Quad-Witching And Fed Speakers on Tap

Thursday was another rollercoaster day for markets, but within a tight range compared to recent days.  And just like a rollercoaster, after the ride, we ended up about where we started.  The SPY gained 0.04%, the DIA fell 0.14%, and the QQQ gained 0.27%.  The VXX fell just a bit to 36.31 and T2122 fell to 66.15.  Oil (WTI) was unchanged and the 10-year bond yield fell to 0.707%.

Initial Jobless Claims came in higher than expected at 1.5 million.  However, the market shrugged that off with only a slight gap down.  HTZ also called off its controversial secondary offering after the SEC questioned an IPO by a bankrupt company.

On the Virus front, the global headline numbers are 8,607,857 confirmed cases and 456,943 deaths. A new study out of China (journal published Thursday) found that coronavirus antibodies may only last 2-3 months post-infection.  However, this was a small study, based on only 37 people. Meanwhile, Brazil saw a 2.4% increase in cases and a 2.7% increase in deaths on Thursday and will cross the million case mark today.  In the UK, they have dumped their own contact tracing App (only could identify 4% of iPhones in tests) and have gone with the GOOG/AAPL joint venture App (finds 99% of all phones) instead.

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In the US, we now have 2,263,756 confirmed cases and 120,688 deaths reported to date.  AZ, FL, CA, SC, and TX all saw record-high single day increases in cases on Thursday.  FL saw a 3.9% increase in new cases while TX cases also jumped again by 3.6% along with a seventh straight day of record hospitalizations.  Houston was hit particularly hard as its hospitalizations jumped 12% Thursday.  Governors in FL and TX have so far tried to brush off the increases as nothing more than the result of more testing and groups of migrant workers. The data does not support those claims.

Overnight, Asian markets were mixed but mostly green.  China was the leader and Singapore the only 1% loser.   In Europe, the same is true with the big 3 (CAC, DAX, FTSE) all up over 1% at this point in the day.  US Futures climbed overnight on reports China will increase its US Ag-product purchases to stay in-line with the trade deal.  At 7:30 am, those US futures are pointing to a gap higher of 0.8%-1%.

The major economic news for Friday is limited to a number of FOMC speakers including Rosengren (10:15 am), Chair Powell (12 pm), and Mester (1 pm).  Treasury yields did move higher overnight in front of those 3 speeches.  However, Friday is also a Quadruple-Witching day and that may well move prices at day end. Major earnings reports are very limited with only JBL and KMX reporting before the open.

It is looking like the bulls want to make a push at week's end. However, intraday swings are the norm. As mentioned, beware of pinning and other odd moves or volume related to quad-witching in the afternoon. Keep your eyes on the short-term chart in front of you and be prepared for the whipsaw.  As always, don’t chase, don’t predict, and don’t be greedy (take profits and move your stops as you go). Plan the trade and trade the plan. And remember that Friday is payday.

Ed

There are no Trade Ideas for Friday. However, also 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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Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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