Consolidation

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Choppy Consolidation

ConsolidationAfter a lot of moving around reacting to the consolation of the North Korean Summit the market ended the day about where it started and still in consolidation.  With the long holiday weekend ahead expect very light volumes and choppy price action.  Currently, the futures suggest a slightly bullish open, but I highly doubt it will find enough energy to attack overhead resistance or move lower to test support.

There are times to trade than there are times its more productive just to do other things.  Today is likely going to be the latter.  I wish you all a wonderful 3-day weekend.

On the Calendar

The Friday Economic Calendar kicks off at 8:30 AM Eastern with the Durable Good Report which according to consensus will remain strong even though they expect it declined 1.2 percent.  Ex-transportation the number should see a small gain of 0.6 percent and core capital goods could be up 0.7 percent in April.  The Consumer Sentiment number out at 10:00 will remain strong according to consensus with a print of 99.0.  We have one Fed Speaker at 9:20 AM, and three speaking at 11:45 AM.  To close the calendar week, the Baker-Hughes Rig Count is out at 1:00 PM.

A light day on the Earning Calendar with only 15 companies reporting with FL being one of the most notable.

Action Plan

Dipping sharply after the cancellation of the North Korean Summit indexes managed to recover ending the trading day about where it had begun.   If today were a normal day, I would take that as a possible bullish signal but with a holiday weekend just around the corner, not so much.  Futures suggest a slightly bullish open, but I think we can expect volume to drop like a rock after the morning rush as traders head out for the long weekend.

With so much political uncertainty brewing in the trade negotiations I plan to go into the weekend light in my account and avoiding the urge to add any new risk.  The major indexes are in a consolidation range, and I think finding enough volume to change that today will be near to impossible.  Maybe the best course of action is to fire up that grill and get the weekend started early.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/f062HXzMvgY”]Morning Market Prep Video[/button_2]

ALDR Confirmed Weekly RBB Pattern

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ALDR Confirmed Weekly RBB Pattern

ALDR has confirmed a weekly (RBB) Rounded Bottom Breakout pattern that potentially has 50% to our (RBB) max target zone. For the past two months, ALDR has been a trend and preparing to challenge the January 2018 highs, over $15.50 the probabilities will have increased. The weekly chart has drawn an Inverted Head and Shoulder We plan to add ALDR to our buy watch list and wait for the correct buy signals. There is no guarantee we will trade this particular stock.

We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

Subscribing Members –After the close today 4:10 pm , Rick Saddler will have a short presentation, room 1 password required

“Road To Wealth” 2018 Project

 

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Testimonial

Rare to have a service teach you how they find their choices but, HRC/RWO teach you how to fish instead of fishing for you. And, your ideas are not panned but shared, implemented, or improved. Sharing is caring. –Thomas Bradly

SPY Still Choppy

Yesterdays Piercing candle and the previous days Bearish Engulf, a guy could dizzy in this market. I have heard from many people that they win a trade then they lose a trade chop, chop, chop. Well, that’s what happens to most in choppy markets, a choppy market is when there is no real up or down direction, and the trader tries to predict a trend or direction. This problem is a simple fix, what until there is a breakout or a breakdown, the numbers I am looking are $275.00 for a breakout and $267.50 for a breakdown. Our Red, White, and Blue moving average trend still suggest bullishness, price action is just slow and sluggish right now.

VXX – Ran to the T-Line and the T-Line spanked it back down.

Rick’s Trade-Ideas Reserved for Members

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Focus Trading Education

Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI

To learn more about our trading tools join us in the trading room or consider Private Coaching.

Testimonial

This is not your usual service that sends out a ton of stock recommendations, and then cherry picks the winners to show you how great they are. Hit and Run Candlesticks and Right Way Options are truly educational services. They taught me how to trade not what to trade. The entire team: Rick, Doug, Steve, and Ed are there to help and answer your questions. They are awesome. They cut years off my learning curve. And it’s a team effort. Everyone in the room (all the members) are there to help with invaluable insights and advice. The only service you will ever need. Thanks to all the team for how you have helped me and for all you do. –Jonathan Bolnick

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. or Rick Saddler is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone.

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Whiplash

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Whiplash

whiplashWith a sharp morning gap down and quick afternoon rally fueled by and FOMC surprise you may have a mild case of whiplash this morning.  At the end of the day, the major indexes managed to hold onto price supports but remain in a chop zone below resistance.  In other words, a wide range of consolidation fueled by political uncertainty making it very challenging for short-term traders caught in the whipsaw.

With more trade negotiation tremors likely and a holiday weekend just ahead the challenging price could continue so plan your risk carefully.  Also, keep in mind that we could soon experience lighter than normal volumes as traders take off early to extend their labor day weekend.

On the Calendar

We have a full Economic Calendar this Thursday, but there are only two reports with the potential of moving the market.  Weekly Jobless claims at 8:30 AM according to consensus will decrease by 2,000 to 220K and continuing to show very strong labor demand.  Then at 10:00 AM Existing Home Sales with a consensus annualized rate of 5.600 million will hold the strong gains of the last couple readings.  Other than that Consumer Confort index @ 9:45, Nat. Gas @ 10:30, Kansas City Mfg Indes @ 11:00, Fed Balance Sheet & Money Supply @ 4:30.  We also have Fed speakers at 10:45 AM and 2:00 PM along with 4-bond events today.

The Earnings Calendar shows 51 companies will report earnings today with BBY before the bell and GPS after the market close.

Action Plan

After a nasty opening gap down the bears seemed to have full control and continued to drive the market lower throughout the morning and early afternoon.  Then at 2:00 PM Eastern the FOMC surprised the market suggesting they were willing to allow inflation to rise above 2% sparking a sharp rally to close all four of the major indexes positive on the day.  If you feel your suffering from a little whiplash this morning, you’re not alone.

As I write this, the Futures are pointing to a flat open, but Economic new, and Earnings reports could quickly change that before the open.  With so much political uncertainty as trade negotiations, new reports send tremors through the market and facing a 3-day weekend I would not be surprised to see choppy price action with declining volumes after the morning rush.  Keep in mind that a lot of traders will likely extend their labor day with a few days of vacation.  Keep that in mind as you plan your risk into a holiday weekend.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/EFsxdqyOIyA”]Morning Market Prep Video[/button_2]

MDXG Confirmed RBB Pattern

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MDXG Confirmed RBB Pattern

MDXG has confirmed an (RBB) Rounded Bottom Breakout pattern that potentially has 40% to our (RBB) target zone. MDXG over several months has created a bottom and yesterday aggressively challenged the breakout area. The weekly chart has formed a run PBO Morning Star type pattern. Bullish over $8.10, We plan to add MDXG to our watch list and wait for the correct setup. There is no guarantee we will trade this particular stock.

We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

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Testimonial

Rare to have a service teach you how they find their choices but, HRC/RWO teach you how to fish instead of fishing for you. And, your ideas are not panned but shared, implemented, or improved. Sharing is caring. –Thomas Bradly

SPY Bearish Engulf

The May 14 candle has proved to be a bit more than the buyers can handle. The buyers gave into the seller, and the sellers posted a Bearish Engulf that almost guarantees a lower low the next day. Based on the morning futures the lower low is going to happen. The $270 line in is jeopardy of a test; the buyer might not fight too hard at the $270.00 line and save their energy for the 50-SMA. Yesterday in the trading room I shared the idea that because of the Bearish Engulf the close today (5-23) will be important because today is about follow through or not. Sure, glad we closed a few positions yesterday and kept our QQQ short we started last week.

VXX – Put together a Doji Bullish Engulf on a support line, today we should see a challenge of the T-Line. $37.50 would be the Dotted Deuce.

Rick’s Trade-Ideas Reserved for Members

Monthly • Quarterly • Semi-Annual • Annual

Focus Trading Education

Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI

To learn more about our trading tools join us in the trading room or consider Private Coaching.

Testimonial

This is not your usual service that sends out a ton of stock recommendations, and then cherry picks the winners to show you how great they are. Hit and Run Candlesticks and Right Way Options are truly educational services. They taught me how to trade not what to trade. The entire team: Rick, Doug, Steve, and Ed are there to help and answer your questions. They are awesome. They cut years off my learning curve. And it’s a team effort. Everyone in the room (all the members) are there to help with invaluable insights and advice. The only service you will ever need. Thanks to all the team for how you have helped me and for all you do. –Jonathan Bolnick

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone.

*************************************************************************************

 

 

Tweet-storms an uncertainty

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Tweet-storms an uncertainty.

Tweet-stormsSadly yesterdays bullish attempt to break through resistance was unsuccessful amid presidential trade comments and Tweet-storms that continue to ruffle feathers.  The bad news is that the futures this morning are pointing to a gap down market open confirming the bearish engulfing patterns printed on all four major indexes.  The good news is that the 50-day moving averages and the current trend still hold the possibility of supporting price.

Unfortunately, as the trade negotiations continue the market will have to tiptoe on eggshells as we wait for a resolution.  Toss in the North Korean summit the North American trade negotiations and the FOMC minutes, and we have a pile of uncertainty likely to keep the market on edge.

On the Calendar

The hump day Economic Calendar has four potential market-moving reports.  The first is the 9:45 AM PMI Composite Flash which consensus expects the composite at 54.8, manufacturing at 56.5 and services at 54.6.  At 10:00 AM New Home Sales according to forecasters will slow slightly to a 677,000 annualized rate vs. the 694,00 April surge.  The EIA Petroleum Status report at 10:30 AM has shown a slow, steady trend of declining supplies helping to support rising oil prices.  Then at 2:00 PM is the FOMC minutes which may shed more light on the Fed’s thoughts regarding future interest rates.   Other than that we have 2-bond auctions at 11:30 AM and 1:00 PM followed by a Fed Speaker at 2:15 PM to complete the calendar day.

On the Earnings Calendar, there are 33 companies reporting today.  Among those before the bell is TGT and LOW with CPRT and NTAP fessing up after the bell.  Stay on your toes.

Action Plan

A disappointing day in the market after the White House expressed disappointment about the progress of the China trade negotiations.  Unfortunately, that left behind bearish engulfing candle patterns on all four major indexes.  The bearish engulfing requires follow through with a lower low print today to be valid, and sadly the Futures are pointing to a substantial gap down this morning.  Of course, the move lower and failure at resistance is a concern but if there is a silver lining, it would that indexes still have their 50-day averages and trend as support.  Let’s hope the bulls are strong enough to defend and the Tweet-storms subside.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/4B6pIYiDiSc”]Morning Market Prep Video[/button_2]

TLRD Pop Out OF The Box

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TLRD Pop Out OF The Box

TLRD is forming a Pop Out Of The Box pattern while walking to the trending T-Line. The 34-EMA and the 50-SMA are also trending with the bulls. The weekly chart has recently painted a bullish “W” pattern and cleared the weekly 200-SMA. Yesterday we bought TLRD looking for a 20% plus profit. We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

Averaging $1600.00 per month profit started with a $5,100.00 5.5 months ago. Results may differ from trader to trader. Yes, we provide statement transparency. It’s time to stop wishing and hoping for trading success.

Monthly • Quarterly • Semi-Annual • Annual

Testimonial

Rare to have a service teach you how they find their choices but, HRC/RWO teach you how to fish instead of fishing for you. And, your ideas are not panned but shared, implemented, or improved. Sharing is caring. –Thomas Bradly

SPY

The May 14, top held the SPY back yesterday as the buyers are trying to find a crack in the seller’s armor. The chart pattern of the last 13 trading days remains mostly bullish. King of the charts (Price Action) still trending above the T-Line and the T-Line is still trending upward. Take a peek at the monthly chart, and you will see a Bullish Morning Star candle pattern. A close above $275.00 would promote a challenge of the March highs and a close be $270.00 would make the sellers happy.

VXX – Price formed a Doji yesterday below the T-Line, as long as price stays below the T-Line fear will not boil.

Rick’s Trade-Ideas Reserved for Members

Monthly • Quarterly • Semi-Annual • Annual

Focus Trading Education

Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI

To learn more about our trading tools join us in the trading room or consider Private Coaching.

Testimonial

This is not your usual service that sends out a ton of stock recommendations, and then cherry picks the winners to show you how great they are. Hit and Run Candlesticks and Right Way Options are truly educational services. They taught me how to trade not what to trade. The entire team: Rick, Doug, Steve, and Ed are there to help and answer your questions. They are awesome. They cut years off my learning curve. And it’s a team effort. Everyone in the room (all the members) are there to help with invaluable insights and advice. The only service you will ever need. Thanks to all the team for how you have helped me and for all you do. –Jonathan Bolnick

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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