Thursday saw a gap-up in all 4 major indices, but that was met will an immediate sell-off the first hour across the board.  A couple more waves of rally and sell-off left us in the red in 3 of the 4 indices, with only the QQQ remaining positive by mid-afternoon.  However, the day ended on a 2-hour rally across the board.  For the day, we printed a Spinning Top in the SPY.  The DIA and IWM gave us Bearish Engulfing signals, while the QQQ printed a gap-up Hanging Man type candle.  In terms of Support and Resistance, the IWM failed its level again with the SPY, DIA and QQQ all remaining range-bound.

As expected, earnings continue to be the leading story.  The same should be true Friday, with a miss by AMZN and a beat by INTC after-hours Thursday.  Those reporting before the bell Friday include CHTR, ITW, PSX, VFC, VZ, and WY among the major names.  Major economic news for Friday is limited to Michigan Consumer Sentiment (10 am) and the Baker-Hughes Rig Count (1 pm).

There was no “new news” on the Brexit overnight. The EU is still deferring a decision on granting an extension until they see what happens next in the UK. Meanwhile, the UK Parliament won’t grant the PM’s desired new election until “No Deal” Brexit is taken off the table…which would mean an extension being in place. On the China Trade War front, no new news was reported last night.

Overnight, Asian and European markets were both mixed.  As of 7:30 am, U.S. futures were in the same shape with the DIA on the green side of flat, the SPY on the red side of flat and the QQQ indicating a gap down of 0.4%.

I know it is repetitive, but remember to be careful chasing.  If earnings remain strong, this should be a bullish market.  However, in recent months trading has been very news-driven.  So, be sure to use caution, take profits along the way and trade your plans. This is especially true on a Friday when there are 2.5 days of potential news ahead of us before we can respond in our trading.

Ed

Sorry, but no Trade ideas for Friday. Remember that it’s payday…time to pay yourself. Trade smart, take profits along the way and trade your trade. 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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