Thursday started with another gap as strong Earnings and news of a new Brexit deal lead the way.  However, then range-trading took over for the rest of the day. We ended up printing some form of a black spinning top in the DIA, SPY, and QQQ.  However, the IWM conspicuously went its own way, printing a strong large-body candle after its gap up. In the end, we have to say this has been a strong start to Earnings Season so far (week 1) and the market has liked it. 

As I said, a Brexit deal was reached on Thursday.  However, to get this deal, PM Johnson agreed to Northern Ireland remaining in the EU for customs and some VAT purposes and to “no block veto,” which had been part of the Good Friday Agreement. As a result, this will cost him support in Parliament.  The UK press is now reporting that Johnson does not have the votes to get the new deal through Parliament by Saturday at this point.  In Syria, Turkey agreed to a ceasefire so that the Kurds can retreat.  This essentially gives Turkey everything they wanted from the invasion.  Both of these stories reduce market risks and, as such, are “risk on” factors for stock markets.

Last night, China reported a 6% growth for the third quarter, which is its slowest growth since the 1990s. However, Friday’s US economic calendar is very light with the exception of 5 Fed members speaking during the day.  On the earnings front, AMD, AXP, CFG, KO, KSU, SLB, STT and SYF all report  before the open. (KO already reported a beat.)

Overnight, Asian and European markets were mixed.  As of 7:30 am, U.S. futures were all pointing to flat open for the major indices.

Remember to be careful chasing.  Yes we are getting Rick-on indications from the news (yesterday anyway) and the short-term uptrend remains in place. However, this has not been a deliberately-trading market.  Gaps and whiplash don’t make for a good swing trading environment.  So, caution remains the prudent approach.

Ed

For Your Consideration: No Trade ideas on Friday. With 2.5 days of news risk in front of us…and no ability to respond, taking profits and hedging is in order. Trade smart, take profits along the way and trade your trade. 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.

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

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