With a positive US/China Wall Street Journal report, the CVX buyout of APC, Uber IPO filing, Disney’s new streaming service and the kick of 2nd quarter earnings US futures are finally shaking off the doldrums that plagued price action all week. Of course a lot could still change but as I write this the US Futures are pointing a gap up open of more than 150 points.
As the big bank earnings roll in and investors listen in on
conference calls expect some price volatility to occur throughout the morning
as we head toward the open. It would be wise
to remember that all the indexes still have price resistance above and the risk
of chasing this morning gap into resistance need careful consideration. After such a long week of choppy price action
it’s easy to get caught up in the excitement and feel the fear of missing out. Remember this is just the first day of 2nd
quarter earnings there will be more than enough opportunity to come so there is
no need to rush.
On the Calendar
We have a light day on the Earnings Calendar but with only
14 companies reporting but we have a few heavyweight reports kicking of 2nd
quarter earnings season. Notable reports
JPM, INFY, PNC, WFC.
Action Plan
US Futures are very happy this morning even before the big
bank earnings have begun. First the Wall
Street Journal reported positive comments on the progress of the US/China trade
deal raising hopes of completion. Then Chevron
announced it was buying APC in a 33 billion dollar deal. In other news the market seems to like is the
streaming service set to launch in November by Disney and the Uber IPO filing
release. Asian markets closed mixed
overnight and European markets are only modestly higher as investors deal with
another round of growth concerns.
As I write this the JPM just reported a top line beat on
earnings and the futures are pointing to more than a 150 point gap up at the
open. Remember a huge gap like this
opens the door for a possible pop and drop pattern so don’t get caught up in
the morning excitement chasing the open. Let’s wait and see if buyers support the gap
and keep in mind sentiment can change during a companies conference call. Today is profit Friday so those holding long
positions may want to consider the morning gap as a gift and ring the register. As this is just day one of 2nd quarter
earnings consider the carefully the risk you carry into the weekend. With that in mind I wish you all great profits
today and a wonderful weekend!
Another week has gone by and the bulls remain the winner. The SPY price is has been skipping along the T-Line for the past 10 bars and above the Green T-Band for the past 9 bars. The wall of worry is in place. We monitor the SPY chart for signs of damage and every time you think you see it, the bulls hop in to fix it. Currently, we are about 2% from the SPY all-time high, come on bulls get it done! There is no loss of bullish charts, the scanner continues to produce. What a winning combination to have a greak stock scanner and the education to trade for profits, you gota love your job!
Today at 11:00 AM Eastern I will be in room #3 showing how I set up my favorite scans. I hope you can join us. Link to Room #3
✅ Trade-Ideas for consideration: ATVI, V, SC, NVTA, VLO, CY. Let the LTA Scanner do you work for you Tryit for 30-days
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
Not event he FOMC minutes was able to shake the market out of its pre 2nd quarter doldrums. There are a lot of great looking bullish chart setups but with the overall market chopping sideways they’re finding it very difficult to attract enough buyers to get them moving. Unfortunately today is likely to be very much the same as we wait for some of the big bank earnings Friday before the bell. The question is will they inspire the bulls, embolden the bears or will the doldrums continue? Anything is possible.
Technically the indexes are bullish with the SPY and QQQ in
the lead while the DIA and IWM lag behind.
I’m comfortable holding current positions but I’m finding it difficult
to add new risk in such choppy price action.
It’s very easy to overtrade a dull market and wake up the next morning
to find the market moving sharply against your positions. When the overall market is showing cautious price
action that may be a clue we should be doing the same. Be patient and avoid predicting and wait for the
price to show us the way.
On the Calendar
We have only 12 companies reporting earnings today with FAST
and RAD likely the most notable.
Action Plan
Not even the FOMC minutes could break the market out of the
choppy price action we’ve experienced this week. Oddly enough there are a lot very good
looking charts setting up good entry patterns if only the bulls could find the
inspiration. Asian markets closed mixed
but mostly lower overnight. European markets
are basically flat this morning after the decision to grant a 6-month extension
to try an obtain a Brexit deal by
October 1st. Here in the US
future are edging higher this morning but with light economic and earnings
calendars it will be difficult to find inspiration.
The SPY and the QQQ continue in bullish patterns, holding
above support levels and maintaining the trend.
At the close of yesterday the QQQ’s seem the most likely candidate to
attack the all-time index highs. With BA
moving lower to test a critical level of price support the DIA is still doing a
good job of holding support and IWM continues to lag as the weakest index. As we wait for the big bank earnings on
Friday morning, I’m expecting another day of choppy price action. Although there may be lots of great looking
charts be careful on to overtrade.
A chart I have up and on one of my monitors at all times is the FANG chart (Ticker FNGU) or FANG Index 3x Leveraged ETN FANGS stocks are (FB) (AMZN) (AAPL) (NFLX) and (GOOG). The FNGU chart has been instrumental in determining trend direction and pullbacks in the overall market. As you can see from the chart, it is approaching the 200-SMA. The 200-SMA is a moving average know for its support and resistance. More time than not I have experienced price action consolidation when price enters into the 200-SMA zone. While the market is still trending bullish, we will continue to trade bullish to the long side while monitoring how price action acts on the (FNGU) chart in the 200-SMA zone.
Live Trading Alerts Clinic: Today, Thursday, April 11, 2019, Ed Carter will be covering 26 new scans and answering any questions you might have. The LTA- Live Trading Alerts Scanner has proven it’s self has the leader in auto scanning for candlesticks signal, chart patterns, breakouts, and break downs. Click Here and Choose Room#4
✅ Trade-Ideas for consideration: ATVI, V, SC, NVTA, VLO, CY. Let the LTA Scanner do you work for you Tryit for 30-days
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
Although the Dow shed 190 points yesterday the SP-500 and
the NASDAQ stood resolute and well defended by the bulls. Even with the IMP once again cutting global
growth forecasts last night, the futures are pointing to a bullish open this
morning. Asia closed mixed but mostly
lower due to growth concerns but European markets appear largely unconcerned as
they wait for an ECB rate decision and Brexit summit.
Technically speaking the SPY and QQQ continue to look very strong
holding support levels and trend. Though
the DIA and IWM found some sellers yesterday the bears have not shown much conviction. After the morning rush doesn’t be surprised
to more light and choppy price action as we wait for the FOMC minutes this afternoon.
On the Calendar
We have a light day on the Earnings Calendar today with just
11 companies reporting. Notable reports include
DAL before the bell and BBBY reporting after the close.
Action Plan
During the evening the IMF once again cut global growth forecasts
getting a negative reaction lower by Asian markets closing mixed but mostly
negative. European markets however are
slightly higher ahead of ECB rate decision and a Brexit summit. US Futures currently seem unconcerned about
the IMF report this morning pointing to bullish open ahead of the CPI report
and release fo the FOMC minutes.
Although the SPY and QQQ closed lower yesterday there has
been on technical damage as they continue to hold supports and trend. Although the DIA slipped back below a level of
resistance yesterday the bears seemed to lack downside conviction. The IWM remains the weakest of the indexes
leaving behind a possible failure pattern at price resistance. I would not be at all surprised to more light
choppy price action today as the market waits for the FOMC minutes and the kick
off to 2nd quarter earnings on Friday.
Not much change in the market, the bulls continue to ride the T-Line train to bull town. Price gapped down yesterday and closed with a Doji on the T-Line. The bull-bear T-Line (Reg/Green T-Line) held with a green trend on the gap down so we will remain cautiously bullish as the buyers climb the wall of worry. Earnings kick off this week and could be the catalyst that pushes price action up to and over the $300.00 mark on the SPY. A little caution: The VIX chart pushed a little yesterday closing over the T-Line turning the trend green. The VIX is a huge clue in the fear or lack of fear in the market. Trade well, Trade smart my friends.
Today’s Action plan: Manage current positions, taking off a few profits when presented. Yesterday we took profits on FDX and will consider a reentry of the chart presents itself. The LTA Scanner is already turned on, and we’re both ready for a great day.
✅ Trade-Ideas for consideration: CMCSA, HES, OLED, EW, ORCL, AABA, ZAYO, MDLZ. Let the LTA Scanner do you work for you Tryit for 30-days
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
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 6th-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.
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
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 8th
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.
A report suggesting we could have a challenging 2nd
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 2nd 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 12th we get reports from JPM, PNC & WFC followed by C and GS Monday the 15th. 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 2nd 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 12th
we will hear from JPM, PNC and WFC followed closely by C and GS Monday the 15th
to set the stage.
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
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
