Strong earnings and an unexpectedly strong jobs report caused a gap up and strong day as the bulls ran hard.  The SPY and QQQ closed at new all-time highs.  Meanwhile, the DIA is closed near its all-time highs and the IWM also had an extremely bullish day (closing at the high since May). The bulls were certainly running Friday.

Over the weekend, the CEO of MCD was fired (had an affair with an employee) and it was reported that Warren Buffett is now holding 10 times his normal amount of cash. (This may indicate he just feels many stocks are over-valued up at all-time highs.) The ATP (an Asian Trade pact similar to NAFTA, but excluding the US), which was created because President Trump decided to pull out of a similar pact the US had started and was close to having in place, took another step toward ratification (expected next year). Finally, the Saudis announced Sunday that Aramco, the world’s most profitable company, will be listed (as expected) on the Saudi stock exchange in December.

Monday’s economic calendar is limited to September Factory Orders at 11 am, but even though we are now past the half-way point, earning continue.  In a pre-market report, UA posted a beat. However, CNBC reports US is also under Federal Investigation for Accounting fraud.

Overnight, Asian markets were green.  In Europe, markets are also bullish at this point.  As of 7:30 am, U.S. futures were green, looking for about a gap up of between 0.4% and 0.5%.

It certainly appears the bulls want to continue their strong run from Friday. China Trade War twists and turns, as well as more earnings, remain ahead. However, the bulls have the bit in their teeth early this Monday Morning.

Ed

Swing-Trade Trade ideas for your consideration. Long – FLS, ITW, PM, MHK, AMP, ALK, LUV, INTC, PG, INFO, RF, MS, BBT, TSM, C, BF.B, OLLI, DE, BERY, STX. Trade smart, take profits along the way and trade your plan. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

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