The bulls ran roughshod Friday from a gap higher (on a Larry Kudlow report of a phase-one deal with China being nearly complete) to a push most of the day. During the late afternoon, President Trump announced Executive Orders forcing transparency in drug expenses. With bulls only wanting to hear good news, this was read as very bullish by insurers, hospitals and even drug makers (no downside was going to be recognized for anyone). So, at the end of the day the SPY, DIA, and QQQ had all achieved new all-time high closes.
Monday has no major economic news. There will also be another break in Impeachment Hearings. In addition, there are also no major earnings reports. However, there were more violent clashes in Hong Kong with Police forcing entry into a University and being met by Molotov Cocktails and homemade arrows.
Overnight, Asian markets were mixed. In Europe, markets are also mixed with the FTSE and a couple of smaller burses in the green, while the DAX, CAC and most others are in the red at this point. As of 7:30 am, U.S. futures are pointing toward a gap higher of between 0.1% (SPY) and 0.3% (QQQ).
With no major news planned for the day, it is quite possible that the lull gives bulls the chance to push even higher. However, unexpected news from the Impeachment or Trade War with China front can always throw things one way or the there. Either way, the bulls have really only wanted to hear good news for months now. So, don’t get caught over-reacting to a temporary shock. 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.
Swing Trade Ideas for your consideration. Long – BHC, CXO, IPG, CDW, CAH, PM, K, PNR, PCAR, DOV, GE, AMP, CTXS, UTX, WFC, MS. Short – MOS, OHI, CINF, CHD, MCD, CTAS. 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.
🎯 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.
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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