The bulls pushed markets steadily higher all day Thursday.  All three major indices printed new all-time high closes with the SPY up 0.41%, the DIA up 0.44%, and the QQQ up 0.63%.  This move was made on roughly average volume and good breadth as T2122 remains at the 84 level.  Meanwhile, the VXX fell again to 14.86 as there is no fear at all in stock markets now. 

Economic data was mixed on Thursday as Jobless claims fell, but fell less than expected.  In addition, the Philly Fed Mfg. Index was much lower than expected.  However, MU, CAG, and DRI all posted strong earnings before the session. 

That said, the main news story of the day was impeachment again.  Markets seem to have discounted it, probably seeing it as a stalemate that can do little economic harm.  The Democrats got an indictment, but the Republicans refuse to recognize those charges and intend to acquit the President regardless of evidence/testimony.  The only question remaining seems to be what the January Senate “trial” will look like.  Regardless, the market has not taken this as bad news, at least as things stand now.

After hours Thursday NKE posted beats on both the top and bottom lines.  Friday’s major economic news includes Q3 GDP (8:30 am) and Michigan Consumer Sentiment (10 am).  The only major earning report on the day is KMX, which reported a miss on earnings but a beat on sales already this morning.

Thursday’s major economic news includes Weekly Jobless Claims and the Dec. Philly Fed Mfg. Index (both at 8:30 am) and Nov. Existing Home Sales (10 am).  Earnings before the open include ACN (beat on both lines), CAG (beat on both lines), and DRI (beat on earnings, missed on revenue).  Meanwhile, NKE reports after the close.

Overnight, Asian markets were mixed, with Hong Kong a bit higher while the others were flat or in the red.  In Europe, markets are also mixed at this point.  As of 7:30 am, U.S. futures are just on the green side of flat all pointing to less than a tenth of a percent gain at the open.

Fed rates remain paused (and heavy QE is underway).  A phase-one Trade Deal also seems in hand and there are no major earnings or news events souring moods at this point.  So, the bulls continue to have the momentum heading toward the year-end holidays.  The only fly in the ointment now is fear of over-extension and the unknown. As I’ve said (continuously) continue to plan your trades, and trade your plans.  Keep taking profits without being too greedy, move your stops to protect yourself and wait for the trade to come to you (don’t chase).   

Ed

Sorry, but no Swing Trade Ideas for your watchlist on Friday. 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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