Tuesday was a strong day from the start on the back of good earnings reports from major banks.  However, after a solid gap and run at the Open, the Bulls seemed to hit a wall about 11 am.  The rest of the day was a grind sideways with the close at the low end of the 11 am 15min candle. This action left us with a Bullish Trader’s Best Friend signal (albeit less than optimal with an upper wick).  It certainly appears that the Bulls want to at least retest the all-time highs again. 

In International news, there was European fear on news of stalled Brexit negotiations. This comes less than 24hr after optimism for a new deal. However, nothing will be sure until Thursday night (EU Leader dinner where a new Brexit deal will be debated). Even then, it is unsure if any new deal could be passed by the UK Parliament in its emergency Saturday session. 

Overnight, Asian markets were mixed, but mostly higher.  European markets are also mixed. As of 7:30 am, U.S. futures were all pointing to mostly flat open, looking for a gap down of only 0.10%.

Today’s economic calendar includes Retail Sales (8:30 am) and Oil Inventories (10:30 am).  However, once again earnings are likely to drive action with ABT, BAC, PNC and USB reporting before the open.  (BAC already reported, posting higher the expected results.) CSX, CCI, IBM, KMI, NFLX and URO report after the Wed. Close.    

Remember to be careful chasing gaps.   The downtrend has been broken, but this market remains very volatile and looking for the next news items on which to over-react.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short – EL, SHAK, LDOS, SBUX, YUM – Long – JBL, AMAT, MPC, DLTR, KBH, INFO, DE, LEN, SYY, KLAC Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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