yesterday because of the price action (Candlesticks) tight into the bullish wedge. X is finally starting to show a little life with price action back into the T-Bands, A breakout of $14.60 is needed for this thing to go higher.

👉 Full disclosure, we are actively trading all stocks mentioned in the above paragraph. We may close or add more at anytime. To learn more about us or join in the live trading room consider an HRC membership or trial

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

Save $50.00 with Promo Code: 👉 Privilege 👈

Pre-Market Thoughts

Earnings, earnings, earnings always are checking the dates.  Earnings can be stressful to trade through; I guess that’s why I don’t do it very much. Cautious and defensive will help this the stress and risk. So the SPY closed below our wedge show in in the trading room as well as closed below the upper green T-Line Band with a Profit Taking Evening Star candle pattern. Weakness below yesterday’s low will set us up for the $296 area which could lead to the $293 area. The VXX chart closed with a Doji Hammer for the last two days; I think the VIX is getting a bit frustrated and may soon stretch a little. Above the T-Line the VXX chart could get interesting for a relief rally.

😊 Have a great trading day – Rick

🎯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.

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). WHR, ALK, SEE, URI, MMM, PHM LEG, JPM, NVDA, TRV short, TSN short. Check Earnings!

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.

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

De facto Holiday?

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Prime day

Based on yesterdays anemic price action, it might be fair to say that the Amazon Prime sales event has become a de facto holiday much like Black Friday.  Although the sales event has been extended another day this year, the bigger round of earnings coming out this morning could inspire more attention from the trading community and shaking up the price action for today.  As with every earnings season, we must prepare for the possibility of higher volatility and have a well-thought plan to protect our current positions and overall capital from the extreme moves stocks can make after reporting.

Asian markets closed mixed, but mostly lower overnight and European markets seem somewhat subdued this morning with modest mixed results as they also wait for earnings results.  Consequently, US Futures are at this moment almost flat hoping to find inspiration in the coming reports.  JPM has already reported an earnings beat, but currently, traders appear dissatisfied with the result as the stock is currently indicated to gap lower at the open.  Trends remain very bullish, although it appears a bit extended as the uncertainty of earnings begins to ramp up. 

On the Calendar

On the Tuesday Earnings Calendar, we have 43 companies fessing up to results as 3 quarter earnings begin ramping up.  Some of the notable reports today include CSX, CTAS, DPZ, GS, JNJ, JPM, SCHW, UAL & WFC.

Action Plan

Price action was light and choppy as if it was a holiday market.  My guess is the Amazon Prime day and the huge sales events other retailers put on to compete distracted traders and investors out searching for a deal.  With the Prime event now extended another day if possible today could be much of the same.  However, today, we have a bigger round of earnings that could shake up the market can get things going.

We also have a parade of Fed speakers on the Economic Calendar today including Jerome Powell, but it’s unlikely we will learn any new details as to if or how much of a rate cut is on the way.  Chart technicals continue to be very bullish, and the trends remain strong all-be-it a bit extended.  With so many earnings reports for traders to digest anything and everything is possible and we should prepare for the possibility of heightened volatility.  Remember to check all your current positions against the earnings calendar as well as any new positions you are considering to add.  I know it’s a pain to do, but the market rarely rewards laziness, and as the CEO of your trading business, the buck stops with you! 

Trade Wisely,

Doug