SM – T-Line Run With A Bullish Continuation Pattern
SM (SM Energy Co), The SM Chart, has presented us with a Rounded Bottom Breakout setup that has a T-Line run and has now a continuation pattern. The continuation pattern is the “W” pattern and J-Hook pattern. Both are bullish. Trade with us • Learn with us • Profit with us • Or keep doing what you’re doing, up to you?
►Starting at 9:10 EST every morning we cover:
How to trade each HRC trade idea with entry, stop and profit zones. Answer questions to help you succeed in trading.
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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
Friday we closed out the second 1/2 of (I) for a cool 20% PLUS profit
Monthly • Quarterly • Semi-Annual • Annual • We control our risk and manage our gains • We teach the Same • Cancel Anytime
► Ticker (SEDC) – You could have profited about 120% or about $1610.00, If 100 shares when we posted to our members on February 14.
► Eyes On The Market (SPY)
Last week the bulls maintained it’s Bullish status and held into the close Friday. A new trading week starts today with $253.90 as the divide between total the trending Bull or the Bull that’s taking on a few Bears. Taking on to many Bears below $253.90 would likely result in a test $252.50.
The 4wk New High/Low Ratio T2122 is looking a bit heavy; the question is can the Bulls hold it up?
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.
Should I stay or should I go?
An old song lyric seems to describe my thoughts this morning. “Should I stay or should I go,” by The Clash. As most of you know, I consider Friday to be Profit Day as we head into the uncertainty of a weekend. Even though we saw a tiny bit of profit taking yesterday in the overall market, our current trades mostly managed to move up. Yes, the weekend is uncertain, but as of now, the overall market is still very strong with the future pointing to a higher open. So what’s a guy to do? Focus on price action and let it lead the way! If I see the bears stepping in, I may begin to trim risk and put some gains in the bank. If the bulls remain strong, I may lean toward letting them ride because of the comfortable gains we currently hold. Of course if your nervous or would sleep better by reducing some risk than by all means do so! You can’t go broke taking a profit, and you can always reenter on Monday. What ever you decide focus on price and remember Price is King!
On the Calendar
There’s no rest for the weary on this Friday’s Economic Calendar having the most important reports of the week. It all begins before the market opens at 8:30 AM Eastern with the Consumer Price Index followed directly by Retail Sales numbers. Forecasters see a 0.2% in the core number and 0.6% increase in energy. The year-on-year number is expected to rise, to 2.3%. Hurricane replacement sales and higher gasoline prices are expected to bloat the Retail Sales number today. Consensus see’s a rare 1.8% as a result. Of lesser importance, Business Inventories and Consumer Sentiment are both at 10:00 AM followed by the Treasury Budget at 2:00 PM. We have 3 Fed Speakers today, and Janet Yellen speaks on Sunday.
On the Earnings Calendar, we have 20 companies expected to report today. Especially notable will be BAC and WFC which both report before the bell. PNC and JBHT also report before the market opens today.
Action Plan
Yesterday proved to be another record high intraday on the DIA, SPY, and QQQ’s but it was unable to hold on to that level into the close. Although some selling occurred, it was very light and choppy. As I write this, the Futures are pointing to a slightly higher open. BAC has already reported beating estimates by 3 cents a share.
Because it Friday I will be focused on profits but because I’m pretty comfortable with the current positions a hold over the weekend is possible. Of course, price action, as always will be the key decision maker.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/z9HzBnbsQiw”]Morning Market Prep Video[/button_2]
Members Trade-Idea Up 123% in One Day
Yep, yesterday we posted INFI as one of our member trade idea, and it ran 123% WTG to those that traded it!!! INFI was a big one, and we don’t get them like that, but we do get a lot of double-digit trades every week. In fact, I will guarantee from our member’s watchlist; you can get your membership fee back in any given day, that means about 20 trading days that the market could pay you.
Friday is the day we count our money and reflect on our weeks trading. How did we do? How can we improve? Take time today to pause on trading and consider education. Reevaluate your trading goals, are your goals on track?
►32 trade ideas are posted in the member’s blog post
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 9:10 EST AM every morning. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
Trade Updates – Hit and Run Candlesticks
We are now up 36% on our “I” trade – Learn more with us
Give us a try If you would like to learn what and how we do it click here to give us a try, cancel at any time.
►Eyes on The Market
The SPY remains bullish, this week the price action has been sideways with the T-Line still trending. Price and the T-Line are above the V-Stop, BOP is above the Power Line. We will continue to do what we have been doing because it’s working. Price is King, Trade On.
Rick’s trade ideas for the day MEMBERS ONLY
Start your education with wealth and the rewards of a Swing Traders Life – Click Here
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.
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.
►Learn our trade plans for 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 and 5 of them are in the double digits ranging from 12% to 27% – get on board and learn how we do it.
Monthly • Quarterly • Semi-Annual • Annual • We control our risk and manage our gains • We teach the Same • Cancel Anytime
► 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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