Markets opened higher, immediately traded lower, and then began a steady rally into the mid-afternoon.  There was some late-afternoon sag, but all 3 major indices closed as gap-up white candles.  The DIA printed another Doji-type candle and the SPY printed a Spinning Top-type candle.  On the day, SPY gained 0.54% (a new all-time high close), DIA gained 0.23% (a new all-time high close), and QQQ gained 1.02%.  The VXX fell 3% on the day to 21.03 and T2122 remains in the overbought territory at 86.97.  10-year bond yields fell (after being higher in premarket) to 1.634% and T2122 fell slightly (again, after being up a percent during the premarket) to $83.47/barrel.

TSLA was the big winner on the day crossing above $1 trillion market cap on a 12.7% gain.  This move came on premarket news that Hertz has ordered 100,000 of TSLA’s electric vehicles by the end of 2022.  After the close, FB missed on revenue by close to $600 million but still beat slightly on earnings.  (Monthly active users were down a bit, but daily average users were in line with expectations.)  UHS reversed the results, beating slightly on revenue but missing on the earnings line.  Meanwhile, CDNS and ARE beat on both lines.

After the close, FB missed on revenue by close to $600 million but still beat slightly on earnings.  (Monthly active users were down a bit, but daily average users were in line with expectations.)  UHS reversed the results, beating slightly on revenue but missing on earnings.  Meanwhile, CDNS and ARE beat on both lines.

So far this morning, UPS, MMM, ADM, PNR, SPGI, CNC, and JBLU beat on both lines.  RTX, GE, and XRX missed on revenue, but beat on earnings.   Meanwhile, SHW, WM, PHM, LLY, and GLW all missed on earnings, but beat on the revenue line.  Only LMT has reported a miss on both lines at this point in the day.

Overnight, Asian markets were mixed again but leaned to the green side.  Japan (+1.77%) was a strong outlier to the upside, with South Korea (+0.94%) and Taiwan (+0.83%) being the leaders of the pack for those exchanges that were green.  Hong Kong (-0.36%) and Shanghai (-0.34%) paced the losers.  In Europe, markets are mixed, but the bulls have much more energy at mid-day.  The FTSE (+0.60%), DAX (+0.93%), and CAC (+0.71%) are leading the continent higher while smaller exchanges like Norway (-0.52%), Denmark (-0.42%), and Finland (-0.41%) are headed the other way.  As of 7:30 am, US Futures are pointing toward another bullish open.  The DIA is implying a +0.34% gap higher, the SPY implying a +0.43% gap up, and the QQQ implying a +0.62% open at this hour.  10-year bond yields are down and Oil is flat in early trading.

The major economic news scheduled for release on Tuesday is limited to Conf. Board Consumer Confidence and Sept. New Home Sales (both at 10 am).  Major earnings reports scheduled for the day include MMM, AAN, ARCH, ADM, ABG, CNC, GLW, CEQP, DAN, ENTG, FSV, GE, GPK, GBX, HAS, HUBB, IVZ, JBLU, LMT, HZO, MSCI, NVS, PCAR, PNR, PII, PHM, RTX, SPGI, ST, TRU, UBS, UPS, WM, and XRX before the open.  Then after the close, ACCO, AMD, GOOGL, AMP, AGR, BXP, BYD, CHRW, COF, CB, CSGP, DLR, WIRE, EQR, FFIV, FBHS, GOOG, HA, IEX, JNPR, LBRT, LFUS, MSFT, NBR, NCR, PFG, RRC, TER, TXN, TWTR, V, and ZWS report.

Earnings are going to be the driver again today. So far today, it has been more of a mixed bag of reports among majors than we have seen early this earnings season. The trend remains bullish and the large-caps are sitting at all-time highs (with the tech-heavy QQQ closing on that blue sky fast). Remember, the trend is our friend, but also keep in mind that many of the FANGMAN big dogs report tonight. So, it’s possible we see some caution in at least the QQQ as traders wait to hear from GOOG, AMD, and MSFT tonight and then AAPL and AMZN on Wednesday. Be prepared, either way.

Focus on your trading process and on managing the things you can control. Remember that it’s discipline and good trading rules that will win in the long run. And that includes consistently taking profits when you have them. Watch your current positions before looking to add new trades. Trade carefully and think twice about holding through earnings.

Ed

Swing Trade Ideas for your consideration and watchlist: OPEN, ORCL, MRVL, CHWY, FUBO, FSLY, CHPT, NIO. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers 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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