Markets got a respite Thursday, with no new trade-related news, Fed Chair Powell saying nothing new and no news on the Impeachment front.  As a result of the lull, markets rested all day.  However, as has been the modus operandi recently, the bulls stepped in at day end to ensure that we printed a new all-time high close in the SPY and DIA. 

Thursday news included a pre-market beat and raise by WMT, which was met by tremendous fading of the gap-up all day long.  KHC also got a downgrade by GS and suffered a massive sell-off all day.  It is also worth noting that T2122 shows the 4wk High/Low Ratio remains only mid-range.  This means these recent index highs have been achieved with fewer participating companies.  This is a risk factor for bulls.

After-hours, NVDA reported a 20-cent beat on higher than expected sales.  This should provide a Friday tailwind to the Tech Sector.  13F filings released after the close also showed that BRKB (Warren Buffet) had reduced holdings in AAPL, WFC, PSX and SIRI, while at the same time adding positions in OXY and RH.  (This was for the quarter ended in June.) While the US Administration has no credibility left on the matter, Larry Kudlow did again tell Bloomberg that a “phase one deal” is in the final stages of negotiation between the US and China.

Friday economic news includes Retail Sales and Import/Export Prices (both at 8:30 am), Industrial Production (9:15 am) and Business Inventories (10 am).  However, Impeachment Hearings also resume again Friday. The only major earnings report on the day will be JD, before the bell.

Overnight, Asian markets were all in the green.  In Europe, markets are mixed, but mostly red with the FTSE, CAC, and several others underwater so far.  As of 7:30 am, U.S. futures are all pointing to gap higher of between a quarter percent and 0.40%.

Impeachment hearings resume Friday.  It is also quite possible we see more twists in the Trade War saga.  However, the bulls have remained stubborn in recent months.  So, don’t over-react to what may turn out to be very temporary whiplashes.  Follow the trend, wait for an entry signal and above all, obey your rules!   Be cautious and continue to take profits and move stops.  Remember that a Trader’s job is to consistently make gains…not to hit the occasional home run.

Ed

Sorry, but no Trade ideas for Friday. Remember that Friday is pay day. Take some profit off the table and protect yourself in front of a long weekend news cycle (when we cannot react). 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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