On Brexit, overnight the UK and EU reached a new deal.  However, it was reached using a political move, removing the ability of the DUP party (Northern Ireland) to have consent.  So, regardless of the headline (assuming the 27 EU leaders agree), there is extreme doubt over whether this deal has any chance of passing the UK Parliament Saturday.  This leaves another extension request still the highest probability.  

In other International news, China tensions may be on the rise again.  China has said it will need tariff relief in order to do the additional Ag purchases President Trump claimed as progress last week.  Congress passed a bill condemning the Chinese for the Hong Kong situation. Of course,  China immediately condemned Congress’ condemnation. In the HK Parliament, rebels shouted down the PM’s annual speech.  And overnight China arrested two Americans.

Wednesday was another blah day with a gap down open met by a trading range that filled the gap and came back a few times the rest of the day.  In the end, we printed a Doji Harami in the SPY, DIA and QQQ.  Mixed earnings, an unexpected Retail Sales miss and a Fed speaker (Evans) saying “we don’t need any more rate cuts this year” may have left markets confused and waiting for the next headline.

Overnight, Asian markets were mixed.  European markets are all green, with the FTSE jumping a massive 11% at this point on Brexit hopes.  As of 7:30 am, U.S. futures were all pointing to open higher (about 0.30% in the SPY and DIA and 0.65% in the QQQ).

Thursday’s economic calendar includes Sept. Building Permits (8:30 am), Philly Fed Mfg. Index (8:30 am) and a couple of Fed speakers in the afternoon.  However, once again Earnings will likely have more impact with BBT, DOV, GPC, HON, KEY, MTB, MS, PPG, PM, SNA, STI, and UNP before the open. (MS already reported a major beat this morning.)   

While the short-term uptrend remains in place and there was some good news overnight, this has not been a deliberately-trading market.  Gaps and whiplash do not make for a good swing trading environment. So, be careful chasing and as always trade your plan.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Long – GME, PPL, GLNG, BF.B, LW, EQR, DLTR, DG, DOCU, NKE, INFO, WU – Short – PPC, SBAC, FSLR, TSN, SHAK, BHGE, HAL. Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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