ACLS – Pop Out Of The Box
ACRX (Axcelis Technologies) The ACLS Chart has presented us with a Pop Out Of The Box • J-Hook continuation pattern. The ACLS chart has broken out of the January highs with a bullish T-Line Run. The recent shooting star offered a pullback, and the bulls took it.
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► Ticker (“I” Hit another High Yesterday)
You could have profited about 88% or about $321.00, If 100 shares when we posted to our members on August 11.
► Eyes On The Market (SPY)
The FOMC minutes are public, and the market remains Bullish. Price, the T-Line, the Volatility Stop all moved and closed a bit higher yesterday signaling the bulls feels the SPY is worth more than it is.
While the market seems unbreakable, it is hard not to be worried that the market is overbought and on the edge of a big correction. There is no dought that at some point this will happen but until then simply trade the charts in front of you. Remember we are short-term swing traders and can bail in the push of a button with minimal loss.
Rick’s trade ideas for the day – MEMBERS ONLY
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.
The 48th Dow record this year.
In my 27 plus years as a trader, I have witnessed many extraordinary market events. However, I have to say that this year is one of the most amazing. According to the news, President Trump is the most hated president in history yet since his election the market continues to leap higher with confidence. Yesterday marked the 48th Dow record this year, and the other indexes have followed setting record after record.
As earnings season begins, it now falls to the companies to prove their results can support these high prices. Personally, I think they will. Market analysts expect to see 11% growth in company revenues this year. What’s really surprising is they expect another 11% growth next year as well. If that actually comes to pass, then this trend could easily keep going up for the foreseeable future. As I said before, Amazing!
On the Calendar
We kick off the Thursday Economic Calendar at 8:30 AM Eastern with the weekly Jobless Claims followed directly by the PPI-FD report. Consensus has Jobless claims easing slightly from 260k to 252k this week, but impacts from Puerto Rico are still a wild card. The Sept. PPI consensus expects a gain of 0.4% overall reading. At 11:00 AM we get the latest reading from the EIA Petroleum Status Report. Most are continuing to expect rising demands to diminish supplies. We have 3 Fed Speakers and several non-market moving reports today with the Treasury Budget at 2:00 PM to round out the day.
The 4th Quarter Earnings Season officially kicks off today with reports from C and JPM before the market opens. Earnings reports will ramp up sharply next week so make sure your checking before placing new trades.
Action Plan
The DIA, SPY, and QQQ’s all closed at new record highs yesterday despite very slow and choppy price action. The market had little to no reaction to the FOMC minutes yesterday which was quite odd. That would suggest all the pressure now falls to the big bank reports today and tomorrow. In a rising rate environment, one would expect the banks to report well, but as you know, anything is possible.
Futures are currently suggesting a flat to slightly lower open as I write this but as the earnings reports come out that could certainly change quickly. As we head into the weekend, I am thinking some profits into the market strength. I will also look for new long trade entries to take advantage of the uptrend. As always I will avoid chasing and favor stocks that are at or near price support levels.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/1s4O67j2PCw”]Morning Market Prep Video[/button_2]
Public Webinar
In this webinar, we discussed the market ahead of the FOMC minutes and looked at charts that were presented by the attendees.
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The Calm Before the Storm
Although bullish, so far this week the price action has been choppy. Many individual stocks performed well, but overall the market was simply marking time as it waits for the FOMC minutes and the kick off to earnings season. Think of this as the calm before the storm. As the drama earnings season unfolds, we can expect to see greater premarket futures activity around the reports as the market first speculates and then reacts to the new data. New and inexperienced traders often find earnings to be very challenging due to the big price swings they can create.
My suggestion is to focus on the price action, support levels, resistance levels and trend of the overall market. Currently, the trend is up. Stay the course and trade with the trend but avoid speculating on the individual stock earnings reports. Also, I suggest turning off CNBC and all the emotion they stir up around events. Drama is great for their ratings but not so much for your trading accounts.
On the Calendar
The Economic Calendar today is dominated by Fed. We have a Fed Speaker at 7:17 AM and another at 2:40 PM. However, it’s the FOMC Minutes releasing at 2:00 PM that will garner the most focus. The market will be looking for clues not only to future interest rate increases but also details of their balance sheet unwinding plans. At 10:00 AM is the JOLTS report which tracks monthly changes in job openings. The consensus is expecting this number to remain very strong at 6.160 million.
I’m showing just over 20 events on the Earnings Calendar today. Before the market open we will hear from BLK, DAL, and FAST. Keep in mind this is the calm before the storm on the earnings front. Thursday we will hear from C & JPM with BAC and WFC on deck for Friday to kick off earnings season. Make sure you are doing your due diligence on every trade because, and earnings surprise can be very costly!
Action Plan
Yesterday the morning pop was once again met with whipsaw in price action then followed by lots of chop the rest of the day. The managed to close at yet another record high while the SPY, QQQ, and IWM chose to rest in a consolidating range. Futures are currently pointing to flat to slightly lower open, but that could change because I’m writing this 3 hours before the open.
Don’t be surprised to see very light volumes and choppy price action until the release of the FOMC minutes at 2:00 PM. Directly after the release, we could see some fast intraday price swings in reaction. After that drama subsides, the market focus will turn directly to the big bank earnings which will begin before the market opens on Thursday. As you know, earnings reports are unpredictable, and the big bank reports are normally market moving events so plan your trading accordingly.
Trade Wisely,
Doug
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ACRX – Bullish J-Hook Continuation Pattern
ACRX (Acelrx Pharmaceutics) The ACRX Chart has presented us with a bullish J-Hook Continuation Pattern from a Bullish T-Line Run. The Volatility Stops have helped to show a supporting leave on the Hook pullback, and the overall volume is rising.
►Learn the tricks to today’s Trade Ideas
Starting at 9:10 EST each day I explain the possible trade from start to finish: Why chosen, entry, stop and profit zones. Answer questions to help you succeed in trading.
Monthly • Quarterly • Semi-Annual • Annual • Change your future and enjoy the life of working from home with swing trading. The next step is up to you.
Good Trading – Hit and Run Candlesticks
Learn more about Hit and Run Candlesticks, and today’s trade idea and plan plus the 10 or more members trade ideas, starting at 8:45 EST AM every morning with the HOG and then Rick at 9:10 EST. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
►Trade Updates for Hit and Run Candlesticks
Currently holding ten long positions
Monthly • Quarterly • Semi-Annual • Annual • We control our risk and manage our gains • We teach the Same • Cancel Anytime
► Ticker (MNKD Hit another High Yesterday) – You could have profited about 305% or about $505.00, If 100 shares when we posted to our members on August 28.
► Eyes On The Market (SPY)
The T-Line has caught up with price has price has moved sideways for three days now in preparation for the FOMC minutes released today. The 64K dollar question is how will the marker handle and decision or comments for the FEDS? Up until today, the Bulls have ruled the roost. No doubt there are may bets oh on this, I would rather let the dust settle, and the walk in with a cup of coffee and calmly do what I make every, trade and make a very nice living for myself and family.
Rick’s trade ideas for the day – MEMBERS ONLY
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Investing and Trading involves 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.
The Bulls take a healthy rest.
The Bulls take a healthy rest.
After a strong and extended upward run the Bulls take a healthy rest. As much as we all like to see the market power higher a nice rest to develop a new level of price support is productive. If the Bulls maintain control while building support, more buyers will be attracted, and confidence in the trend will expand. Having taken profits into the rally, we are in very comfortable position without all the pressure. Our profits are safe while those that allow greed to control their trading likely saw their gains diminish yesterday. We are now free to find new low-risk entries.
On the Calendar
Another light day on Economic Calendar with the NFIB Small Business Index at 6:00 AM Eastern. There is a Fed Speaker at 10:00 AM and one at 8:00 PM today as well as several bond auctions to round out the day.
On the Earnings Calendar, there are a few companies reporting, but I don’t see any market movers. Keep in mind that Earnings Season will officially kick off on Thursday with reports from C and JPM. Make sure to check all position you hold and those you are considering buying for earnings dates. Fail to do so, and the consequences can be significant.
Action Plan
Yesterday the market took a well-deserved rest pulling back slightly with choppy price action. With the banks back open today we should see some better price action, but don’t be surprised if it remains choppy as we wait for the Fed Minutes. Another reason the market could continue to pause is the kick off to Earnings Season beginning on Thursday. Will the Bulls or the Bears be inspired as results roll out?
The overall up-trend continues strong, so I will continue looking for long positions. Futures are once again pushing higher with the Dow suggesting it will open at or near record highs. I would be cautious of chasing the opening pop as it could produce another whipsaw much like what happened yesterday. I will give it a good 15 to 30 minutes to see if real buyers step in after the professional pump.
Trade Wisely,
Doug
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INAP – Stick Sandwich Breakout
INAP (Internap Corp) The INAP Chart has presented us with a bullish Stick Sandwich that broke out of a 2-month consolidation period. The first stick also printed a Bullish Morning Star signal. INAP is one that we will be watching for a better low-risk entry
►Talking about today’s Trade Ideas
Starting at 9:10 EST each day I explain the possible trade from start to finish: Why chosen, entry, stop and profit zones. Answer questions to help you succeed in trading.
Monthly • Quarterly • Semi-Annual • Annual • Change your future and enjoy the life of working from home with swing trading. The next step is up to you.
Good Trading – Hit and Run Candlesticks
Learn more about Hit and Run Candlesticks, and today’s trade idea and plan plus the 10 or more members trade ideas, starting at 8:45 EST AM every morning with the HOG and then Rick at 9:10 EST. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
►Trade Updates for Hit and Run Candlesticks
Currently holding ten long positions
Monthly • Quarterly • Semi-Annual • Annual • We control our risk and manage our gains • We teach the Same • Cancel Anytime
► Ticker (WPRT) – You could have profited about 34.95% or about $101.00, If 100 shares when we posted to our members on September 12.
► Eyes On The Market (SPY)
FOMC minutes Wednesday. We have said the past few days the SPY was a bit long in the tooth and needed to slow down and that is what is happening. As long as the bull can keep the SPY above support, we are in good bullish shape, below $251.90 could be more than the bull can handle for awhile.
Above $10.50 the VIX would be poking the bear. The VIX ran to the 34-EMA yesterday closing just under on the daily chart. The 3-day chart the VIX is painting a Morning Star Candle signal along with a double bottom.
Rick’s trade ideas for the day – MEMBERS ONLY
Monthly • Quarterly • Semi-Annual • Annual
Investing and Trading involves 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.
Bulls continue to show strength.
Bulls continue to show strength.
After such an impressive run higher, the Bulls continue to show strength this morning. The Dow futures are pointing to a new record high, and the VIX hovers near historic lows. Is there really no fear in the market or are we looking at mass complacency? Your guess is as good as mine. It is logical to think a pullback could begin at any time after such a strong bullish move. However, it’s a mistake to try an predict a top.
As I was coming up as a trader, this is a mistake that I would repeat over and over. I would predict that the market was up so much it absolutely had to come back down. Sadly that proved to be a very costly mistake for me. At times I would stand aside anticipating a pullback only the watch the market continues moving higher and leaving behind. I would often miss out on the biggest bull run of the year. Even worse I would at times get short thinking the Bears had to take over soon only to be run over by the bulls.
When we look at the charts, it’s logical to think a pullback is likely and we should prepare. However, if we put our bias aside, we see a chart showing no evidence of a pullback as of now. I am not suggesting we should throw caution to the wind and buy with both hands if fact I have been taking profits into the strength. I am only trying to suggest that you see the chart as it is not as you believe it should be! Emotion can easily trump logic making a run last much longer than anyone expects.
On the Calendar
About all that’s on the Economic Calendar is that today is Columbus Day. As a result, banks and bond markets closed in observance of the national holiday.
On the Earnings Calendar, there are 14 companies reporting today, but I don’t see anything particularly noteworthy or market moving.
Action Plan
The DIA, SPY, IWM, and QQQ’s decided to a little rest on Friday morning, but the Bulls had another plan’s for the afternoon lifting them off the intraday lows. The QQQ’s managed a new record high close by the end of trading on Friday following through after it’s impressive breakout Thursday. As of now, the futures are suggesting a bullish open today with the Dow possibly opening today’s trading at yet another record high. Friday saw the VIX rise slightly after having reached a new closing low Thursday.
With the banks closed today it’s possible we could see a choppy light day after the morning rush. There are a lot of good-looking charts to choose from but make sure that you’re not chasing. I want to continue to trade long with this very bullish trend however we should not be surprised to see profit taking begin at any time. Plan accordingly.
Trade Wisely,
Doug
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