Friday saw a gap down, followed by indecisive, but generally bearish trading.  This came in the face of more strong earnings reports (earnings were very strong all week).  The major exceptions to the indecision were JNJ, BA, and NFLX which got hammered on nasty news items or post-earnings blues.  The offsets of good earnings, bad news for big names and the wait for an expected Brexit Deal resolution drove a “wait and see” attitude among traders.  However, the negative day did break the recent uptrend, at least in the DIA and QQQ.  

Despite expectation, on Saturday the Brits kicked the can down the road again.  Parliament approved an amendment to the “new Brexit deal” bill, which meant that passing the actual deal would only mean actual approval AFTER all the nitty-gritty detail bills are also passed.  So, the PM canceled any vote on the deal itself.  This left him legally required to ask for another extension from the EU.  Instead, the PM sent an “unsigned letter” requesting an extension, along with a second “signed letter” asking that no extension be granted.  (A Court will decide Monday whether that means the PM is in Contempt of Court for the disingenuous extension request.)  Either way, the EU is now planning to stall on a reply in hope that PM Johnson can get the deal approved before they reply.  This all leaves more indecision for markets.

Other weekend news of note is that a Goldman-Sachs banker was arrested for insider trading and on the plus side, Chinese Vice Premier Liu said there had been substantial progress in the US-China Trade Talks.

Monday’s economic calendar is basically empty, with a light week overall.  However, earnings are in full swing with many reports.  Among these are HAL before the open and CDNS, CE, and ZION after the close.

Overnight, Asian markets were mixed, but European markets are in the green at this point.  As of 7:30 am, U.S. futures were all pointing to 0.30% gap higher across the major indices.

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.

Ed

For Your Consideration: These trade ideas for your swing-trading consideration. Long – DE, DG, NKE, BBY, CM, NRG, WU Shirt – BHGE, DD, SBUX, VRSK, WEC, FIS, ACN. 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.

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