Daily Trade Ideas Public Archives - Page 118 of 243

Taking a Rest at the Highs?

November 6, 2019 by Rick Saddler

Traders seemed to love the trade news ahead of Tuesday’s market hours. President Xi Jinping had said China will work to lower tariffs and stabilize international trade. As a result, markets gapped mildly higher at the Open. However, from there it was an indecisive day ending in some form of Doji across all major US indices. The trading at the all-time highs is not a bad sign. Markets are extended and need a rest or pullback. At this point, we are seeing more indecision then signs of a sell-off.

During the day Tuesday WBA soared again (as it had the prior 2 days), but then crashed back at day end. This on news of the company investigating taking itself private. (Based on the prior two days of gains, it makes you wonder if someone perhaps leaked that news to friends/family who tried to cash-in.) After-hours, AIZ, DVA, DVN and ES all reported beats. Meanwhile, FANG, HST, and MCHP reported misses.

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Wednesday’s economic calendar is limited to Crude Oil Inventories (10:30 am) and a couple more Fed speakers in the afternoon. However, again earnings will likely have the most sway again as BR, CBRE, CVS, CPRI, COTY, HUM, SEE, AES, VMC, and WEC are among those reporting before the bell. Also, of note is that homebuilder TMHC has reached an agreement to buy its smaller competitor WLH and CNBC is reporting XRX will make an offer to buy HPQ.

Tuesday’s economic calendar includes Sept. Trade Balance (8:30 am), Service PMI (9:45 am), ISM Non-Mfg. PMI and JOLTS (both at 10 am) and a couple of FOMC speakers in the afternoon. However, earnings are likely to drive markets again as AGN, ARNC, BDX, EMR, EXPD, FIS, HSIC, MYL, NEM, PPL, REGN, TPR, and ZBH all report before the Open.

Overnight, Asian markets were green. In Europe, markets are mixed, but mostly green at this point. As of 7:30 am, U.S. futures were just on the green side of flat.

Again, markets are a bit extended at this point and showing signs of indecision at the all-time highs. However, this is constructive (as compared to a raging bull run that often leads to a collapse). Don’t be too surprised if we drift sideways a bit or even pullback to retest the breakout level before any climb resumes.

Swing-Trade Trade ideas for your consideration. Long – GPC, IPG, SNA, K, MHK, CMI, PCAR, STX, VLO, ALK, ROL, KSU, KEY, OLLI. Short – EFX, MLM, LMT, NOC, VMC. 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.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

🎯 Malcolm .: Posted in room 2, @Rick… I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade: PYPL, TGT, and ZS. Quality patterns and with my trading, up 24%, 7% and 12%…. this program is gold.

🎯 Friday 6/21/19 (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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All-Time High Nerves

November 5, 2019 by Rick Saddler

The bulls continued to run causing a gap-up at the Open Monday. However, after the gap higher, there was a lot of volatility with all major indices ending with black candles and either indecisive or having faded the gap to some extent. Still, this leaves the SPY, DIA, and QQQ at new all-time high closes and IWM higher in its trend. Just beware that gap-up Doji (DIA and QQQ) are not ideal and can presage a pullback. So nerves are a real thing up here at the all-time highs.

Earnings after-hours on Monday were mixed but leaned to the bad side. XEC, ED, IFF, MAR, MOS, and OXY all reported misses. However, HIG, JKHY, PXD, and PRU reported beats, although 3 of these also reported revenue misses.

Meanwhile, on the China Trade War front, news outlets are now reporting that China is pressing the White House to not only forego the threatened December tariffs, but also reduce the existing tariffs on Chinese goods as part of any Phase One deal. My take-away is that the “Phase One” partial agreement is not a done deal yet (as had been suggested). However, President Xi Jinping also made a speech promising that China will continue to lower tariffs and work to stabilize international trade.

In other International News, OPEC announced that it forecasts demand for oil to fall 7% over the next four years. This is based on their assumption that there will be a flood of US Shale Oil on the market as environmental concern regulation continues to be eased in America.

Overnight, Asian markets were green. In Europe, markets are also mostly bullish at this point. As of 7:30 am, U.S. futures were green across the board, looking for gap-ups of between 0.2% and 0.5%.

It certainly appears the bulls want to continue their run. However, the tepid post-gap candles Monday suggest it is not a run-away stampede for the bulls. With more China Trade War twists, as well as more earnings ahead, remember to be cautious and continue to take profits and move stops.

Swing-Trade Trade ideas for your consideration. Long – GPC, IPG, MPC, XRX, VLO, LUV, ROL, JPM, KSU, PPG, AA, OLLI. Short – MLM, CINF, LMT, NOC. 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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🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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Bulls Running Again?

November 4, 2019 by Rick Saddler

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.

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.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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Jobs, Earnings and China

November 1, 2019 by Rick Saddler

Despite strong earnings Wednesday night and premarket on Thursday, markets could not overcome bad news out of the Trade War. Reports out of China say they won’t budge on the major issues (subsidies to companies, industrial policy and Intel. Property), don’t trust President Trump to keep any deal and doubt any long-term agreement can be done while he is in office. Meanwhile, the White House says they still expect to sign the phase one agreement (just to not make things worse) on the same schedule as before the Chile Conference was canceled.

The net result was that the bears had control of the markets all day on Thursday. The four major indices ended up printing Hanging Man type candles. The good news is that all four also managed to climb back above Support by day end. Also, after the close Thursday, ANET, FTNT, QRVO, and WU all reported beats.

Friday’s economic calendar includes Oct. Nonfarm Payrolls (8:30 am) and ISM Mfg. PMI (10 am). There will also be several FOMC speakers in the afternoon (which will probably have no impact this quickly after the Fed Statment). However, earnings are still likely to be the driver with AIG, ABBV, BRKB, CBOE, CL, D, XOM, LYB, NWL, PCG, STX, SRE and CVX all among those reporting before the bell today.

Overnight, Asian markets were mixed. In Europe, markets are also mixed, but mostly green at this point. As of 7:30 am, U.S. futures were green, looking for about a one-third of a percent gap up.

China Trade fears remain front and center as of Thursday. However, earnings remain generally strong, with a few exceptions. Remember this is Friday (payday). So take some off the table where you can. Be cautious as there are many earnings still to go, likely more twists in the Trade War saga and two days ahead when you can do nothing about a report (or tweet) if you are long or short.

Normally, we have no trade ideas for Fridays. However, in honor of the Open House, here are some Swing-Trade Trade ideas for your consideration. Long – PM, PCAR, PNR, PKG, NEE, INTC, APH, INFO, TSM, PPG, BF.B, DE. Short – MLM, BA, IBM, DRI. 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.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education • Subscription Plans • Private 2-Hour Coaching

Fed Gains, China Worries

October 31, 2019 by Rick Saddler

Wednesday saw a Q3 GDP beat (1.9% vs 1.6% expected) and the Fed cutting rates a third time on the year, by a quarter percent (just as expected). Chairman Powell did indicate a “pause in easing” lay ahead but went on to say the FOMC would need to see “really significant” inflation indications to raise rates anytime in the foreseeable future. (Two Fed voters did dissent, believing rates should have been left unchanged.)

After a flat to mildly down morning, the Fed decision resulted in a rally. This left the SPY and DIA up about 0.3% and the QQQ up about half a percent on the day. All three indices managed to bounce up off support during the day. The QQQ printed a Bullish Harami, while the IWM printed what could be a Bearish Hanging Man signal. The SPY and DIA did not print a signal on Thursday.

On the downside, Chile canceled the APEC meeting where President Trump was to meet President Xi. As of now, there is no announced backup plan for signing the partial Trade Deal with China. Worse than that, Bloomberg reports this morning that “Chinese officials” have told Western visitors they will never budge on the major issues and they doubt any Long-Term Trade Deal is even possible with President Trump in place. Further, they urged Westerners to take word back to the U.S. that without additional tariff rollbacks by the US, more substantial negotiations beyond the partial “resuming 2017 grain purchase levels in return for no new tariffs” deal are not going to result in anything.

After the close, both AAPL, FB and KLAC all reported significant beats and saw corresponding rallies in post-market trading Wednesday. Meanwhile APA, CF and LNC all reported misses. It is also worth noting that TWTR announced it will no longer accept political ads, which may (or not) be a drag on their revenue since we are going into an election year. This is in direct contrast to FB’s announcement from earlier this week.

Overnight, Asian markets were mixed. In Europe, markets are red across the board with the exception of the FTSE (which is soaring on the hope of the UK Election changing the Brexit deadlock). As of 7:30 am, U.S. futures were mixed but flat.

The Thursday economic calendar is limited to lesser inflation reports and Jobless Claims (both at 8:30 am). However, earnings are still going full speed with MO, AMT, ADM, BWA, BMY, CHD, CI, CLX, DD, EL, EXC, HBI, HFC, IP, KHC, MAC, MPC, PH, and WAB among those reporting before the bell today.

Earnings remain generally strong, with a few notable exceptions. Between this, the happiness with the Fed action, and the current trend, the bulls definitely have the upper hand. However, be cautious as there are many earnings still to go and likely more twists and turns in the Trade War saga.

Swing-Trade Trade ideas for your consideration. Long – PM, PNR, PCAR, ARE, TSCO, NEE, INTC, APH, INFO, TSM, PPG, KHC. 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.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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Fed Decision, More Earnings

October 30, 2019 by Rick Saddler

Tuesday saw a small gap down on the prior evening miss by GOOG. As you might expect, the QQQ took the biggest hit, but all indices were impacted. After a morning rally trying to fade of the gap down, indices waffled most of the day. The SPY and DIA ended flat (with larger upper wicks), but the QQQ printed an ugly black candle that faded about half of the Monday morning gap higher. All in all, only the IWM continues to look like a nicely trending Bullish chart under the microscope.

Then after the bell Tuesday, CHRW, CXO, OKE, UNM, and VRSK all reported misses. Meanwhile, AMGN, CB, EA, FMC, MXIM, MDLZ, and SYK all reported beats. It was also released after-hours that the Tuesday BA testimony in front of the US Senate disclosed that a Boeing Production Manager had tried to halt production until problems were addressed. However, he was overruled by management, which led to the two crashes. These may all help move markets at the Open.

The Wednesday economic calendar includes ADP Payroll (8:15 am), Q3 GDP (8:30 am), Oil Inventories (10:30 am), but most importantly the FOMC Interest Rate Decision (2 pm) and FOMC Chair Press Conf. (2:30 pm). Among the major companies reporting before the bell Wed. are ADP, BKR, CME, GE, HES, MAS, MCK, TAP, NI, RCL, SO, WCG, and YUM. (GE beat and raised guidance, while YUM and TAP both missed already this morning.)

Overnight, Asian markets were red. In Europe, markets are mixed so far. As of 7:30 am, U.S. futures were indicating a flat open with the DIA pointing up 0.1%, the SPY pointing down 0.05% and the QQQ pointing up 0.15%.

Earnings continue to be generally good, with some notable exceptions. However, it is the Fed that is likely to call the tune today, with markets fairly likely to continue assuming a rate cut while still waiting for the announcement to be sure. So, don’t be surprised by lighter volumes and a more “wait and see” attitude in the market. The trend continues to be in the bull’s favor. However, be cautious, because the risk is on the side off Fed disappointment and there are major earnings reports still looming (like AAPL and FB after-hours Wed.).

Swing-Trade Trade ideas for your consideration. Long – COG, PM, AFL, UNH, TSM, PPG, AA, VMW, DE, JEC, JWN, KSS, CPRT. Short – KO, CINF, LMT, NOC, IBM. 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.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education • Subscription Plans • Private 2-Hour Coaching

Earnings Plus the Fed is Back

October 29, 2019 by Rick Saddler

Monday saw a strong gap higher as both T and WBA beat during the premarket and the attraction of all-time highs proved irresistible. The President had also tweeted that Trade War Negotiations were ahead of schedule (whatever that means). Regardless of the drivers, the SPY and QQQ both ended the day at new all-time high closes. The IWM also broke out of its recent resistance level and the DIA lagged, staying within its two-week range despite the gap-up.

The Tuesday economic calendar includes Conf. Board Consumer Confidence and Sept. Pending Home Sales (both at 10 am). The FOMC also begins its two-day meeting (with the market “pricing in” a rate cut on Wed.). However, earnings are likely to steal the show again today, with GOOG (miss) and TMUS (beat) having reported after the bell Monday. Among the pre-market reporters on Tuesday are COP, GLW, CMI, ETN, ECL, GM, IR, K, MLM, MRK, PFE, and XRX. (COP, MRK, PFE, and K all reported beats this am. GM missed and lowered on strike effects.)

Overnight, Asian markets were mixed, with China showing red. In Europe, red was the color of the day across the board so far. As of 7:30 am, U.S. futures were indicating a gap down of 0.1% in the DIA, 0.2% in the SPY and 0.3% in the QQQ.

With the Fed show back in town, reduced rhetoric on the China Trade War front and generally good earnings reports, the Bulls are feeling no pain. However, each of those 3 factors could be a double-edged sword. If the Fed doesn’t do as expected (or just says the wrong thing), or we have a new flare-up in US-China threats, or we catch a couple of missed earnings (or bad guidance) from major names…things could change in a heartbeat. Don’t be surprised by lighter volumes and a more “wait and see” attitude in the market Tuesday. The bulls are running, but be cautious, and remember to take profits along the way.

Swing-Trade Trade ideas for your consideration. Long – PM, CNC, AFL, TSM, JBHT, PNC, DG, JEC, AMAT, BERY, JWN, KSS. Short – CINF, NOC, KO, CSX, TTWO, MDT. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education • Subscription Plans • Private 2-Hour Coaching

At the Highs, But With Fed/Earnings Ahead

October 28, 2019 by Rick Saddler

Overall, markets are giddy to be at or near the all-time highs again. However, there is also some fear from recent misses and uncertainty with the FOMC meeting just a couple of days ahead. Earnings and FOMC should be the lead stories with another heavy reporting list again this week and the Fed meeting on Tuesday and Wednesday. On Monday, among the major names reporting before the Open are: T, CHKP, DTE, L, NLSN, and WBA. The major economic news is limited to Sept. Trade Balance and Sept. Retail Inventories (both at 8:30 am).

Friday saw a rally with the QQQ closing at all-time highs and the SPY testing all-time high resistance. The DIA and IWM both printed a Bullish Engulfing Signals, with the DAI bouncing up off the recent support level again and the IWM testing its resistance again as well.

The EU has decided on giving the UK a 3-month extension, (France folded from its support of Boris Johnson where they were pushing for an extension of only a few days.) However, as a middle-ground, Brexit can happen before January 31…if the UK can get their act together to be ready early.

Overnight, Asian and European markets were green and European markets are mixed, but mostly green. As of 7:30 am, U.S. futures were indicating a gap up of 0.3% in the SPY, 0.5% in the QQQ and the DIA lagging with a gap-up of 0.2%.

Bulls are thrilled to be at the highs again. However, with many more earnings and the FOMC still ahead of us, don’t be surprised by lighter volumes and we see a slow market Monday. Be cautious, and remember to take profits along the way.

Trade ideas for your consideration. Long – KSS, HOME, PM, CNC, PNC, TSM, JBHT, AFL, COG, BERY, SNBR, JEC, JWN. Short – CINF, GD, KO, NOC. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education • Subscription Plans • Private 2-Hour Coaching

Range-Bound and Earnings Focused

October 25, 2019 by Rick Saddler

Thursday saw a gap-up in all 4 major indices, but that was met will an immediate sell-off the first hour across the board. A couple more waves of rally and sell-off left us in the red in 3 of the 4 indices, with only the QQQ remaining positive by mid-afternoon. However, the day ended on a 2-hour rally across the board. For the day, we printed a Spinning Top in the SPY. The DIA and IWM gave us Bearish Engulfing signals, while the QQQ printed a gap-up Hanging Man type candle. In terms of Support and Resistance, the IWM failed its level again with the SPY, DIA and QQQ all remaining range-bound.

As expected, earnings continue to be the leading story. The same should be true Friday, with a miss by AMZN and a beat by INTC after-hours Thursday. Those reporting before the bell Friday include CHTR, ITW, PSX, VFC, VZ, and WY among the major names. Major economic news for Friday is limited to Michigan Consumer Sentiment (10 am) and the Baker-Hughes Rig Count (1 pm).

There was no “new news” on the Brexit overnight. The EU is still deferring a decision on granting an extension until they see what happens next in the UK. Meanwhile, the UK Parliament won’t grant the PM’s desired new election until “No Deal” Brexit is taken off the table…which would mean an extension being in place. On the China Trade War front, no new news was reported last night.

Overnight, Asian and European markets were both mixed. As of 7:30 am, U.S. futures were in the same shape with the DIA on the green side of flat, the SPY on the red side of flat and the QQQ indicating a gap down of 0.4%.

https://hitandruncandlesticks.com/hit-and-run-candlesticks/

I know it is repetitive, but remember to be careful chasing. If earnings remain strong, this should be a bullish market. However, in recent months trading has been very news-driven. So, be sure to use caution, take profits along the way and trade your plans. This is especially true on a Friday when there are 2.5 days of potential news ahead of us before we can respond in our trading.

Sorry, but no Trade ideas for Friday. Remember that it’s payday…time to pay yourself. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

Free YouTube Education • Subscription Plans • Private 2-Hour Coaching

Earnings Driving the Bus

October 23, 2019 by Rick Saddler

The market seemed hesitant Wednesday with a gap down in the SPY and QQQ met by a rally back to flat and ending a bit bullish on the day. Meanwhile, the DIA and IWM formed DOJI just on the green side of flat. This leaves us with indecision on the day. The hope is that the DIA is forming a bottom of a pullback in a bull trend. However, the IWM looks very toppy with 3 Doji at resistance and neither the SPY or QQQ look very strong.

As expected, earnings continue to be the leading story, with misses by CAT, BA, LLY, and TXN leading the narrative Wednesday. However, as a whole, earnings continue to be good. The earnings flood will continue Thursday with perhaps the heaviest day of the season among S&P members.

On the Trade War front, China said they will buy $20bil in US grain within a year AFTER the Phase 1 trade deal is signed. This would raise the Chinese US grain purchases in 2020 back near the level they were in 2017 before the President’s Trade War. However, that number has been declining since they bought $25bil in 2014.

Related to Brexit, it appears the EU has agreed they will give the UK an extension. Most of the 27 other countries agree it should be an extension until the end of January. However, France is holding out for an extension of just a few days. Sources tell the European press that the EU will now stall as long as they can to avoid an internal fight and to see what PM Johnson can get passed on his side of the English Channel. So, no firm decisions in sight yet.

Thursday’s major economic news includes September Durable Goods (8:30 am) and New Home Sales (10 am). Also, in Germany the economic downturn continues with their Exports down, slower manufacturing output and Industrial Employment dropping the most in almost 10 years. (Germany is the biggest economy in Europe by far.) However, as I said, US earnings are likely to drive markets again today. Among that flood were a massive beat by TSLA after the close yesterday and a pre-market miss by TWTR.

Overnight, Asian markets were generally positive, but European markets are strongly green at this point. As of 7:30 am, U.S. futures were all pointing to gaps higher varying across the major indices. The QQQ is looking at a 0.7% gap, the DIA 0.3% and the SPY only 0.2%.

Remember to be careful chasing. If earnings remain strong, this should be a bullish market. However, in recent months trading has been very news-driven. So, be sure to use caution, take profits along the way and trade your plans.

For Your Consideration: These trade ideas for your swing-trading consideration. Long – JBHT, LEN, BF.B, HOME, PNC, IFF, WHR, PKG, GLNG. Short – DRI, HEI, WEC, ZBH, UHS, GD. Trade smart, take profits along the way and trade your trade. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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