Bears say, Howdy.

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Bears say, Howdy.

Bears say, HowdyWith everyone was enjoying a long weekend it would appear this morning the bears want to say howdy and mount an offensive.  The normal culprit, US political uncertainty, does not seem to be the cause of the bearish move it seems to stem this morning from our friends across the pond.  European indexes are lower with another extension request on the Brexit as a possible culprit.

Nonetheless, the Futures are pointing to a substantial gap down of more than 150 Dow points breaking below the consolidations support and adding another possible resistance level.  With the DIA and SPY now so close to their 50-day averages a test of this key level now appears more likely.  There is no need to panic, but there is a reason to raise your caution level.  As always stay focused on price action and remain disciplined to your rules rather than letting emotion dictate business decisions.

On the Calendar

Although it’s only a four day work week, the Economic Calendar will be a busy one with a bunch of potential market-moving reports.  Today we get things kicked off at 9:00 AM CoreLogic Case-Shiller as forecasters expect a slight decline to 6.4% vs. the February reading of 6.8%.  At 10:00 AM the Consumer Confidence will remain strong according to forecasters that expect May to come in at 128.1 holding on to this year’s gains.  After that, we have State Street Investor Confidence at 10:00 AM, Dallas Fed Mfg Survey, and 3-bond auctions to round out the calendar day.

On the Earnings Calendar among the 51 companies, a room favorite of late MOMO will report before the bell today.  After the market close, we will hear form HPQ & CRM.

Action Plan

It was not a surprise to see Friday’s price action so anemic and choppy.  Unfortunately, it also gave us no clues the big gap down open we currently see this morning.  Currently, the Dow Futures suggest a gap down of more than 150 points following declines in European markets during the night.  If the bearishness holds through-out the morning the DIA, SPY will gap below last Thursdays low and the consolidations price support.  The IWM is currently indicated to open below the support of the breakout to new highs created on the 16th.

If there is a silver lining this morning, it’s the fact that all the major indexes currently remain above their respective 50-day averages and are at this time still holding onto the up-trend.  With such a violent move at the open, it’s easy to make poor emotionally based snap decisions.  As always watch the price action closely and follow your trading plans.  At this point, a test of the 50-day seems likely; the big question is will this key level hold?

Trade Wisely,

Doug

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I am Never Under Pressure To Trade

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I am Never Under Pressure To Trade

“I am never under pressure to trade” are good words for a trader to wake up to every morning. Good traders never feel pressured to chase or panic trade, while new and struggle traders night feel differently. Good traders never feel pressure to buy something every day, if they already have already had stocks in there creel they manage them. If they don’t, they wait until weather and temperature are just right, and they use the right bait. There are no trade ideas today because the bad weather has muddied the water, the bait and fish will be too hard to see. Our trading room opens at 8:45 AM – Hope to see you there.

  • Why do Fib Ratios Work?
  • Why Should You Use Extensions instead of Projections?
  • Answers to Common Problems Using Fibs.
  • Where do you begin and end your drawing?
  • Do we use Bodies or Wicks?
  • Which Ratios should be your focus?
  • How to Identify the major support/resistance Levels with Fibs?
  • How to Find Entries with Fib Retracements?
  • How to Set Targets Using Fib Extensions?
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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

Looking at the pre-market futures, we will open under pressure and below the T-Line today. Fridays close was a little weak with the RED, White and Blue MA’s closing below the 34-EMA on the hourly chart. With today’s weakness, there is a good chance the 50-SMA see’s a little action this week. Looking at the daily chart, the SPY is still painting a Symmetrical triangle which means short-term swings in a sideways direction.

VXX – The VXX will open above the T-Line on the daily chart, over $38.10 will indicate the fear is growing.

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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. 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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Stand For Our Flag

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Stand For Our Flag

Stand for the flag and put your hand over your heart. We would like to wish everyone a safe holiday and please remember those that have made our country the safest and free’est in the world. The freedom we enjoy has come at a pice, don’t be sad, walk tall and stand proudly with the men and women who served our military.

Trading Proof

Thank you to everyone that was at the webinar yesterday allowing me to share my 2018 project “Road Map To Wealth.”

SPY Market

For the past eight days or so the candles turn has been forming what we call a pop out of the box if you talk a look at the three-day chart you can see it. Typically this pattern is a clue to a bullish move. Buying in the box is skeptical, but the breakout of the box is the trigger that the bulls are taking the next step to a run. The Red, White, and Blue are are in a bullish direction, the price is above the V-Stop and all nine days have closed above the T-Line.

Fibonacci Retracement Workshop June 7, 2018, Why Fibs Work • Where do I begin • Bodies or Wicks • Which Ratios • Find Targets

[button_2 color=”red” align=”center” href=”https://ob124-cea4cb.pages.infusionsoft.net/” new_window=”Y”]Fibonacci Workshop • Why Fibs Work • Where Do You Begin • Which Ratios[/button_2]

Testimonial

In the past eight months, I have been a fortunate member of Hit and Run Candlesticks Right Way Options. The education on a day-to-day basis is both informative and fun. The E-learning further cements the learning experience along with the educational archives and methodology. If you enjoy working with other members to solve mutual options strategies engagingly with a sense of purpose, then this membership can be yours. –Jerry Hefner

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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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

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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

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. 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.

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

 

 

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

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