Futures Rest in Front of Data

It was another rollercoaster Wednesday that ended on a pullback.  Black-body candles were the norm, but the tech-heavy QQQ was notably more indecisive (wicky) than the others.  For the day, SPY fell 0.42%, DIA fell 0.76%, and QQQ was up 0.32%. The VXX was flat at 36.98 and T2122 fell back out of the overbought territory to 77.08.  The 10-year bond yield fell slightly to 0.728% while Oil (WTI) also dropped to $37.73/barrel.

During the day the SEC told HTZ they had concerns about the bankrupt company issuing another IPO.  In response, HTZ suspended its planned $500 million secondary offering.  Fed Chair Powell also told the House they will gradually move from buying bond ETFs to individual corporate bonds.  He also urged Congress (and the Administration) not to pull back too early on relief for households and small businesses.

On the Virus front, the global headline numbers are 8,465,631 confirmed cases and 451,933 deaths.  Reuters reported that China canceled domestic flights in/out of Beijing in further signs of the lockdown intended to stop the current outbreak, but only 21 more new cases were reported in the city. However, the worst impacts are in South America, where Chile tightened its lockdown on an increase in cases, Chile’s President went into preventative quarantine after staff infections and Brazil reported that new cases topped 31,000 again.

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In the US, we now have 2,234,854 confirmed cases and 119,943 deaths reported to date.  10 states saw their highest number of new cases on Wednesday.  These ten from among the 21 states that saw increases.  TX was perhaps the worst of those, with a new case rate increase of 3.4% and a staggering one-day jump of 11% in virus hospitalizations.  Yet in NY, NYC is on track to reopen many businesses on Monday.

Overnight, Asian markets were mixed again, but this time mostly red.  China and Taiwan eked out a very small gain, but India had a 2% up day.  In Europe, we are seeing red across the board with the lone exception of Portugal being just on the green side of flat at this point.   At 7:30 am, US futures are pointing to a mildly lower open.

The major economic news for Thursday includes is limited to Initial Jobless Claims and Jun Philly Fed Mfg. Index (both at 8:30 am) and FOMC Member Mester speaks again (12:15 pm).  However, CMC, DBI, KR, RGS, and SWBI all report before the open. 

It’s still early, but it is looking like markets want to take a rest, perhaps with a small pullback early in the day.  However, Jobless Claims and the Philly Fed Index could well give markets a push one way or the other.  Keep your eyes on the short-term chart in front of you as whipsaw has been the rule for some time.  As always, don’t chase, don’t predict, and don’t be greedy (take profits and move your stops as you go).


There are no Trade Ideas for today. However, be aware that the normal distribution of trade ideas has been moved to the trading room and the Members-Only Phone App in the future anyway. Trade your plan, take profits along the way, and smart. Also, don't forget to check for upcoming earnings. Finally, remember that the stocks/ETFs 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.

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