With hurricane Irma, continuing to create damage in Florida the Bulls stampede upward. I guess the market wants to pick up the pieces and tally the costs later. If you ever had a question as to whether the market has a concern for people, then clearly that answer is No! The futures gap up this morning has the potential of creating whipsaw price action so plan accordingly. Let’s also not forget the poison pill running around in North Korea. I doubt our days of high volatility of over just yet. Big moves like this create a lot of emotion. Guard yourself by planning your trades carefully. I can tell you chasing the market with the feeling I was missing out ended up costing a lot of money over the years. Wait, plan, maintain your rules because that is where your edge lies.
A very light Economic Calendar today with only one bill announcement and three bond auctions.
The Earnings Calendar is also very light with only 17 companies reporting result today. A quick scan through them and I see nothing that would be market moving.
The last three days of market price action was nothing more than light volume chop in the indexes. However, there were a remarkable number of good-looking charts and setups. DIA, SPY, and QQQ are all successfully held important levels while IWM remained below the 50-SMA. With North Korea remained quiet over the weekend the futures are pointing to an unbelievably strong open today. As Irma continues to move through Florida leaving behind untold billions in damage in its wake, I’m honestly shocked by the market reaction.
Perhaps the market believed it was going to be much worse. Over the long haul, the hurricane’s damage will likely boost the economy with all the rebuilding efforts and materials consumption. The Dow is looking to gap up more than 100 points retail traders have a difficult decision to make. Do they chase in risking potential whipsaws or do they wait for some of this emotion to subside. Please keep in mind North Korea could upset the apple cart in about half a heart beat once again reversing the market. It’s easy to forget that when we are looking at a 100 point gap.
As for me, I will continue to trade with the up trend, but I refuse to chase a gap near market highs. The RWO portfolio has several long trades that should benefit from this gap up, so there is no need to chase. Don’t get caught up in the emotion. Wait for proper low-risk entries that fit your risk tolerance. That way if the market does turn, your risk is manageable. Make sure to plan each trade carefully. If the market has decided it’s going to breakout to new highs, there will be more good entries than we could trade. There is no need to rush.
[button_2 color=”green” align=”center” href=”https://youtu.be/yBcrgLV0SkE”]Morning Market Prep Video[/button_2]Trade Wisley,
Doug
YRCW (YRC Worldwide Inc. After pulling back to major moving average support price rallied and now a Bullish PBO with the T-Line. The T-Line is near price action support, and the pullback has not been aggressive. YRCW is a perfect candidate for the planned trade watch list.
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.
Friday we took on a new long, and by the end of the day we are up 5.88% (Love it)
Are you having trouble putting together a winning trade? Not sure what scans to use? So near to having multiple winning trades, but something always goes wrong. Maybe a couple hours with a trading coach could make all the difference in the world. Hit and Run Candlesticks has 4 trading coaches – Learn More about the Coaches
With on-demand recorded webinars, eBooks, and videos, member and non-member eLearning, plus the Live Trading Rooms, there is no end your trading education here at the Hit and Run Candlesticks, Right Way Options, Strategic Swing Trade Service and Trader Vision.
If you bought 100 shares when we posted to our members on August 7. Hit and Run Candlesticks members practice trade management and trade planning with Price and Candlesticks, The T-line, Trend, Trend Lines, Chart Patterns, Support, and Resistance.
On the SPY price formed a Doji on the T-Line. The last 8 bars created a Bullish Run and a Bullish Pullback. $247.30 will be a number the Bulls want to beat and hold this week. Above $246.30 the Bulls will have the ability to advance and test the Highs. Note the 34-EMA is trending in a Bullish fashion. There is no doubt we have to trade with volatility and chop. Just remember you are the boss, you make the trade choices and rules.
A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame. That time could be one to 15 days for example. From that watch list, we wait until price action meets our conditions for a trade.
Investing and Trading involve significant financial risk and are 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.
As the market rallied at the end of the day yesterday, the temptation to add some positions was strong. After all, there are so many good looking charts showing up, right! But then I began to think about the weekend of uncertainty ahead and resisted the temptation. Looking at the futures this morning pointing to sizeable gap down this morning the late day rally is looking more like a Bull trap. After thinking it through, I am happy to have my account hedged with some DIA puts. RWO members are holding some nice gains as the weekend approaches it would be wise to think about profits rather than adding new risk. With all the uncertainty surrounding the market, we can rest well knowing the market will open again on Monday with loads of profit potential.
The Friday Economic Calendar is giving us break with no market moving reports expected. Before the market opens at 8:45 AM Eastern we have a Fed Speaker pontificating on interest rates. At 10:00 AM there is a report from Wholesale Trade which forecasters see a rise in inventories. We have the Oil Rig Count at 1:00 PM and Consumer Credit at 3:00 PM. Unless there is some major surprise, none of the reports today are likely to move the market.
The Earnings Calendar is also very light today with only 15 companies expected to report this Friday. A quick look through them I don’t see anything that would be market moving. That, however, does not excuse you from checking them against your current holdings. Relying on luck isn’t a wise way to manage your trading business.
The choppiness of the last couple days has been frustrating. The Bulls and Bears have pretty much battled to a stalemate. At the end of the day yesterday it looked like the Bulls were gaining an edge and I found myself wanting to predict the market was ready to move higher. After all, there are a lot of very good looking charts in my qualified lists. Finally, experience kicked in, and I started to consider the weekend ahead and all of the uncertainty facing the market.
As of now, the projections on Hurricane Irma could not be worse as this massive storm has the entire state of Florida targeted. It’s hard to imagine, but if current projections are correct, Irma will affect the entire peninsula coast to coast. The potential damage and economic disruption are truly staggering. Then we have that pie-faced dictator with a bad haircut who loves spreading hate and discontent. So as much as I would like to start buying up stocks my common sense is telling me to wait. The market will be here Monday, and there is no need for me to be the first sheep through the gate. If the Bulls do step in, there will more than enough opportunity to profit.
[button_2 color=”green” align=”center” href=”https://youtu.be/_HS_GndxNuo”]Morning Market Prep Video[/button_2]Trade Wisely,
Doug
YNDX (Yandex N.V.) Is forming a Bullish J-Hook Pattern with the big September 1 candle followed by the lower highs then a higher high. The 34-EMA has maintained its trend after price gapped on July 13 and went crazy all over the place. The organization seems to be coming back in with the last 7 bars. Take a look at the 2-3-4-5 day charts.
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.
No changes from yesterday.
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Full 100% 3-month membership to Hit and Run Candlesticks for $212.50 (Only $70.83 per month) Take what you learn and turn it into extra income or work from home and enjoy the lifestyle while earning an income and creating wealth. Hey, we post charts that thousands make their entire subscription fee back the first day.
Are you having trouble putting together a winning trade? Not sure what scans to use? So near to having multiple winning trades, but something always goes wrong. Maybe a couple hours with a trading coach could make all the difference in the world. Hit and Run Candlesticks has 4 trading coaches – Learn More about the Coaches
With on-demand recorded webinars, eBooks, and videos, member and non-member eLearning, plus the Live Trading Rooms, there is no end your trading education here at the Hit and Run Candlesticks, Right Way Options, Strategic Swing Trade Service and Trader Vision.
If you bought 100 shares when we posted to our members on September 7. Hit and Run Candlesticks members practice trade management and trade planning with Price and Candlesticks, The T-line, Trend, Trend Lines, Chart Patterns, Support, and Resistance.
Price and the T-Line – The T-Line (8-EMA) has been one of the most important tools in my trading tool box for a long time. And to this day it’s the only rival is price action itself. To keep this short; The T-Line will hold the lows (support) on a Bullish chart only giving way for very short periods of time or the time it takes to create a pattern. The same can be said for the Bearish side. I will ask myself, what is price doing compared to the T-Line and what is the T-Line doing compared to Price? Another little tool I use along with the T-Line is the 34-EMA when using the 2 moving averages together, you can get an idea whether the leader is the Bull or the Bear or even the wondering weezel.
A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame. That time could be one to 15 days for example. From that watch list, we wait until price action meets our conditions for a trade.
Investing and Trading involve significant financial risk and are 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.
Even as the morning futures pump up team continues to try and inspire buyers to jump in piles of uncertainty surround the market. From budget wrangling in D.C., Hurricane threats and a nut job with his finger on a nuclear button the market has a full plate. I think we can expect some very fast moves in the market as these events unfold in our 24-hour news cycle. Even a slight improvement in the track of Irma could inspire the Bulls just back in but if projects remain the same the opposite could be true. The Governor of Florida as order evacuations due to this historic storm. If I were governor of the market, I would order a temporary evacuation of the market for all inexperienced traders. Please protect yourself until at least some of the uncertainty passes.
Thursday’s Economic Calendar begins with the weekly Jobless Claims at 8:30 AM Eastern. The expectation for this week is only slightly higher at 241K vs. 236K. However, as the effects of Hurricane Harvey tally up this number could start moving up quickly. Productivity and Costs also report at 8:30 AM which sees productivity rising 1.3% and labor costs edging higher by 0.3%. At 11:00 AM we get the EIA Petroleum Status Report. I would expect to show a decline in supplies even though it is unlikely to include the full effects of Harvey will likely not show up just yet. We have a three Fed Speakers today, a few on-market moving reports and slew of bond announcements rounding out the calendar day.
On the Earnings Calendar 60 companies are expected to report today so stay on your toes and continue your due diligence.
Although we managed to bounce small bounce in the morning, the market remained mostly stuck in a very narrow range chop. During the evening the futures were mostly lower, but the market pump up team has been hard at work. Currently, the futures are pointing to a flat open, but that may be difficult to matain with the market facing so much uncertainty.
The DIA, SPY and the QQQ’s all remain above their 50-day averages, but price action is not exactly inspiring confidence. I would rank the QQQ’s a the strongest of the indexes and IWM as the weakest which is once again below the 5- day average. As more and more reports come in on Hurricane Irma, the chances that Florida will take a direct hit seem to grow. Following this historic storm is another Hurricane named Jose that is growing in strength. Add in the budget games playing out in D.C. and the growing tensions with North Korea, and it’s understandable that the market nerves are wearing thin. Expect volatility with fast moves possible as news of these events unfold. I recommend extreme caution and would suggest new or inexperienced trader simply wait for a bit more stability.
[button_2 color=”green” align=”center” href=”https://youtu.be/7RcAeCClj6s”]Morning Market Prep Video[/button_2]Trade Wisely,
Doug
ZUMZ (Zombies Inc) Printed a Bullish Morning Star reversal pattern that ran for a couple of days before pulling back to a (PBO) Pull Back Opportunity. Also a J-Hook continuation pattern in our Rounded Bottom Breakout pattern/strategy? Over $13.40 I see a couple 15% swing trades if planned and traded correctly.
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.
No trades the last few days due to pers
onal reasons, but we are still holding. IDXG for 18.65% and MNKD up 16.60% and X
up 13.4% for a cool $3955.00
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Are you having trouble putting together a winning trade? Not sure what scans to use? So near to having multiple winning trades, but something always goes wrong. Maybe a couple hours with a trading coach could make all the difference in the world. Hit and Run Candlesticks has 4 trading coaches – Learn More about the Coaches
With on-demand recorded webinars, eBooks, and videos, member and non-member
eLearning, plus the Live Trading Rooms, there is no end your trading education here at the Hit and Run Candlesticks, Right Way Options, Strategic Swing Trade Service and Trader Vision.
If you bought 100 shares when we posted to our members on May 30. Holding it or trading it or swing trading it several times. Hit and Run Candlesticks members practice trade management and trade planning with Price and Candlesticks, The T-line, Trend, Trend Lines, Chart Patterns, Support, and Resistance.
The SPY is coming out of its August 21 low with a Low High – Higher Low and A Higher High pattern with The T-Line back over the 34-ema. A solid Belthold on August 29 leads this recent run. The current evidence indicates the Bulls are doing the driving. Driving a bit crazy …yes! Choppy and no real conviction but they are driving. Yesterday I posted a chart of the SPY with 3 numbers that were important for the Bulls to win over. (You can see
this on yesterday’s Trade Idea blog).
A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame. That time could be one to 15 days for example. From that watch list, we wait until price action meets our conditions for a trade.
Investing and Trading involve significant financial risk and are 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.
