Monday was a blah day in markets as traders seemed to wait on the next news.  Regardless of the cause, all four major indices put in indecisive Doji candles just South of Friday’s close.  This was done on VERY light volume.  Perhaps traders are waiting on the earnings season that kicks off today. 

Overnight, the US applied sanctions on Turkey in a belated attempt to avoid looking like we abandoned the Kurds. However, Turkey is such a small trading partner that I doubt this impacts markets. Today’s economic calendar only the Empire State Manufacturing Index and a handful of Fed speakers.  Neither is likely to drive markets unless there is a major surprise.  What very well may drive markets are earnings as we hear from C, GS, JPM, WFC, BLK, JNJ, UNH (among others) all before the Open and UAL and JBHT after the close.

Asian and European markets were both mixed overnight. However, as of 7:30 am, US futures are pointing toward a gap up of 0.40%.

Remember to be careful picking bottoms or chasing gaps.  As Rick says, a profit trader’s job is to take their bites out of the middle of the sandwich. Leave the crusts for knife-catchers and Top-pickers who won’t be around long. So, be careful until the recent tendency toward “gaps and whiplash” has worked itself out.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short: SHAK, SBAC, SBUX, LDOS, SMPL, PG, YUM – Long: DOCU, HCP, SYY, MPC, AIV, LEN, BF.B, NWL 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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