Daily Trade Ideas Public Archives - Page 83 of 243

PreMarket Waiting on Jobless Claims

April 22, 2021 by Ed Carter

Markets opened up just on the South side of flat and the bulls were in-charge the rest of the day on a slow, protracted rally that closed near the highs. This reversed the 2-day losing streak and left us with Bullish Engulfing candles in the SPY, DIA, and QQQ. On the day, the SPY and DIA both gained 0.92% and the QQQ gained 0.86%. The VXX fell over 5% to 9.84 and T2122 shot back up well into the overbought territory at 92.89. 10-year bond yields fell again to 1.554% and Oil (WTI) fell over 2.5% to $61.08/barrel.

In follow-up to the Archegos fund over-leverage collapse, Credit Suisse (one of the major lenders allowing Archegos to lever up) reported a $275 million loss for the quarter and expects to take another $650 million hit next quarter from the same event. In related news, the SEC has begun an investigation of US funds regarding leverage disclosures and both the House and Senate Banking Committees have begun research into large US banks that fund such derivative leverage. This will include testimony from the CEOs of JPM, BAC, C, WFC, GS, and MS in late May.

Commodity prices are spiking recently. Interestingly, not so much for commodity input prices. For example, raw wood (logs) have not gone up, but cut lumber prices have gone through the roof. Regardless, so far this earnings season, most of the major companies reporting have been saying they now have “pricing power.” (Meaning they feel public expectations are going to allow them to increase prices to improve profits in quarters to come.) This includes KO, PG, CLX, etc. CNBC had a couple of analysts on air last night saying they expect AMZN will also have that pricing power and is likely to raise prices to increase profit soon. If they do so, that trend will almost immediately be followed by WMT, TGT, and other retailers.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 32,602,051 confirmed cases and deaths are now at 583,330. The number of new cases has ticked higher again and are back above the peak of last summer to an average of 65,239 new cases per day. However, deaths are just starting to plateau again, now at 736 per day. The White House announced that we have now exceeded 200 million vaccination jabs given accounting for more than 51.5% of adults having one jab. In fact, the CDC says 26% of the entire population is now fully vaccinated.

Globally, the numbers rose to 144,561,695 confirmed cases and the confirmed deaths are now at 3,074,781 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases continue to rise and are now at an all-time peak and with 799,520 new cases per day. Mortality, which lags, is also rising sharply again at 12,258 new deaths per day. India reported a new record number of cases (surpassing the worst day in the US) with nearly 315,000 new cases.

Overnight, Asian markets were mixed be mostly green. Japan (+2.38%) was an outlier to the upside, but most exchanges in the region reported modest gains. Exceptions included Thailand (-0.75%), Taiwan (-0.61%), and Shanghai (-0.23%). In Europe, so far today, with the exception of Russia just on the red side of flat, markets are green across the board. The FTSE (+0.07%) is flat, while the DAX (+0.44%) and CAC (+0.63%) are up as of mid-day. At 7:30 am, US Futures are pointing to an open on the red side of flat, albeit before the Weekly Jobless Claims are released.

The only major economic news scheduled for Thursday are those Weekly Jobless Claims (8:30 am) and Mar. Existing Home Sales (10 am). Major earnings reports on the day include ALK, ALLE, AAL, AEP, T, BIIB, BX, CLF, DHI, DHR, DOW, FAF, FCX, GPC, HCA, HBAN, IQV, NUE, ODFL, ORI, PNR, POOL, DGX, RS, SAP, SNA, SON, LUV, TAL, TSCO, TPH, UNP, VLO, and WSO all before the open. Then after the close, CSL, CE, FE, INTC, MAT, STX, AKX, SNAP, and SIVB report.

Even with the bulls stepping back into the market Wednesday, there has not been a lot of energy in markets this week. Markets are back to approaching the recent all-time highs and are extended again on a modest move. So, just as I warned of getting all-in on the short side yesterday, I think we need to be careful getting giddy on the long side today. Fear remains extremely low in an extended market. So, the risk of a more significant and abrupt relief pullback remains.

Remember, you don’t have to jump in or jump out. Maybe dipping a toe or starting small is a more reasonable approach to this market at this point. Fight the FOMO. Follow the trend, do not predict reversals, but also avoid chasing trades you have missed. Respect support and resistance. Keep taking your profits off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow those trading rules. As we know, consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: FSR, GLW, HPQ, LULU. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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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DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service

NFLX Subscriber Miss = ReOpening Shift?

April 21, 2021 by Ed Carter

Markets gapped down slightly on Tuesday and then followed-through most of the morning before grinding sideways in a tight range the rest of the day. This left us with a black Spinning Top indecisive candle in all 3 major indices on a so-far mild pullback of just over one percent. On the day, SPY lost 0.70%, DIA lost 0.77%, and QQQ lost 0.73%. VXX gained two percent on the day to 10.40 and T2122 fell a bit to 44.30, still in the midrange. 10-year bond yields fell significantly again to 1.562% and Oil (WTI) dropped 1.2% to $62.61/barrel.

After hours, NFLX reported a huge miss on subscriber numbers for Q1, despite a 24% gain in revenue and a strong beat on earnings. AAL also announced plans to begin hiring pilots again as travel continues to pick up. These both may be bellwethers of a market shift into reopening plays. Earlier in the afternoon, AAPL said they will begin enforcing the iPhone privacy changes FB has been fighting as of next week. This morning, GS has upgraded NCLH on the expectation of a resumption in cruises later this year.

New mortgage demand jumped almost 9% as rates fell to almost a two-month low. This was the first increase in mortgage applications since February. Refinance applications jumped 10%, but remained 23% lower than one year ago.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 32,536,470 confirmed cases and deaths are now at 582,456. The number of new cases has ticked higher again and are back above the peak of last summer to an average of 67,151 new cases per day. However, deaths are just starting to plateau again, now at 747 per day. All Americans 16 and older are eligible for vaccination as of Monday. In bad news for JNJ on the PR front, as both the CDC and CNBC reported that the company lied to the public when it claimed that the competing vaccines from PFE and MRNA also have caused clotting issues. JNJ cited a study from Brown University, the lead author of which told CNBC there was no such finding or any problems whatsoever were found for any vaccines other than the one from JNJ.

Globally, the numbers rose to 143,663,051 confirmed cases and the confirmed deaths are now at 3,060,651 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases continue to rise and is very near the all-time peak and are now at 789,158 per day. Mortality, which lags, is also rising sharply again at 12,196 new deaths per day. The WHO announced that the world has had more cases this week than any previous week since the beginning of the pandemic. Nonetheless, the Netherlands announced easing restrictions on April 28. JNJ vaccine shipments will resume in the EU, Norway, and Iceland after completion of the European clotting investigation. Meanwhile, in India the situation is getting desperate as the country reported another new high number of cases, hospitals are over capacity and the state containing Mumbai reported at least 22 deaths of people waiting for oxygen as supplies have been depleted.

Overnight, Asian markets were nearly red across the board. The only green in the region was Shenzhen (+0.35%). However, Japan (-2.03%), Hong Kong (-1.76%), and South Korea (-1.52%) were more representative. In Europe, markets are mixed, but lean to the green side so far in the day. Russia (-1.02%) leads the losses, but the FTSE (+0.46%), DAX (+0.24%), and CAC (+0.71%) are more typical of the continent at mid-day. As of 7:30 am, US Futures are pointing to a flat open. The DIA is implying a +0.04% open, the SPY implying a +0.02% open, and the QQQ implying a -0.14% open.

The only major economic news scheduled for Wednesday is Crude Oil Inventories at 10:30 am. Major earnings reports on the day include ANTM, ASML, BKR, ERIC, FHN, HAL, KNX, LAD, NDAQ, NEE, NVR, RCI, TEL, and VZ before the open. Then after the close, CACI, CP, CMG, CCI, EFX, KMI, LRCX, LSTR, LVS, PLXS, RHI, RUSHA, SNBR, STC, UFPI, VMI, and WHR report.

Despite the mild (controlled?) pullback of the last two days, the bears do not seem to have overpowering momentum. This feels like a normal relief pullback in a rally. Certainly the market has been extended on its strong run since the tail-end of March. However, there is a possibile support level just below and if the uptrend has been broken, it was a tightly-drawn trendline for sure. And we definitely have not bult a downtrend (which requires lower highs and lower lows). So, unless you are sure we are now in a bear trend, you might think twice before getting all-in on the short side.

Remember, cash is a valid position. We don’t have to trade every day or week for that matter. Make sure we have a trend and follow it. Do not predict reversals, but also avoid chasing trades you have missed. Respect support and resistance. Keep taking your profits off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow those trading rules. As we know, consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: GDX, BTG, SSRM, KGC, NUGT. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

TSLA Trouble, KO Beats On Strong Demand

April 19, 2021 by Ed Carter

Markets made a small gap higher at the open Friday and then ground sideways in a flat session to end the week. That left all 3 major indices in indecisive Doji candles, but also closing at new all-time high closes. On the day, QQQ gained 0.12%, SPY gained 0.33%, and DIA gained 0.41%. VXX fell a bit again to 9.81 and T2122 rose slightly further into the overbought territory at 88.82. 10-year bond yields fell again to 1.59% and Oil (WTI) fell half a percent to $63.07/barrel.

On Friday TSM released its annual report saying that trade tensions may well make the global chip shortage worse. Taiwan (particularly TSM) is already stuck between Chinese and American blacklists. However, the company warns that new protectionist measures in the works by both sides are making key chip-making equipment (such as from AMAT) harder to get and is hampering the company’s ability to increase capacity. This report came just days after two Republican members of Congress urged the US to mitigate the risk of using Taiwanese companies as suppliers of technology. TSM is the leading producer of chips in the world, supplying AAPL, AMD, NVDA, Samsung, and many other technology market leaders.

On Saturday the Consumer Product Safety Commission issued an “urgent warning” to consumers that they should stop using the PTON treadmill. PTON responded by saying there is no reason to stop using their machine if safety instructions have been followed. Then Sunday, a TSLA crashed in TX (killing two) apparently operating under the TSLA “Full Self-Driving” autopilot mode (with nobody in the driver’s seat. In better stock news, KO beat on both lines during pre-market and said demand has returned to pre-pandemic levels.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 32,404,463 confirmed cases and deaths are now at 581,061. The number of new cases has ticked higher again and are back above the peak of last summer to an average of 68,151 new cases per day. However, deaths are just starting to plateau again, now at 738 per day. The CDC said Sunday that more than half of US adults have received at least one Covdi-19 vaccination dose and one-third of adults are now fully vaccinated. In addition, Dr. Fauci said Sunday he expects a decision on the JNJ vaccine to be made by Friday and he expects the vaccine to go back into use, with a warning label. However, the bad news is that US demand for vaccination is waning.

Globally, the numbers rose to 142,102,302 confirmed cases and the confirmed deaths are now at 3,035,109 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases continue to rise and is very near the all-time peak and are now at 760,528 per day. Mortality, which lags, is also rising sharply again at 11,864 new deaths per day. Monday marked the 5th straight day of a record high for new cases in India. In Europe, PFE/BNTX have agreed to supply an extra 100 million does to the EU, including an extra 50 million during Q2 (bringing the Q2 total to 240 million and the grand total to 600 million).

Overnight, Asian markets were mostly green with India (-1.77%), Indonesia (-0.55%), and Malaysia (-0.50%) being the only red. Shenzhen (+2.89%), Thailand (+1.68%), and Shanghai (+1.49%) led the gainers. In Europe, markets are mixed on mostly modest moves so far today. Greece (-2.02%) is a dramatic outlier. However, the FTSE (+0.19%), DAX (-0.04%, and CAC (+0.41%) are typical of the continent. As of 7:40 am, US Futures are pointing to a red open. The DIA is implying a -0.24% open, the SPY implying a -0.26% open, and the QQQ implying a -0.33% open.

There is no major economic news scheduled for Monday. Major earnings reports on the day include KO, MTB, and PLD before the open. Then after the close, CCK, IBM, STLD, UAL, and ZION all report.

The bulls continue to refuse to be denied. Even with bad news for tech darling TSLA over the weekend, it does not seem like the bears have much traction as earnings continue to be blowout positive so far this quarter. On average 85% of the companies that have reported have beat estimates…and are beating by an average of 22%. So, think long and hard before you fight the trend. However, also be leery about this kind of bull run lasting too much longer without relief. Long runs without down days or pullbacks aren’t normal.

Follow the trend, don’t predict reversals, but also avoid chasing trades you have missed. Respect support and resistance. Keep taking your profits off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow those trading rules. As we know, consistency is the key to long-term trading success. Also, remember this is Friday, so prepare for the weekend news cycle, and don’t forget to pay yourself.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Monday, but Rick will be back home Monday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

Chinese and US Economies Both Red Hot

April 16, 2021 by Ed Carter

Markets gapped higher on blowout March Retail Sales and lower than expected new Jobless Claims. Then we saw a rally the first 90 minutes of the day before grinding sideways in a tight range the rest of the day in all 3 major indices, all closing very near the highs. All 3 indices also closed at new all-time highs. On the day, SPY gained 1.08%, DIA gained 0.86%, and QQQ gained 1.51%. VXX fell another 3.30% to 9.97 and T2122 fell a little, but remains just inside the overbought territory at 82.53. 10-year bond yields fell sharply on the day to 1.569% and Oil (WTI) gained a third of a percent to $63.35/barrel.

On a very small sample size, so far this earnings season companies are far above consensus estimates. Of the 34 that have reported as of day-end Thursday, 88% have beat estimates…and beat them by an average of 22%. Overseas Friday, China has announced that its GDP grew 18.3% in Q1. This may help put the recent Chinese clamp-down on bank lending into context. (Which may correlate to US market fears over Fed action as our own economy is also growing very fast.)

In miscellaneous news, In Thursday’s retail sales report, every segment of retail is now above pre-pandemic sales levels with the lone exception of restaurants. The NFL also picked CZR, DKNG, and Fanduel as their sports-betting partners in a 5-year deal worth about $1 billion. Airlines companies have said they are expecting massive domestic travel rebounds, but DAL, UAL, and AAL are still bearish on international traffic (especially to Europe) returning to pre-pandemic levels this year.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 32,224,139 confirmed cases and deaths are now at 578,993. The number of new cases has ticked higher again and are back above the peak of last summer to an average of 71,919 new cases per day. However, deaths are just starting to plateau again, now at 727 per day. There was a lot of bad news on the vaccine front Thursday. During the day, it was made public that the CEO of PFE had told CNBC on April 1 that it is likely people will need a booster shot within 12 months of being fully vaccinated. At the same event the CEO of JNJ had told CNBC that people may well need to be vaccinated against covid annually. CNBC did not say why this news was kept quiet for two weeks afterwards. The CDC also disclosed that 5,800 who had been vaccinated contracted the virus anyway with about 7% of those infected requiring hospitalization and 74 dying. Paired with fear over blood clots and general ignorance/skepticism about vaccines, this does not bode well for a virus that is quick to evolve (mutate). In skepticism front, over 14 million doses have piled up unused, mainly in Southern states such as MS, TN, AR, AL, GA, LA, and MO.

Globally, the numbers rose to 139,809,244 confirmed cases and the confirmed deaths are now at 3,002,313 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases continue to rise and is very near the all-time peak and are now at 736,804 per day. Mortality, which lags, is also rising sharply again at 11,592 new deaths per day. The WHO said today that the global infection rate is nearing the all-time high again. In South America, Brazil continues to have a new record number of deaths daily and Columbia has locked-down its 5 largest cities again. In Asia, India again had a record number of new cases amidst a religious pilgrimage festival. Other countries in the region reporting surges are Indonesia, the Philippines, Malaysia, and Cambodia (all of which have instituted some kind of restrictions).

Overnight, Asian markets were green across the board on incredibly strong growth numbers out of China. However, interestingly, the increases in exchanges were moderate with Hong Kong (+0.81%) being by far the largest gainer. In Europe, markets are mostly green on more diverse trading. The CAC (+0.35%), FTSE (+0.50%), and DAX (+0.94%) are typical of the spread across the exchanges of the continent. As of 7:30 am, US Futures are pointing to an open on the green side of flat. The DIA is implying a gain of 0.16%, the SPY implying a gain of 0.10%, and the QQQ implying a gain of 0.03%..

The major economic news scheduled for Friday is limited to Mar. Building Permits, Mar. Housing Starts (both at 8:30 am) and Michigan Consumer Sentiment (10 am). The major earnings reports on the day include ALLY, BK, CFG, KSU, MS, PNC, and STT before the open. There are no earnings reports scheduled for after the close.

The bulls just refuse to be denied it seems. For example, the DIA has not seen a significant black candle this month. So, don’t fight the trend. With the strong news out of China and a lack of much data or reports in the US today, the bears are not likely to have much energy. However, also be leery about this kind of bull run lasting too much longer without relief. Long runs without down days or pullbacks isn’t normal.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Friday, but Rick will be back home Monday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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 Beats and Economic News Lead

April 15, 2021 by Ed Carter

Markets opened flat on Wednesday despite a blowout quarter announced during pre-market by JPM. The DIA had a small rally the first hour, traded sideways until mid-afternoon and then sold off the rest of the day. The SPY did the same minus the morning rally and the QQQ sold off all day long. This left us with a Bearish Engulfing candle in the QQQ, a Shooting Star type candle in the DIA and just a black candle in the SPY. No record high closes, but none of the 3 are more than 1.25% from their all-time high close. VXX gained 2% to 10.29 and T2122 climbed back into the overbought territory at 87.50. 10-year bond yields rose slightly to 1.632% and Oil (WTI) spiked more than 4.5% to $62.93/barrel.

Banks continue to top estimates on blow-out trading gains even amidst loan losses. Today BAC and C followed the lead of JPM, WFC, and GS yesterday in beating on both the top and bottom lines. In other sectors, UNH and PEP also posted beats on both lines.

“Expert” analysts are also expecting a pop from Retail Sales numbers this morning. The driver expected for this move is the $1400 stimulus checks the public has gotten during the last month. In fact those analysts are expecting more than a 6% increase, with some going as far as to say they expect a 10% increase over February. So, the potential exists for disappointment of a miss versus expectations and also for a beat that drives infation fear. Be careful.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 32,149,223 confirmed cases and deaths are now at 578,092. The number of new cases has ticked higher again and are back above the peak of last summer to an average of 72,688 new cases per day. However, deaths are just starting to plateau again, now at 746 per day. After hours, the CDC decided to postpone a decision on resuming use of the JNJ vaccine while more research can be done on the potential blood clotting issue. In better news, the country will go over 200 million vaccination doses delivered on Friday as the country went over 195 million on Wednesday according to the CDC. Finally, a Duke University report says the US will have 300 million excess vaccine doses by July due to anti-vaxxers, science-skeptics, and evangelicals.

Globally, the numbers rose to 138,976,244 confirmed cases and the confirmed deaths are now at 2,988,801 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases continue to rise and is very near the all-time peak and are now at 722,922 per day. Mortality, which lags, is also rising sharply again at 11,543 new deaths per day. In Asia, India has imposed more restrictions, including a curfew in the capitol amidst another record high number of new cases that has caused banquet halls and hotels to be converted into make-shift hospitals. In Japan, a high-ranking official did not rule out cancelling the Olympics again during an interview with the Tokyo Broadcast System. Closer to home, Brazil is seeing its outbreak continue to see record deaths.

Overnight, Asian markets were mixed again. Taiwan (+1.25%) was an outlier to the upside with Thailand (-1.61%) an outlier to the downside. Most regionals exchanges showed moderate moves in either direction. In Europe, markets are mostly green on modest moves at this point in the day. The FTSE (+0.33%), DAX (+0.19%), and CAC (+0.22%) are typical with Russia (-0.81%) and Portugal (-0.79%) leading the losses. As of 7:30 am, US Futures are pointing to a green open. The DIA is implying a +0.40$ open, the SPY implying a +0.44% open, and the QQQ implying a +0.67% open. Bond yields slipped again overnight as well with the 10-year yield now at 1.618%.

The major economic news scheduled for Thursday includes Weekly Initial Jobless Claims, Mar. Retail Sales, NY Empire State Mfg. Index, and Philly Fed Mfg. Index (all at 8:30 am), Mar. Industrial Production (9:15 am), Feb Retail Inventories (10 am) and 2 Fed speakers (Bostic at 11:30 am and Daly at 2 pm). Major earnings reports on the day include BAC, BLK, C, DAL, PEP, RAD, TSM, TFC, USB, and UNH before the open. Then after the close, AA, JBHT, PPG, and WIT report.

Despite yesterday’s less than stellar day, the bulls remain in control of the trend and spirits seem buoyed by earnings reported so far. This is shaping up to be a tremendous quarter for growth, meaning the next cycle should be even better than this one for earnings. However, the fear of inflation remains the ghost in the room for markets. With a number of reports coming this morning that could be seen as good or bad despite what they report.

Follow the trend, don’t predict reversals, and don’t chase trades you have missed. Respect support and resistance. Keep taking your profits off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow those trading rules. As we know, consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Thursday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

Ship Shortage, CPI, and JNJ Vaccine Pause

April 13, 2021 by Ed Carter

Markets opened just south of flat on Monday and then proceeded to grind sideways the rest of the day. This left us with inside day Doji across all 3 major indices. On the day, SPY gained 0.05% (to a new all-time high close), DIA lost 0.09%, and QQQ fell 0.13%. The VXX fell to 10.17 and T2122 fell outside of the overbought territory to 72.62. 10-year bond yields gained slightly to 1.671% and Oil (WTI) rose two-thirds of a percent to $59.71/barrel.

In Chip news, at the “Chip Summit” President Biden called for the chip, broadband, and battery technology portions of his Infrastructure plan to be approved. He read a letter from 23 senators and 42 House members expressing bipartisan support for $50 billion in government spending for semiconductor manufacturing and research. The 3 major US Auto-makers attended and all decried the loss of earnings and employee hours due to current chip shortages. For their part, the major chipmakers (TSM, INTC, Samsung, etc.) had all already announced tens of billions of dollars of investment (each, TSM having committed more than $100 billion) in new production capacity over the next 2-3 years. However, an Auto-Industry association called for new, immediate tax cuts to help automotive chip manufacturers add lines to existing plants now. In other chip news, NVDA announced it will begin making a server processor to compete with INTC and AMD in the highly-profitable data center market.

Less than a day ago, Fed Chair Powell told CBS 60 Minutes that it was “extremely unlikely” that the Fed consider raising rates this year. However, after-hours Monday, St. Louis Fed President Bullard told Bloomberg that as soon as the US reaches 75%-80% vaccinated, he believes the “tapering debate” will take place. This comes 12 hours before the CPI number and a slew of other Fed speakers weigh in. Elsewhere, Treasury Sec. Yellen announced that China will not be labeled a “Currency Manipulator” in her first semi-annual foreign exchange report to Congress.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 31,990,143 confirmed cases and deaths are now at 576,298. The number of new cases has ticked higher again to an average of 69,926 cases per day. However, deaths are just starting to plateau again, now at 747 per day. Overnight, the FDA and CDC both called for a pause in the use of JNJ vaccine due to clotting issues. In addition, on Monday CDC Dir. Walensky said that MI should “shut things down” again because vaccinations alone will not stop the overwhelming surge in cases the state is seeing. On the plus side, the CDC also said that 50% of American adults will have at least one dose of vaccine by the end of this week.

Globally, the numbers rose to 137,340,422 confirmed cases and the confirmed deaths are now at 2,961,423 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases are rising again (about 17,000 per day increase) and are now at 688,363 per day. Mortality, which lags, is rising again at 11,270 new deaths per day. The WHO said Monday that the world has seen a seventh straight week of increasing cases. Today, Germany reported an increase of almost 11,000 cases as the German Health Minister said the country had reached peak ICU capacity. On a brighter side, a new study published by the journal Lancet says the UK variant is much more transmissible but no more severe than the original virus.

Overnight, Asian markets were mixed. Thailand (-1.61%) led otherwise modest losses while India (+1.36%) and South Korea (+1.07%) led otherwise modest gainers. In Europe, markets are mixed on showing only small moves to either side so far Tuesday. The FTSE is down (-0.13%), DAX up (+0.12%), and CAC up (+0.28%) as of mid-day. As of 7:30 am, US Futures are all pointing to a modestly red open at this point (before CPI release). The DIA is implying a -0.38% open, the SPY implying a -0.30% open, and the QQQ implying a -0.11% open. Bond yields rose slightly overnight to 1.68% and Oil (WTI) is up half a percent to $60/barrel in premarket trading.

The major economic news scheduled for Tuesday is limited to Mar. CPI (8:30 am) and 4 Fed speakers (Daly at noon, George at noon, Harker at noon, and Bostic at 3:15 pm). Major earnings reports on the day are limited to FAST before the open. There are no major reports after the close.

The fear of inflation may be heightened today with Bullard’s less dovish note last night, CPI numbers this morning, and a slew of other Fed speakers later in the day. However, although we had indecisive moves on Monday, there is no doubting the trend is strongly bullish. With earnings season starting again on Wednesday, we may be in yet another “wait and see” environment.

Don’t predict moves or chase trades you have missed. Respect support and resistance as well as the trend. Keep taking your profits off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow those trading rules. As we know, consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Tuesday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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 Chair Sees Huge Growth At Hand

April 12, 2021 by Ed Carter

Markets opened flat on Friday and ground sideways for most of the day. Then the bulls stepped in to rally hard the last 45 minutes of the day, going out on the highs. All three major indices closed at new all-time high closes on strong white candles. On the day, the SPY closed up 0.73%, DIA closed up 0.81%, and QQ closed up 0.61%. The VXX was flat at 10.31 and T2122 remains in the overbought territory at 85.41. 10-year bond yields were flat after the pre-market surge at 1.662% and Oil (WTI) was off half a percent to $59.34/barrel.

In weekend news, after the close Friday, GM announced even more cuts to overtime and shifts at US truck plants due to the global chip shortage. This came after both F and GM announced plans to idle some plants for the same reason. However, GM announced the normal summer downtime weeks will be canceled, in hopes the shortage will be over and production those weeks can make up for shutdowns now. This is all backdrop to a Whitehouse Chip Summit today. However, this summit is not likely to have any short-term impacts. Producers are already selling every chip they can make and it takes years to add Fab capacity to any chip manufacturing company. On Saturday, BABA was fined $2.8 billion (US value) by Chinese regulators for antitrust activities. Sunday it was leaked that MSFT is in late-stage talks to buy AI-technology firm NUAN for a purported value of $16 billion (potentially $56/share).

In other news, Fed Chair Powell told 60 Minutes that the US economy is poised for explosive growth due to vaccines and stimulus. Specifically, he said projections are pointing to the largest increase in GDP since at least 1984. He also said it remains “highly unlikely” the Fed will raise rates this year but expects short-term inflation to be “moderately above the Fed’s 2% target.” In other news, Sunday France made climate change news, as the put forth rules that would ban short-haul commercial flights. The ban would prohibit any flights that cover less than the distance that can be travelled by train in less than 2.5 hours.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 31,918,601 confirmed cases and deaths are now at 575,829. The number of new cases has ticked higher again to an average of 68,071 new cases per day. However, new deaths are trending down again, now at 755 per day. After another a week of a record number of vaccinations, including a record 4.6 million on Saturday alone, the country will have to deal with an 86% reduction in JNJ vaccine as the company has suffered manufacturing and regulatory clearance of their Baltimore facility. MI continues to be in crisis as the latest surge of cases and hospitalization caused by variants is hitting younger and healthier people in that state.

Globally, the numbers rose to 136,734,096 confirmed cases and the confirmed deaths are now at 2,951,407 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases are rising again (about 17,000 per day increase) and are now at 668,744 per day. Mortality, which lags, is rising again at 11,54 new deaths per day. In India, things have gotten worse with a seventh straight day of record-high new cases. This comes as the government has outlawed the export of vaccine and treatment drug Remdesivir. India is the world’s largest producer of both. In the UK, more restrictions were lifted, allowing non-essential businesses to reopen. In China, the government admitted the country’s covid vaccines are “not highly effective” (contrary to their earlier reports) and that solutions would include more shots, increased dosages, or mixing those vaccines with others that are based on different technologies (such as PFE, MRNA, JNJ, or AZN vaccines).

Overnight, Asian markets were mostly solidly red. The flat exchanges South Korea (+0.12%) and Taiwan (+0.03%) were the lone green for the day. Shenzhen (-2.30%), India (-3.53%), and Shanghai (-1.09%) led the losses. In Europe, markets are mixed but lean to the red side so far today. The FTSE (-0.30%), DAX (+0.15%), and CAC (+0.14%) lead as usual midday based on their size. However, most smaller exchanges are following the FTSE lead. As of 7:30 am, US Futures are all on the red side of flat at this point. The DIA is implying a -0.12% open, the SPY implying a -0.10% open, and the QQQ implying a -0.21% open. Bond yields held steady overnight, but Oil (WTI) is up 1.33% in premarket trading.

The major economic news scheduled for Monday is limited to the 10-year bond auction (1 pm) and Mar. Federal Budget Balance (2 pm). There are no major earnings reports on the day.

The trend remains bullish as of Monday morning, with all 3 major indices sitting at all-time highs, the Fed Chair predicting blowout economic growth, and no major news scheduled for the day. Yet the rest of the world and US premarkets are showing some concern. With earnings season starting again on Wednesday, we may be in a wait and see environment. So, it would not hard to imagine that markets may might drift today. However, that trend is clearly bullish and those bulls do love new highs.

Respect support and resistance as well as the trend. Don’t predict moves or chase trades you have missed. Keep taking your trade goals (profits) off the table when you can and maintain your discipline. Stay on the right side of the market trend and follow your trading rules. As we know, consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Monday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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 Keeps Saying Don’t Sweat Inflation

April 9, 2021 by Ed Carter

Markets started the day Thursday in a divergent situation. The QQQ gapped higher by nine-tenths of a percent, with the SPY gapped up a third of a percent, and the DIA opened down just a fraction. From there all three ground sideways with a slight bullish slant the rest of the day. This left all three closing very near the highs and left the SPY as a potential Hanging Man candle at an all-time high close. On the day, the DIA closed up 0.23%, the SPY closed up 0.47%, and the QQQ closed up 1.04%. VXX closed down again to 10.33 and T2122 rose back into the overbought territory at 86.05. 10-year bond yields fell to 1.628% and Oil (WTI) gained slightly to $59.89/barrel.

After hours Fed member Brainard followed the suit of her peers saying that the economy is improving, but is still far from where it needs to be. This echoes the sentiments of discussion that were seen in the March FOMC minutes released earlier in the afternoon. The point repeatedly made is that the Fed will not tighten regardless of short-term inflation, as long as we are not at “full employment.”

In the AMZN union vote in AL, it turns out that the company spent just under $330 million to fight against unionization and only 55% of eligible workers voted (3215 of 5,800). In counting so far, AMZN is winning 1,100 votes to 463, with 500 votes not declared because AMZN has challenged the legitimacy of those votes. The counting process is very slow because each vote is counted by the National Labor Relations Board and can be challenged for everything from whether the person is still employed, if the form was filled correctly, to whether the signature matches company records. In other business news, GM and F both announced more production cuts overnight as the global chip shortage continues to bite manufacturing industries. F says the shortages are likely to cost the company $1.5-$2 billion this year. GM echoed the sentiment, saying their earnings should be off about the same amount due to lost sales.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 31,717,404 confirmed cases and deaths are now at 573,856. The number of new cases has ticked higher again to an average of 66,677 new cases per day. However, new deaths are trending down again, now at 775 per day. CA has found 5 more cases of the so-called “double mutant” variant of the virus. This extremely contagious strain is the cause for the recent 55% spike in one province of India (where Mumbai Is located). This strain is less susceptible to antibodies (as generated by previously having the virus or from having a vaccine). So, these cases are a major concern in the San Francisco bay area where the infections have been found. FL also filed a lawsuit against the CDC trying to force the resumption of cruises.

Globally, the numbers rose to 134,641,198 confirmed cases and the confirmed deaths are now at 2,917,995 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases are rising again (about 17,000 per day increase) and are now at 618,021 per day. Mortality, which lags, held roughly steady at 10,376 new deaths per day. The EU’s vaccine chief told reporters on Thursday that the EU is on track to achieve herd immunity (70% of the population vaccinated) by mid-July. However, Germany is edging closer to another lockdown as the Chancellor and most state Premiers have called for another one. In Asia, India had another record number of new cases. Japan also exceeded its self-set warning level and has not declared a fourth wave, but PM Suga did say extra precautions are warranted as the country continues to prepare to host the Olympics in late July.

Overnight, Asian markets were mostly red. Shenzhen (-1.26%) and Hong Kong (-1.07%) led the losses with only Malaysia (+0.61%) and Thailand (+0.48%) managing to stay in the green. In Europe, markets are mixed on very modest moves so far today. The FTSE (-0.11%), DAX (+0.06%), and CAC (+0.25%) are typical of the continent at midday. As of 7:30 am, US Futures are also mixed and flat. The DIA is implying a +0.22% open, the SPY implying a +0.14% open, and the QQQ implying a -0.04% open. Bond yields did rise overnight (currently 1.664%) and Oil is flat.

The major economic news scheduled for Friday is limited to Mar. PPI (8:30 am). However, the preliminary result (lawsuits are likely to follow) of the AMZN union vote is also likely to be announced. The only major earnings report on the day is JKS before the open.

The bulls took control again Thursday, especially in the tech-heavy QQQ. However, both the QQQ and DIA have some resistance close overhead. With earnings season starting again next week and the weekend ahead, it is not hard to imagine that markets might drift sideways today. However, the trend is clearly bullish and the big concern (inflation causing Fed action) seems to have been addressed again by Fed voters themselves.

So, don’t predict or chase trades you have missed. Respect support and resistance as well as the trend. As always, keep taking trade goals (profits) off the table when you can and maintain your discipline. Remember that successful traders are the ones that keep hitting singles and doubles. They are not the traders that are looking to hit a grand slam every time at-bat. So, take your profits when trade goals are met, stay on the right side of the market trend. Be sure to follow your trading rules, because consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Friday. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

Jobless Claims and Powell Speaking

April 8, 2021 by Ed Carter

Markets were essentially flat on the day as traders continue to rest after the recent strong run. All 3 major indices printed indecisive white candles (Doji or Spinning Top). On the day SPY was up 0.12%, DIA up 0.01%, and QQQ up 0.24%. The VXX fell to 10.49 and T2122 dropped just below the overbought territory at 76.29. The 10-year bond yield climbed to 1.679% and Oil (WTI) fell half a percent to $59.50/barrel.

Related to the infrastructure bill, Republicans continue to fight anything beyond roads, bridges, and railways being called infrastructure (perhaps oddly, missing was the electricity grid, water systems, and telecom/Internet). Meanwhile, some Democrats are saying they are against raising the corporate tax as far as 28%. The President said Wednesday he isn’t married to 28% and is open to negotiation. Meanwhile, the Treasury Dept. (and Sec. Yellen) says the tax policy that is part of this Infrastructure bill would repatriate $2 trillion in corporate profits currently being hidden abroad. In a related story, Sec. Yellen told the press she believes that the vast majority of developed nations (including the G20) will go along with the idea of a “global minimum corporate tax” that she has proposed. Separately, the Wharton school has said the infrastructure plan (as proposed, not as finalized) would have little if any impact on business investments.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 31,637,243 confirmed cases and deaths are now at 572,849. The number of new cases has ticked higher again to an average of 66,271 new cases per day. However, new deaths are trending down again, now at 771 per day. The CDC (and Dr. Fauci, NIH) announced that more and more new cases and hospitalizations are coming from younger demographics and that the main cause appears to be the increase in travel, reduction of restrictions, and the public abandonment of mitigation (masking).

Globally, the numbers rose to 133,830,978 confirmed cases and the confirmed deaths are now at 2,904,226 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases are rising again and are now at 600,875 per day. Mortality, which lags, held roughly steady at 10,074 new deaths per day. The Canadian province of Ontario went into lockdown for at least the next 4 weeks as cases and hospitalizations have spiked. In the middle-east, Iran has seen the average number of new cases double in the last week. In Asia, India reported another record number of new cases today. And related to vaccines, several countries announced new restrictions or new pauses in the use of the AZN vaccine, including Australia, Spain, Belgium, and even the UK.

Overnight, Asian markets were mostly green on modest moves. Hong Kong (+1.16%), Australia (+1.02%), and New Zealand (+1.16%) were the biggest winners by far on the day. Only Japan (-0.07%) and Singapore (-0.29%) were in the red. The other exchanges all saw modest moves to the upside. In Europe, a similar story is taking shape as of midday. Denmark (+1.46%) is a dramatic outlier, but the FTSE (+0.38%), DAX (-0.12%), and CAC (+0.42%) are much more typical of the continent. As of 7:30 am, US Futures are mixed. The DIA is implying a flat (unchanged) open, the SPY implying a +0.34% open, and the QQQ implying a +0.90% gap higher.

The major economic news scheduled for Thursday is limited to Weekly Jobless Claims (8:30 am) and Fed Chair Powell speaks at noon. Major earnings reports on the day include CAG and STZ before the open. Then after the close LEVI reports.

Bond yields are down very slightly and Oil is off about 1% overnight. So, the inflation story is in check at least prior to the Jobless Claims number (which is expected to be down significantly). With markets having rested the last couple of days and extension having been relieved to some extent, the bulls may have the wind at their back again today. Regardless, do not fight the tide whether that means picking a reversal or not following the trend.

As always, keep taking trade goals (profits) off the table when you can. Stick with your discipline. Successful traders over the long run are the ones that keep hitting singles and doubles. They are not the traders that are looking to hit a grand slam every time at-bat. So, take your profits when trade goals are met, stay on the right side of the market trend, respect both support and resistance, and don’t chase the moves you missed. Be sure to follow your trading rules, because consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: ALLY, DRI, ORCL, MRVL, INTC, LB. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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

Not Much News Follows Slow Tuesday

April 7, 2021 by Ed Carter

Markets opened flat on Tuesday and then ground sideways the rest of the day with a slight bearish direction. This left all 3 major indices in Doji-type candles. On the day the SPY lost 0.06%, DIA lost 0.25%, and QQQ lost 0.07%. The VXX was flat at 10.77 and T2122 also held ground deep in the overbought territory at 95.57. 10-year bond yields fell significantly to 1.658% during the day and Oil (WTI) gained almost 1.5% to $59.46/barrel.

After hours, LUV called back pilots to prepare for what they expect to be a very busy summer travel schedule. AMZN CEO Jeff Bezos also released a statement saying that he supports a bold infrastructure investment and the raising of the corporate tax rate. However, he stopped short of endorsing President Biden’s specific infrastructure plan or Biden’s proposed corporate tax hike to pay for the plan. (It is worth noting that AMZN paid zero in federal income taxes for 2 years and then only paid $162 million last year on $386 billion in revenue…four one-hundredths of a single percent.)

Bloomberg reported that commodity shipping rates have jumped over 50% so far this year. This includes shipping for various grains, steel, coal, and other dry goods. As of a couple weeks ago, prices were nearing the all-time highs that preceded the pandemic crash in March of 2020. In other strong economic news, JPM Chair Dimon issued a shareholder letter this morning that said he expects strong economic growth to easily continue into 2023. He also said that while stock valuations are quite high, the multi-year boom we are entering may justify those stock prices.

Related to the virus, US infections are rising again after plateauing at a level above the fall level. The totals have risen to 31,560,438 confirmed cases and deaths are now at 570,260. The number of new cases has ticked higher again to an average of 65,582 new cases per day. However, new deaths are trending down again, now at 820 per day. The CDC announced that at least 80% of teachers, school staff, and childcare workers have now gotten at least one dose of vaccine. This came the same day the White House announced that 150 million vaccine doses have been dispensed in the first 75 days of the administration. In addition, as mentioned yesterday, President Biden has moved the deadline forward by two weeks, requiring states to offer vaccine to all US adults by April 19.

Globally, the numbers rose to 133,136,691 confirmed cases and the confirmed deaths are now at 2,889,245 deaths. The trends have reversed and are now trending toward trouble again as we have seen significant upticks recently. The world’s average new cases are rising again (about 10,000 per day) and are now at 599,421 per day. Mortality, which lags, held roughly steady at 9,988 new deaths per day. In South America, Brazil recorded its deadliest day of the pandemic on Tuesday, with 4,195 deaths. Argentina also recorded the highest number of new cases since the pandemic started. Elsewhere, there is better news as Sough Korea approved the JNJ vaccine, Russia gave Pakistan 150,000 doses of the Sputnik V vaccine, and the first patients in the UK have started to receive the newly approved MRNA vaccine.

Overnight, Asian markets were mixed again. Thailand (-1.46%), Hong Kong (-0.91%), and Shenzhen (-0.74%) were the major losers on the day. Meanwhile, Malaysia (+1.37%), India (+0.92%), and New Zealand (+0.70%) led gainers. The rest of the region put in modest moves in either direction. In Europe, we see a similar picture at this point in the day, again on modest moves. The FTSE (+0.80%) is an outlier to the upside, with the DAX (-0.05%) and CAC (+0.10%) being much more typical of the continent. As of 7:30 am, US Futures are pointing to a flat open. The DIA is implying a +0.03% open, the SPY implying a +0.04% open, and the QQQ implying a +0.03% open at this hour.

The major economic news scheduled for Wednesday is limited to Imports / Exports and Fed. Trade Balance (both at 8am), Crude Oil Inventories (10:30 am), and FOMC Meeting Minutes (2 pm). Major earnings reports are limited to LW, MSM, RPM, and SCHN before the open. There are no major reports scheduled after the close.

Overnight trading was mixed and flat following Tuesday (which was the least volatile day so far this year). Bond yield rose slightly (10-year up to 1.66%) and Oil gained a percent again overnight, implying slightly more inflation expectation. However, there was no major move that would signal strength from the bulls or bears. It may just be that Mr. Market needs to catch his breath after running “too far too fast.” Or maybe traders are just waiting for the next reason to run. Regardless, we remain extended, but in a strong bullish trend. So, keep an eye on volatility and don’t fight the tide.

As always, keep taking trade goals (profits) off the table when you can. Stick to your trading rules, and maintain that discipline. Traders that are successful in the long run do it by continually hitting singles and doubles…not by looking to hit a grand slam every time at-bat. So, take your profits when trade goals are met, stay on the right side of the market trend, respect both support and resistance, and don’t chase the moves you missed. Be sure to follow your trading rules, because consistency is the key to long-term trading success.

Swing Trade Ideas for your consideration and watchlist: No trade ideas today. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 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

Hit and Run Candlesticks / Road To Wealth Youtube videos

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