Blog - Page 267 of 641 - Hit & Run Candlesticks

Earnings Kick Off Week

April 9, 2019 by Rick Saddler

Earnings kick off this week, make sure you double check your dates before buying a stock! The SPY posted another bullish day yesterday. Have you ever noticed how price runs on top of the T-Line and even push higher, then come back to the T-Line and even float below the T-Line for a few days? Yesterday marked the 6^th-day price has run above the T-Line. I use the VIX is flexing its muscles this morning, keep a close eye the VIX is a valuable tool when it comes to how deep you’re invested. Above $13.85 on the VIX we will likely lean into a few shorts or puts. The T-2122 chart is on our radar up above 80.

Today’s Action plan: Yesterday we closed our XOP for a nice profit. Today we will be managing our current trades and possibly taking a sweet 25% base hit on FDX. The LTA Scanner is already turned on, and we’re both ready for a great day.

✅ Trade-Ideas for consideration: ATVI, MOMO, PG, MA, CNCSA, PEP, TGT, CSCO

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Looking for Inspiration

April 9, 2019 by Doug Campbell

Although the SPY eked out a 22 cent gain for an 8-day winning streak it’s overall looking for inspiration. The DIA lost 94 cents, the QQQ gained 47 cents and the IWM slipped 26 cents in a day of pensive price action. Perhaps it’s waiting for the FOMC minutes that will be out Wednesday afternoon but with the fed not planning to raise rates this year it may be difficult to find inspiration there. We may have to sit through light and choppy price action until Friday when the big back kick off the new earnings season.

Futures are pointing to flat open after rallying off the overnight lows. Asian markets closed mixed but modestly higher overnight on the back of rising oil prices. European markets are flat this morning after the president threatened new tariffs due to Airbus subsidies that may be ruled illegal. It’s very easy to become bored and over-trade a dull market. The market has provided some great profits over the last three months don’t give them back as the market wanders looking for inspiration.

On the Calendar

On the Earnings Calendar we have just over 20 companies reporting earnings today. Notable reports include PSMT,SJR & WDFC.

Action Plan

Although the DIA closed down yesterday the SPY managed an 8^th straight day of gains with a bullish push in the last 10 minutes of the day closing up 22 cents. The QQQ managed a 47 cent gain while the IWM slipped 26 cents. That’s the price action of a pensive market waiting for some kind of inspiration. Today looks to be another dull day with the US Futures currently flat having rallied off of the overnight lows.

With today’s light economic and earnings calendar we may have to wait until the release of the FOMC minutes on Wednesday afternoon to find a catalyst. However with the FOMC planning no rate increase this year even that news could be uninspiring. With the new concerns raised on earnings growth we may have to wait until Friday’s big bank earnings to find that spark. When the market is dull it very easy for traders to become bored and over-trade a dull market. Trading just to have something to do is bad business. We’ve made great profits in the last few months so let’s not give them back over-trading a dull market.

Trade Wisely,

Doug

Challenging 2nd Quarter?

April 8, 2019 by Doug Campbell

A report suggesting we could have a challenging 2^nd quarter earnings season dampened the bullish sentiment this morning. Asian markets closed mixed but mostly lower and European markets are seeing flat and mixed markets this morning. Currently the Dow futures are pointing to a gap down of about 75 points while the SP-500 and the NASDAQ futures are flat to modestly lower.

With a challenging 2^nd quarter in mind and a relatively light economic calendar this week we could unfortunately experience some light and choppy price action this week as we wait. On Friday the 12^th we get reports from JPM, PNC & WFC followed by C and GS Monday the 15^th. We will have a little excitement this week with the CPI report and the FOMC minutes on Wednesday.

On The Calendar

Interestingly enough we have around 50 companies showing up on the Earnings Calendar today but there is only handful that are confirmed reports so far this morning. Looking through the list there is none that are particularly notable.

Action Plan

During the evening futures were looking bullish on continued hopes of a trade deal but this morning they have taken on bearish attitude. Asian market closed mixed but mostly lower and European markets are mixed and currently flat. It seems as if the market is now suddenly worried that 2^nd quarter earnings will not support current prices.

Analysts have lowered earnings targets significantly. According to a report the expectation was for about a 3% growth in earnings but now their thinking it could be down 4%. If the analysts lower the targets enough and the company tops the estimates the market could still go higher in this silly game. However, if a large group of companies misses the lowered targets then this could be a very challenging upcoming earning season. Friday the 12^th we will hear from JPM, PNC and WFC followed closely by C and GS Monday the 15^th to set the stage.

Trade Wisely,

Doug

Another Bullish Week

April 8, 2019 by Rick Saddler

On the SPY. Monday of last week the bulls popped price over the T-Band high and price continued to post higher lows the rest of the week. As with T-Line rules; when price moves too far and to fast from the T-Line the probabilities increase for a pullback. The overall trend in the SPY remains bullish. The T2122 chart is in the overbought area, but we all know T-2122 and stay overbought while price continues to perform. IYT needs a rest based on its recent performance which means we could see a little softness in the market. SMA still holding strong with no sellers in sight as of Friday. The VIX appears to be constructing a bottom so we will be watching the VIX closely for signs that the construction is ending and the bulls taking over.

Our action plan today and this week will be to keep a close eye on our green longs and pull profits when appropriate. FDX, GIS, VLO, XOP, QCOM. Friday last week in the afternoon the LTA Alert Scanner did a great job of pointing out tradable chart setups, and I have no reason to think anything different this week.

✅ Trade-Ideas for consideration, All Trade Ideas came from the LTA Live Trading Alert Scanner. BLL, PEP, ZAYO, PG, GIS, MSFT, BBY

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Bulls break Resistance

April 5, 2019 by Doug Campbell

US Futures are pointing to positive open ahead of the Employment Situation number at 8:30 AM Eastern and learning a trade deal with China could happen in the next four weeks. Yesterday the bulls appeared to have little concern about the deal with the DIA confidently breaking through price resistance catching up with the SPY and QQQs already above key levels. Even the IWM joined in with bullish day although still below previous highs.

The bulls now have a clear path to test all-time market highs and perhaps set new records assuming support levels hold. Profits have been pretty easy to come by this week but don’t let greed prevent you from taking at least some of those to the bank before the weekend. Through bulls may have their eyes on new market highs we never know what the future holds. Profits today can be gone on Monday so plan your risk carefully into the weekend.

On the Calendar

We only have eight companies reporting earnings today with none that are particularly notable.

Action Plan

I must admit that yesterday turned much better than I expected as we waited to hear news about a trade deal with China. The bulls appeared to have total confidence of a positive outcome providing another nice day of gains rather than the consolidation I was expecting. More than that it appears the bulls have more upside energy this morning with futures pointing to bullish open ahead of the Employment Situation report. The consensus is expecting a nice rebound in the employment number to 170K after last months disappointing reading of just 20K.

Yesterday’s price action was also a big day the market on a technical basis with the DIA breaking through resistance with the SPY and QQQ proving to hold strong above new supports. Even the IWM got with program putting in a bullish day though still a lower high at this point. It’s been a great week of gains and as we head into the weekend its wise to remember your trading plan and goals, taking profits as necessary. I wish you all a great weekend.

Trade wisely,

Doug

Narrow Range

April 5, 2019 by Rick Saddler

The Bulls and Bears could not agree on much yesterday except to hold price a narrow range, In fact, an inside day. An inside day is when one day’s range (lows and highs) are inside the previous days (lows and h1ighs). The one-hour SPY chart shows hoe price pulled back into the T-Bands, tested the red line and close above the blue line. All that went on while the price was simply in a narrow inside day range on the daily chart. Yesterday’s close still had a bullish tilt with four bars above the green line and no bearish signal. The wall of worry is still climbing higher. My Friday gameplan is to take a few base hits and then make sure the grille has gas, and the fridge has a few cold beers in it. It’s time for the first grass mowing this year. We love our job, have a great weekend everyone!

Friday’s base hit plan. With the help of the LTA Scanner Alerts, this week I was able to enter: NVDA up 34% and TGT up 32%. I plan on a running a few bases today with about $1000.00. Seriouslly do you want to take the next step in improve your trading? 👇

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Mentoring with Rick Saddler: The Road to Trading Wealth can take several different paths; it’s important to find what works for you. The Trend, Price Action, Candlesticks, Chart patterns, Support and Resistance, and Strategies is the map we use to stay on the Road To Trading Wealth. Patterns and Strategies such as The Rounded Bottom breakout, The Continuation Pattern, Trending, T-Line Bands, and the Red Green Strategies are a few of our favorites. Patterns like J-Hooks, Pop Out of The Box, The Oreo, The Fig Newton, Candlesticks are some of our favorite patterns. Read More

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Be Prepared China Meeting

April 4, 2019 by Rick Saddler

Be Prepared the china deal getting close. Maybe the meeting today between Trump and Chinas Vice Premier today will be a market mover, be ready. Six lower highs for the SPY, price action above the trend line, V-Stop is green, Price action is above a three T-Bands, almost seem to goo to be true. Price action did tag the $287 number that I spoke of a few days ago. The next number will be $291 if the bulls can hold together. Yesterday’s candle is not what we wanted to see and a weak close could bring the bears back out. Pay attention to price action.

Yesterday we hit the ball and ran a few bases. One was HD, and one was MU. HD was an easy standup run for 57% while on MU we had to slide in for a 43% run. Not a bad game, let get the gang together and play again today. Want to be a member of HRC and free f LTA training with Rick? Heres your chance.👇

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✅ Trade-Ideas for consideration, All Trade Ideas came from the LTA Live Trading Alert Scanner. BIDU, CRON, WY, NXST, NKE, MOMO, ZAYO, MDLZ, SQ. Do your work, work your plan. Always have a plan. The LTA Scanner is available for members at a discounted price of $97/per mo. Also available for non-members at $147/per mo. The Most Important Tool You Can Have

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Will they?

April 4, 2019 by Doug Campbell

The President is meeting the Chinese Vice Premier at 4:30 Eastern today and the big question is, will they or won’t they announce a deal has been struck ending the US/China trade war? Then the next question, if they do announce a deal how will the market respond? Big questions for traders to ponder today as we wait. If that’s not enough to think about keep in mind the Employment Situation number come out before the market open on Friday.

Certainly, a lot to think about, as you plan your risk heading into Friday. As of now US Futures are pointing to flat open voting to take a wait and see approach at least for the moment. My thought is to avoid adding new risk today and maybe even take some profits to reduce my overall risk depending on the price action of the day. Friday morning could be a wild ride if an agreement is announced and could be equally nutty if there is no agreement. So Will They?

On the Calendar

We have fewer than 20 companies reporting as the 1^st quarter reports finally begin to wind down. However, we still have a few notable report s that include STZ, DLTH & ISCA.

Action Plan

During the early evening US Futures were up nearly 60 points on the news that President Trump would be meeting with the Chinese Vice Premier today. The assumption is that the US/China trade war may be close to completing a deal. The meeting is not until 4:30 ET today. However, instead of a morning pump in the futures today the markets are in more of a somber mood. Asian markets closed mixed on very light price action overnight they waiting for news on an agreement. European markets are currently flat to mostly lower as Italy is expected to cut the 2019 GDP forecast.

Consequently, US futures are currently flat shaking off the overnight highs. TSLA fell about 7% after missing on delivery estimates and warning of a negative quarterly report. Now the question is will we or won’t we hear about a trade deal with China later this afternoon and what should we do as we wait. The next question, if there is a deal will it move the market higher or will it be more of a sell the news event? Tough questions to sure and a very uncertain day ahead for traders to ponder. Also keep in mind the Employment Situation number will be out before the market opens on Friday.

Trade Wisely,

Doug

Hope of a Deal

April 3, 2019 by Doug Campbell

Last nights CNBC headline that reads, “US and China are reportedly drawing closer to a final agreement” lifted markets around the world with the hope a deal is forthcoming. Although the article goes on to say both countries still have to agree on a number of important issues the bulls grabbed a hold of that headline and ran. As a result, the US Futures point to a gap up open that indicate the SPY and the QQQ will open above key resistance levels assuming the bullish sentiment holds throughout the morning.

Once again assuming the bulls have the energy to hold this new price level of support it opens the door for the market to test all-time market highs in the near future. Of course we still have to be watchful of a pop and drop pattern if buyers fail to support the morning gap so be careful not to chase. Remember we have the big employment number coming Friday morning and it’s not unusual for the market to become light and choppy as we wait.

On the Calendar

We have fewer than 30 companies reporting earing today as the first quarter reports continue. Among the most notable are CALM, DGLY & KODK.

Action Plan

Shortly after the Asian markets open CNBC reported that the US and China are drawing closer to a final trade agreement. Then went on to say, “Both countries have yet to agree on a number of important issues.” None the less the Asian markets responded bullishly to the headline closing higher across the board. Currently European markets are mixed but mostly higher with the FTSE just slightly in the red.

Consequently the US futures are bullish across the board with the Dow indicating a gap up of 100 points or more as I write this report. At the close yesterday the indexes all faced a challenging price resistance level but as of right now both the SPY and QQQ indicate they will gap through resistance at the open. That certainly opens the door for a possible new record market highs in the near future assuming the bulls can hold above resistance. Of course we must still watch for the possibility of a pop and drop pattern developing if buyers fail to support the morning gap this morning. Remember we have the big Employment Situation number coming Friday morning and it’s not uncommon for the price action to become light and choppy as we wait.

Trade Wisely,

Doug

Cautiously Bullish

April 3, 2019 by Rick Saddler

Futures are up, and $287 is becoming more of a reality on the SPY. Tuesday was a day of rest for the market while Monday was a huge bull day. The wall of worry is still intact as price slowly crawls higher. If we don’t micromanage the hard right edge and every little blip the wall is easier to climb. The trend can be one of the best tools in your toolbox; the trend keeps price action honest and helps traders decide if the chart has gone from good to bad or bad to good. Two important tools after the alert system I use is Price Action (Candlesticks) and Trend. With the T2122 chart in the overbought area, we are cautiously bullish and always remind ourselves to look for the base hits by profiting into strength.

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Mentoring Information

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