Market Survived The Weekend

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💲 We closed our ROKU near the top and will wait for the resting pull back to find buyers. DIS is trying to build a pattern, a breakout and we should be golden. CSCO started out in good shape Friday, then turned to poop but as long as the support and the pattern holds we will stay in. We also sold AIG for a small profit because of the bearish Engulf. PFE is another we bought, holding well in the trend, trying to follow-through with a J-Hook pattern. And last we bought TGT Friday, 2-day chart Morning Star in a bullish (PBO).

All buys and closes announced in the HRC Live Trading Room, be sure to tune in starting at 9:10 Eastern when I’ll review the market, trade ideas.

Have good trading day – Rick

Pre-Market Thoughts

Well, it looks like we survived the weekend to have a profitable week! And the G20 Summit kicks off the end of the week. Last week the SPY rallied a bit then rested on Friday, above $290.95 the buyers/bulls have control. A little pullback followed with a buy pattern would set the charts up nice for us. If the sellers/bears can chisel price below $290.95, the downtrend line would start to pop out, and the sellers/bears might start to think they are going somewhere. The VXX perked up a little Friday, below $26.70 fear is weak. Above $26.70, fear can begin to build strength, keep an eye on the VXX, and be cautious.

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: TLRY has now rallied over the 50-SMA and with various bullish conditions. TLRY is an (RBB) Rounded Bottom Breakout Strategy with a buy box between $45.45 and $51.65. We will use the (RBB) targets. Remember to wait for the (QEP) Quality Entry Pattern for best results.

👀 The LTA Alert Scanner and TC2000 are my tools of choice 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. TLRY, OSTK, NVAX, TGT, MDR,

✅ 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

High Hopes

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High Hopes

With high hopes of future rate cuts and fingers crossed for a G20 trade deal to end the trade war, trade and investors push the SP-500 to new record highs.  Now with tensions rising with Iran the question becomes can the other indexes follow suit and carve out new records as the weekend approaches.  Although it seems very likely at this point that the markets desire new highs we should not rule out the possibility of some profit-taking to reduce weekend risk. 

Asian markets closed mixed but mostly lower overnight and European markets are now modestly higher.  US futures that were lower all night have been creeping up all morning trying to put on a brave face before the open an ahead of the Existing Home Sales report expected at 10 AM Eastern.  As we head into the weekend I’m not sure possible reward is worth the risk of adding new positions today.

On the Calendar

calendar

On Friday’s earnings calendar we have three companies reporting quarterly results with only KMX notable.

Action Plan

Futures are taking a little rest this morning after the SP-500 closed at new record highs on the hope of future rate cuts.  The DIA had a new closing high record and came very close to printing an all-time high for the index while the QQQ and IWM lag.  According to reports the President had authorized retaliatory air strikes against Iran for the shooting down of a drown over international air space.  However, the strike was called off but tensions continue to escalate.

After such a huge run-up in prices, mounting Iran tensions, the G20 just around the corner with hopes of a trade deal and facing a weekend buying new positions could be very difficult for traders.  In fact there could be some profit-taking emerge to lower weekend risk as we move through the day.  Currently future are pointing to flat or modestly lower open.  I still think the market will seek out new record highs in the DIA and QQQ in the near future but I’m not sure the potential reward is worth the risk heading into the weekend.

Trade Wisely,

Doug

Lots Of Green

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💲 Sold GDX yesterday 46% after buying it Wednesday, gaps are gifts and love it. AIG woke up yesterday and is drawing us a J-Hook continuation pattern, currently positive on AIG with 10%. Bought a little DIS yesterday up 5% so far. And GE is working with a 20% profit along with SNAP and a 30% profit. CRON is not quite green but working on it.

All buys and closes announced in the HRC Live Trading Room, be sure to tune in starting at 9:10 Eastern when I’ll review the market, trade ideas.

Have good trading day – Rick

Pre-Market Thoughts

Sweet day yesterday, we heard from so many HRC and RWO subscribers that were good and green. We love to hear your feedback. Here is a quote from Aaron B.

(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!

SPY gaps to new highs and closes with a Hanging man Candle, price also leaped a bit far from the T-Line, so the probabilities are that price needs a rest while the basic moving averages catch up and price finds support. I think it’s obvious to say the bulls have the upper hand. Be patient and don’t chase a chart for “Fear OF Missing Out,” we are now in a good position for a bullish pullback that sets up fantastic trades. I will be using the T-Line as my guide, price trending over the t-Line is bullish, and we need a quality entry pattern, and when price is trending below the T-Line, we show patients.

Trade Ideas

🎯 No trade ideas on Fridays; We don’t offer trade ideas on Fridays except in the live trading room. (QEP) Quality Entry Pattern for best results. Remember to wait for the (QEP) Quality Entry Pattern for best results.

🍰 The LTA Alert Scanner and TC2000 are my tools of choice 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. ELY, SHOP, BX, MDR, ETSY, SPOT, LSCC, SBUX, CPRT.

✅ 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

Congratulations Aaron!

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Thank you for sharing Aaron. Aaron is very active in both the HRC and the RWO trading rooms sharing his ideas and trades both winners and losers. Aaron is a fantastic asset to our trading community. Thank you, Aaron!

Rick Saddler, Founder of Hit and Run Candlesticks

Thank You, Mr. Fed,

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💲 You really gotta love the business of trading, while sitting in the doctor’s office yesterday. I bought the GDX Sept. $25.50 Calls, up nicely today. ROKU had a bullish Pop Out of The Box pattern yesterday up 22% yesterday and looks like we get more today. SNAP is still trending currently up 25.7%.

All buys and closes announced in the HRC Live Trading Room, be sure to tune in starting at 9:10 Eastern when I’ll review the market, trade ideas.

Have good trading day – Rick

Pre-Market Thoughts

Thank you, Mr. Fed, and the market, thanks to you. It seems based on the market action it is pleased with the remarks from Mr. Powell. The SPY held well yesterday and looks to be gapping up today. (Remember gaps can be gifts) And profiting or some profiting into strength has worked great for my trading strategy over the years; we call that base hits. The new number for the SPY to beat is $294.95, beat means breakout and hold. A great way to follow the trend of the SPY is with price action (candlesticks) and the T-Line chain. The VIX is still trending down based on the price leading the T-Line chain down. Two charts I have on one of my screens is the VXX and FNGU chart, they are helpful with being one with the market.

Trade Ideas

🎯 ELY is setting up; ELY Callaway has gapped up over resistance recently and currently forming a continuation chart pattern. There is always a possible entry on the building of the chart pattern, but the money and the bullishness starts when price action is above $18.30. Remember to wait for the (QEP) Quality Entry Pattern for best results.

🍰 The LTA Alert Scanner and TC2000 are my tools of choice 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. ELY, SHOP, BX, MDR, ETSY, SPOT, LSCC, SBUX, CPRT.

✅ 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

No Morning Blog

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Due to a computer problem there is no morning note or written blog.  However, I was able to finish the Morning Market Prep Video and you can access it with button below.

SNAP closed ½ 31%

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💲 From our June 11th blog post: SNAP popped, and we closed ½ for 31% yesterday. CMCS we closed for a small profit because of the long upper wick, we will buy it back on a qualified buy pattern. Roku doing ok and GE hade a good day but really needs to break out of $10.50. LULU broke out yesterday and looking great, up 3-days need a little rest before buy now. Note the charts I look at have nothing to do with what the Fed may or may not do they are all based on the charts themselves. All buys and closes announced in HRC Live Trading Room, be sure to tune in starting at 9:10 Eastern when I’ll review the markets, trade ideas.

Have good trading day – Rick

Pre-Market Thoughts

Big day with the Feds (announcement @ 2:00 pm Eastern) and I suspect we will see a little volatility as well. I personally don’t think chasing the market or charts today is the wise thing to do, let the dust settle wait for the quality chart patterns, wait for your favorite charts to come back to you, so you have more control. $291.10 was cleared by the spy which such a bullish tone and produced a J-J hook continuation pattern. I still think any consolidation above $287.70 remains bullish if price action (the candlesticks) play their part right. The VIX is still not showing any fear and still trading below a down trending T line.

  1. ✅ Be patient. Know what you want and be patient
  2. ✅ Always plan your trade out
  3. Use our base hit strategy, sell into strength
  4. Buy close to your stop and support
  5. USE the LTA Trade Alert Scanner to find the winners and use Promo Code: Privilege for a $50.00 discount

Trade Ideas

🎯 X setting up; X US Steel has put together an Inverted H&S bottom starting with the Morning Star candle pattern, and very close to becoming an RBB strategy. Remember to wait for the (QEP) Quality Entry Pattern for best results.

🍰 The LTA Alert Scanner and TC2000 are my tools of choice 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. KL, MGM, X, BA, CTL, HON, AUY, MRO, EGO, AMD

✅ 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

FOMC decision & forecast

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FOMC decision & forecast

All eyes are on the FOMC decision & forecast.  Will they, won’t they, how much or how little will they do to stimulate the economy?  Certainly the market has rallied significantly with the hope of rate cuts.  Will the Fed do enough to support such strong anticipation or will they disappoint the market?  It’s a tough call as US economic data continues to show strength and the market is nearing a test of all-time highs.  What they do will not be nearly as important to traders than how the market reacts to the news.  Pop some popcorn the show is about to begin.

Asian markets closed higher overnight as they reacted to the positive US/China trade developments.  Negotiations will resume and leaders will meet at the G20 attempting to find a compromise to the current trade war.  European markets as well as the US Futures are rather subdued this morning as the world waits for the FOMC decision on interest rates and their future forecast.  It would be normal to expect light and choppy price action as the market waits but at 2 PM Eastern anything is possible as the market reacts.  Plan your risk carefully.

On the Calendar

calendar

On the hump day Earnings Calendar we have only 11 companies reporting quarterly earnings.  Notable reports include ORCL, SCS & WGO.

Action Plan

After yesterday’s 350 point Dow rally and facing the FOMC rate decision one wonders if there will be anything to do until after 2 PM Eastern today.  Of course the wording in the FOMC statement will be very important but I believe the market will be most interested in the forecast and the possibility of not just one rate cut this year.  Expect choppy price action as the market waits for the decision and then anything is possible as the market digests the statement, forecast and press conference.

An apparent successful phone conversation with the President and Chinese Leader raised hopes a forthcoming trade deal after confirmation they will meet at the G20 to discuss trade.  Although many are saying the offs of a deal at the G20 is very slim the market seems to be very hopeful a compromise is possible.  Never say never but I wonder if a US/China deal occurs will the FOMC see a need to lower rates?  Only time will tell.

Trade Wisely,

Doug

Possible ECB rate cuts.

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Rate Cuts

Asian markets closed mixed overnight without the benefit of the ECB news clearing the deck for rate cuts and further asset purchases.  European markets are bullish across the board this morning on the news and the US Futures have rallied sharply on the news as well.  There is nothing quite like the smell of freshly minted money to inspire the bulls.

Ahead of the Existing Home Sales report at 8:30 AM Eastern Dow futures are pointing to more than a 100 point gap up with the Nasdaq leaping substantially higher as well.  Remember not to chase the morning gap.  Wait for proof that buyers will support the gap just in case the bear’s step in to defend resistance levels.  Also keep in mind there could be a significant risk of loading up on positions ahead of the FOMC announcement at 2:00 PM Eastern, Wednesday.  Plan your risk accordingly.

On the Calendar

calendar

On Tuesday’s Earnings Calendar we have 30 companies reporting today.  Among the notable are ADBE, AMED, KHC & LZB.

Action Plan

Yesterday’s expected choppy price action is giving way to bullishness this morning on the news that the ECB has cleared the way for potential rate cuts and further asset purchases if inflation doesn’t’ reach its target.  Markets love the smell of freshly printed money and US Futures are no different rallying on the news.  Today begins the 2-day FOMC meeting and the market is expecting an action similar to the ECB.

Technically speaking yesterday consolidation price action was productive.  The DIA and SPY held above their respective 50-day moving averages and the QQQ crossed back above its 50-day and managed to hold just 16 cents above by the close.  Futures are currently pointing to a Dow gap up open of more than 100 points but we still have to clear the Existing Home Sales hurdle at 8:30 AM Eastern. 

Trade Wisely,

Doug

SMAR up 11%

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💲 On June 11th we posted SMAR here in the blog, at the close yesterday it was up 11%. Friday held ROKU back followed by a Harami yesterday, time will tell. AIG has yet to find buyers to break it out, keep stops on. GE has broken out of a wedge, and the last few days has pulled back and tested. Yesterday we picked up a little CMCSA, nice breakout of the T-Line Bands. All buys and closes announced in HRC Live Trading Room, be sure to tune in starting at 9:10 Eastern when I’ll review the markets, trade ideas.

Pre-Market Thoughts

Geezs yesterday was boring, and I don’t expect much more from today, it seems traders and investors are waiting on the FED decision Wednesday. On the SPY between $291.10 and $287.70 is just noise, above the $291.10 the bulls have a chance to challenge the May high. Below $287.70 we could see a test of $282.20, which is the 50% retracement. The VXX chart still suggests no fear and has traded below the T-Line for the past 10-days. Above $28.30 would produce a little fear and volatility in the market.

  1. ✅ Be patient. Know what you want and be patient
  2. ✅ Always plane your trade out
  3. Use our base hit strategy, sell into strength
  4. Buy close to your stop and support
  5. USE the LTA Trade Alert Scanner to find the winners

Trade Idea With Chart

🎯 LULU breaking out; LULU found support in late May and took about 13 days to work itself back to challenge the top. Yesterday LULU broke out and held well at the close. Above $178.00, we are bullish and will wait for a qualified entry pattern and price action.

🍰 The LTA Alert Scanner and TC2000 are my tools of choice because they work!. Rick and the HRC Members kick off the trading room starting at 9:10 Eastern when we review the markets, trade ideas, and PFE.

✅✅ Other charts we plan to cover in the trading room, 9:10 am Central: ACHN, LULU, SBGI, ARWR, BABA, CMCSA

✅ 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