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Beast Mode

July 1, 2019 by Doug Campbell

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

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 4^th 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

July 1, 2019 by Rick Saddler

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)

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Will they or won’t they?

June 28, 2019 by Doug Campbell

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

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

In Japanese, the word for Friday

June 28, 2019 by Rick Saddler

In Japanese, the word for Friday is formed from the words kinsei, meaning Venus (which literally translates as “gold + water”) and yōbi, meaning day.

Not much of a change from yesterday, bought a little QCOM. DIS is wondering inside the T-Bands, KSS still trying to construct a bottom, PFE printed a Bullish Harami yesterday, QCOM is building a trend filling the gap, TGT printed a Doji tight on the lower T-Band and X is trying to construct a J-Hook continuation pattern. A few stocks we are actively trading and happy to share them with you.

Have a good trading day – Rick