Despite strong earnings Wednesday night and premarket on Thursday, markets could not overcome bad news out of the Trade War.  Reports out of China say they won’t budge on the major issues (subsidies to companies, industrial policy and Intel. Property), don’t trust President Trump to keep any deal and doubt any long-term agreement can be done while he is in office. Meanwhile, the White House says they still expect to sign the phase one agreement (just to not make things worse) on the same schedule as before the Chile Conference was canceled.

The net result was that the bears had control of the markets all day on Thursday.  The four major indices ended up printing Hanging Man type candles.  The good news is that all four also managed to climb back above Support by day end.  Also, after the close Thursday, ANET, FTNT, QRVO, and WU all reported beats. 

Friday’s economic calendar includes Oct. Nonfarm Payrolls (8:30 am) and ISM Mfg. PMI (10 am).  There will also be several FOMC speakers in the afternoon (which will probably have no impact this quickly after the Fed Statment).  However, earnings are still likely to be the driver with AIG, ABBV, BRKB, CBOE, CL, D, XOM, LYB, NWL, PCG, STX, SRE and CVX all among those reporting before the bell today.

Overnight, Asian markets were mixed.  In Europe, markets are also mixed, but mostly green at this point.  As of 7:30 am, U.S. futures were green, looking for about a one-third of a percent gap up.

China Trade fears remain front and center as of Thursday.  However, earnings remain generally strong, with a few exceptions. Remember this is Friday (payday).  So take some off the table where you can. Be cautious as there are many earnings still to go, likely more twists in the Trade War saga and two days ahead when you can do nothing about a report (or tweet) if you are long or short.

Ed

Normally, we have no trade ideas for Fridays. However, in honor of the Open House, here are some Swing-Trade Trade ideas for your consideration. Long – PM, PCAR, PNR, PKG, NEE, INTC, APH, INFO, TSM, PPG, BF.B, DE. Short – MLM, BA, IBM, DRI. Trade smart, take profits along the way and trade your plan. 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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