The DIA gapped half a percent higher at the open, while the SPY and QQQ opened flat.  From there, all 3 major indices ground sideways with a slightly bearish trend.  This left us with indecisive Spinning Top or Doji candles in all 3 major indices.  On the day, SPY gained 0.08% (to a new all-time high close), DIA gained 0.27% (to another new all-time high close), but QQQ lost 0.14%.  The VXX was flat at 20.84 and T2122 fell a bit but remains in the overbought territory at 87.83.  10-year bond yields rose to 1.497% and Oil (WTI) closed up 1.21% to $82.26/barrel.

During the day Monday, traders piled into the infrastructure plays, following through on the weekend passage of the infrastructure bill.  Among the big winners on the day were CAT (+4.01%), FCX (+6.40%), VMC (+4.95%), NUE (+3.61%), etc.  However, almost all of these saw pops at the open, with some early follow-through, and then faded the gap on a strong pullback.

In a semi-annual report released Monday, the Fed warned that asset prices continue to rise and are now are a perilous risk of crashing (if the economy were to take a turn, thus causing a change in investor risk sentiment).  The report went on to outline risks to the US such as spill-over from the Chinese real estate market (i.e. Evergrande defaults) and “structural vulnerabilities” caused by the emergence of stablecoins (tied directly to a fiat currency) and other digital currencies that are susceptible to major runs (huge swings).  In a related story, overnight, Bitcoin hit a new all-time high (over $68,300) but has backed off to $67,500 at this point.

After the close, IFF beat on both lines, PYPL and JKHY beat on earnings but missed on revenue, and TRIP missed on both lines.  So far this morning, BTNX, HAIN, IGT, and WRK have posted beats on both lines.  CAH, CANO, CCO, and SATS beat on revenue but missed on earnings.  On the other side, DHI, HUYA, IIVI, PRTY, SEAS, and WNC beat on earnings but missed on revenue.  Only MIDD has missed on both lines among major names.

Overnight, Asian markets were again mixed on mostly modest moves. Japan (-0.75%), Malaysia (-0.74%), and Singapore (-0.63%) paced losses.  However, Taiwan (+0.72%), Indonesia (+0.57%), and Shenzhen (+0.44%) paced the wider-spread, but more modest gains.  In Europe, stocks are leaning toward the green side on light moves at mid-day.  The FTSE (+0.12%), DAX (+0.27%), and CAC (+0.28%) are typical of the continent (with a few outliers in each direction beyond the typical) in early afternoon trading.  As of 7:30 am, US Futures are pointing toward a flat open.  The DIA is implying a -0.06% open, the SPY implies a +0.03% open, and the QQQ implies a +0.17% open at this hour.

The major economic news scheduled for release on Tuesday is limited to Oct. PPI (8:30 am), EIA Short-Term Energy Outlook (noon), 10-year note auction (1 pm), and a pair of Fed speakers (Chair Powell at 9 am and Daly at 11:35 am).  Major earnings reports scheduled for the day include ADT, BNTX, CAH, CCO, DHI, IIVI, IGT, MLCO, MIDD, PRTY, SEAS, SYY, UWMC, and WNC before the open.  Then after the close, ADV, ASH, ELY, COIN, DAR, G, GO, JAZZ, LU, NGL, NIO, SCSC, SGMS, SWX, TTEC, VZIO, VRM, WES, and WYNN report.

Earnings and October PPI (which should be hot) should call the tune in early trading today. The other news that may change market sentiment is that Bloomberg reports that President Biden has been interviewing other people (notably Fed Member Brainard) for possible nomination as the next Fed Chair. General consensus is that Chair Powell remains the favorite and will be renominated. However, the interviewing of other candidates is not the norm when a sitting Chair is renominated. So, this might cause a small wave of concern in markets.

The trend remains extremely bullish, but the last couple of candles are showing either indecision or rest by the bulls. This can be a good thing for bulls because the over-extension was getting a bit much toward the end of last week. With that said, we have to remember that the market can remain very extended much longer than you can stay solvent while being right about a reversal too early. Long-term trading success has never come from betting on a reversal yet to come. The trend is our friend.

Focus on your trade rules and on managing the things you can control. That should include consistently taking profits when you have them and moving your stops in your favor. Watch your current positions before looking to add any new trades. Trade carefully and think twice about holding through earnings.

Ed

Swing Trade Ideas for your consideration and watchlist: SKLZ, CHWY, CLF, ACB, FCX, MJ, BLNK, ATI. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Friday was a volatile day as stocks gapped half a percent higher on much stronger than expected October Payrolls and lower than expected Unemployment.  However, after the gap, all 3 major indices just drifted sideways until noon.  Then a sharp selloff took us to the lows of the day by 1:30 pm.  Finally, a modest rally and sideways grind took back near the gap.  This left us with gap-up Doji or Spinning Top type candles in all 3 major indices.  It also meant another all-time high close in all 3 of them.  On the day, SPY gained 0.35%, DIA gained 0.54%, and QQQ gained 0.10%.  (For the week, SPY gained 2.02%, DIA gained 1.42%, and QQQ gained a whopping 3.23%.)  The VXX rose to 20.83 and T2122 jumped back up into the overbought territory at 90.26 at day end.  10-year bond yields fell sharply to 1.455% and Oil (WTI) gained almost 3% to $81.19/barrel.

Over the weekend, the House passed the $1 trillion Infrastructure Bill and sent it to the President for signing.  The bill includes $110 billion for road and bridge repair and replacement as well as $66 billion in freight and passenger railroad maintenance and upgrade.  $65 billion will go to improving the electric grid, another $50 billion to make the grid more resilient.  $55 billion will go for upgrades to water infrastructure (including removing lead pipes).  The bill will also give $65 billion to internet providers (Telcos and Cable companies mainly) for rural broadband.  $47 billion will go toward cybersecurity and climate change threats.  $42 billion will go to airport repair, expansion, and modernization and $39 billion will be used to modernize public transit.  $17 billion goes for seaport improvements, as well as $11 billion for safety, $7.5 billion for electric vehicle charging stations, and $7.5 billion for electric school buses.

BRKA / BRKB also reported that they had an 18% increase in earnings last quarter, citing a strong rebound in railroad, utilities, and energy businesses (reporting $6.47 billion in operating income).  Berkshire also reported a record $149 billion in cash on hand (up over $5 billion from the prior quarter), despite an aggressive stock buyback plan (which repurchased $7.6 billion of BRK stock during the quarter).  Of note to investors, since Buffett is the ultimate value investor, when he is hoarding cash it means he thinks companies and stocks are over-valued. 

In miscellaneous market news, cryptocurrencies are surging this morning.  Ethereum is at an all-time high and Bitcoin is nearing its all-time high again as well as the volatile swings continue in that space.  Elsewhere, TSLA stock is taking a nasty hit this morning after Elon Musk took to TWTR on Saturday.  Musk launched a poll asking whether he should sell 10% of his TSLA stock as a gesture toward avoiding unrealized (and therefore untaxed) gains on his TSLA stock holdings.  58% of the 3.5 million-plus respondents said “yes, he should sell the stock and pay tax on the gains.” (I guess this is a prime example of, “never ask a question to which you don’t already know the answer”.)

Overnight, Asian markets were mixed in modest trading.  India (+0.85%), Indonesia (+0.77%), and Singapore (+0.66%) led to the upside.  Meanwhile, Hong Kong (-0.43%), Japan (-0.35%), and South Korea (-0.31%) paced the losers.  In Europe, stocks are mixed on widely varied trading.  Denmark (+1.50%) and Greece (+0.97%) are both up strong at mid-day.  However, the FTSE (-0.03%), DAX (-0.17%), and CAC (+0.22%) are generally flat in early afternoon trading.  As of 7:30 am, US Futures are pointing toward a flat open.  The DIA is implying a +0.19% open, the SPY implies a +0.06% open, and the QQQ implies a -0.01% open at this hour.  10-year bond yields are back up to 1.479% and Oil (WTI) is up 1.10% in early trading. 

There is no major economic news scheduled for release on Monday.  Major earnings reports scheduled for the day include COTY, GTES, VAC, THS, USFD, and VTRS before the open.  Then after the close, AEL, CBT, IEA, IFF, BEKE, DOOR, MRC, PYPL, PRI, PRIM, RBLX, TME, TPIC, VGR, and ZNGA report.

With no economic news on the docket and no real earnings of note this morning, it would seem Infrastructure bill winners/losers and follow-through on last week’s strong bullish momentum will call the tune this morning. We remain quite extended to the upside and all 3 major indices can easily be seen as gap-up star candles on Friday. So, watch for signs of an Evening Star.

With that said, we have to remember that the market can remain very extended much longer than you can stay solvent while being right about a reversal too early. Long-term trading success has never come from betting on a reversal yet to come. The trend is our friend.

Focus on your trade rules and on managing the things you can control. That should include consistently taking profits when you have them and moving your stops in your favor. Watch your current positions before looking to add any new trades. Trade carefully and think twice about holding through earnings.

Ed

Swing Trade Ideas for your consideration and watchlist: FCEL, BBIG, LCID, XLE, FSM. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

The SPY and QQQ gapped a bit higher and the DIA gapped a bit lower at the open.  Then the SPY and QQQ followed through, especially the QQQ, before grinding sideways for most of the day.  A late-day rally took us out near the highs of the day.  This left us with strong white candles in the two broader indices and a Harami Doji in the DIA.  Both the SPY and QQQ closed at yet another new all-time high close.  On the day, SPY gained 0.45%, QQQ gained 1.26%, and DIA lost 0.07%.  The VXX gained 1.5% to 20.13 and T2122 fell just outside of the overbought territory at 76.04.  10-year bond yields fell to 1.523% and Oil (WTI) fell over 2% to $79.10/barrel.

After hours, ILMN, AIG, MCHP, MSI, WELL, OXY, SWKS, EXPE, NLOK, REG, FRT, PINS, EOG, MTD, NWSA, and NWS were among the major companies reporting beats on both lines.  MELI, NKTR, and DUK were among those reporting an earnings beat, but who also missed on revenue.  Meanwhile, MNST missed on earnings, but beat on revenue.  Only PTON missed on both lines.

So far this morning, ENB, FLR, ELAN, HE, AMCX, CNK, SRE, and VTR all reported beats on both lines.  Meanwhile, HMC, JCI, D, and MODV reported beats on earnings but came up short on revenue.  There have been no major reports the beat on revenue but missed on earnings. However, MGA, GCI, and TIXT missed on both earnings and revenue. 

In miscellaneous business news, PFE says it has developed its own Covid treatment pill that when coupled with a drug for treating HIV, cuts the risk of hospitalization or death by 89% among adults exposed to the Covid virus.  This is the second treatment pill for Covid-19, following MRK’s which was announced at the beginning of October, but was only 50% effective (alone) at reducing hospitalization or death in mild-moderate cases of Covid-19.  Elsewhere, PTON is getting crushed in premarket after last night’s bad earnings report (much larger losses than expected).  PTON was down as much as 35% overnight and now sits down 33%.

Overnight, Asian markets were very mixed with a very widespread.  Hong Kong (-1.41%) and Shanghai (-1.00%) paced the losses.  However, on the other side, Taiwan (+1.28%) and New Zealand (+1.01%) led the gainers.  In Europe, markets are mixed, but lean to the green side.  The FTSE (+0.67%), DAX (+0.18%), and CAC (+0.63%) are representative of the spread on the green side while Portugal (-0.90%), Greece (-0.75%), and Russia (-0.22%) are typical of the spread among the losing exchanges at mid-day.  As of 7:30 am, US Futures are pointing toward a modest gap-up at this hour.  The DIA is implying a +0.09% open, the SPY implies a +0.22% open, and the QQQ implies a +0.30% open at this point. 10-year bond yields and Oil (WTI) are both up a bit in early trading.  

The major economic news scheduled for release on Friday includes Oct. Avg. Hourly Earnings, Oct. Nonfarm Payrolls, Oct. Participation Rate, and Oct. Unemployment Rate (all at 8:30 am).  Major earnings reports scheduled for the day include AMCX, AXL, BEP, CLMT, DSEY, D, SSP, ELAN, FLR, GLP, GT, HE, HMC, JCI, MGA, MODV, PNW, REV, SRE, TIXT, TEN, VTR, and VST before the open.  Then after the close, there are no major reports.

More earnings overnight and this morning will color the mood of the markets today. However, at this point, traders are mostly waiting on the data dump at 8:30 am. That October Payrolls and Unemployment data are likely to impact the tone of the market this morning. As has been the case for a while, the bulls have all of the momentum, but we are also quite extended in the QQQ especially, but also the SPY. So, it is about time for some relief in the form of consolidation or pullback.

With that said, we have to remember that the market can remain very extended much longer than you can stay solvent while being right about a reversal too early. Long-term trading success has never come from betting on a reversal yet to come. The trend is our friend.

Focus on your trade rules and on managing the things you can control. That should include consistently taking profits when you have them and moving your stops in your favor. Watch your current positions before looking to add any new trades. Trade carefully and think twice about holding through earnings.

Ed

Swing Trade Ideas for your consideration and watchlist: No trade ideas for Friday. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Markets opened dead flat on Wednesday and stayed that way until the 2pm Fed Announcement.  However, markets loved that there were no surprises and rallied hard from 2 pm right into the close.  This left us with strong white candles in all 3 major indices, with all 3 closing at yet another new all-time high close (the 4^th in a row for DIA, 5^th in a row for SPY and 6^th in a row for QQQ).  The VXX was down 3.5% to 19.82 and T2122 spiked back up into the overbought territory to 92.65.  10-year bond yields rose to 1.602% and Oil (WTI) fell almost 5% to $79.97/barrel.

As expected, the Fed said Wednesday afternoon that they will begin tapering the purchase of bonds later this month.  Fed Chair Powell said the taper will see a reduction of $10 billion in Treasuries and $5 billion in mortgage-backed bonds to be bought.  There was only a small change in the FOMC’s view of inflation.  They still feel inflation is transitory, but now expect those pressures to last well into next year  (when they had originally forecast they would end at the beginning of the year).

After the close, QCOM, BKNG, MET, ANSS, ALB, FOX, FOXA, MGM, FLT, QRVO, MRO, MAC, and MATX all beat on both lines.  Meanwhile, PXD, DXC, CTRA, and LUMN beat on the earnings line but missed on revenue.  EA, TTWO, LNC, and HST beat on the revenue line but missed on earnings.  No companies reported misses on both lines last night. 

So far today, ZTS, CI, BDX, REGN, APD, SO, ABC, AES, CNP, IRM, NRG, APTV, and XRAY have all reported beats on both lines.  DUK, FIS, ZBH, PWR, CTXS, and HII reported beats on earnings but missed on revenue.  On the other side, BLL, VIAC, and DISH beat on revenue but missed on earnings.  Only MRNA reported misses on both lines, after reporting lower than expected Covid vaccine sales and reducing the forecast for that product in future quarters.

Overnight, Asian markets were mostly green.  Shenzhen (+1.30%), Japan (+0.93%), and Thailand (+0.89%) led the gainers, but the green was widespread.  Among the 4 showing red, Taiwan (-0.25%) was the most notable.  In Europe, markets are green across the board with the lone exception of Russia (-0.54%).  The FTSE (+0.05%) is atypical as it lags, but the DAX (+0.52%) and CAC (+0.39%) are representative of the continent at mid-day.  As of 7:30 am, US Futures are pointing toward a mixed open.  The DIA is implying a flat -0.01% open, the SPY implies a +0.14% open, and the QQQ implies a +0.35% open.  10-year bond yields are down in early trading, but Oil (WTI) is rebounding hard (almost 2%) early to $82.44/barrel.  

The major economic news scheduled for release on Thursday includes Sept Trade Balance, Imports/Exports, Weekly Initial Jobless Claims, Q3 Nonfarm Productivity, and Q3 Unit Labor Costs (all at 8:30 am).  Major earnings reports scheduled for the day include AHCO, WMS, AES, APD, AEE, ABC, APTV, ARW, BLL, GOLD, BCE, BDX, BLDR, CNP, CQP, LNG, CI, CTXS, CNHI, CFX, COMM, CS, XRAY, DISH, DUK, DNB, ERJ, EPAM, FIS, GEO, GIL, GTN, GPRE, HBI, HWM, HII, NSIT, IBP, IRM, ICL, ITRI, K, KTB, MRNA, MUR, NOMD, NRG, OGE, OPCH, PAE, PZZA, PH, PENN, PPL, PRMW, PWR, QRTEA, REGN, REYN, SO, SRLP, TRGP, TGNA, VIAC, VSTO, VNT, VMC, W, WCC, ZBH, and ZTS before the open.  Then after the close, AMRK, ABNB, LNT, ATUS, AIG, COLD, AMN, BGS, BHF, BKD, CVNA, CC, CNDT, ED, CVET, BAP, CWK, DK, DBX, ENDP, EOG, EXPE, FSLR, FND, FTNT, IAC, IHRT, ILMN, LYV, MTZ, MELI, MTD, MCHP, MNST, MSI, NWSA, OXY, ZEUS, OTEX, CNXN, PDCE, PTON, PFSI, PINS, RDFN, RGA, REZI, RKT, SEM, SWLS, SFM, SQ, TDS, UBER, USM, and WELL report.

Once again we got a flood of earnings. And yet again the large majority of them were very positive. Add to that the fact that the market loved the certainty and specifics offered by the Fed yesterday afternoon, and you have a strong bullish setup. However, we also need to remember that we are extended and coming off of many days straight of new all-time highs. So, it is about time for some extension relief in the form of consolidation or pullback.

With that said, bear in mind that the market can remain very extended longer than you can stay solvent being right early. Also, remember that long-term trading success has never come from betting on a reversal to come. The trend is our friend.

Focus on your trade rules and on managing the things you can control. That should include consistently taking profits when you have them and moving your stops in your favor. Watch your current positions before looking to add any new trades. Trade carefully and think twice about holding through earnings.

Ed

Swing Trade Ideas for your consideration and watchlist: BILI, AG, APA, XLE, CVX, ADBE, CHWY, TDOC, DKS, DG 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Markets opened basically flat on Tuesday and then very slowly crept higher over the course of the day.  This left us with white candles that closed near the highs of their candles, with all 3 major indices closing at new all-time high closes again.  On the day, SPY gained 0.39%, DIA gained 0.40%, and QQQ gained 0.42%.  The VXX fell to 20.54 and T2122 fell just outside the overbought territory at 78.72.  10-year bond yields fell to 1.545% and Oil (WTI) fell two-thirds of a percent to $83.51/barrel.

After hours, AKAM, AMGN, MDLZ, ATVI, VRTX, PRU, VRSK, OKE, DVN, PKI, and AMCR all beat on both lines.  TMUS beat significantly on earnings but missed on revenue.  On the opposite side, EIX missed on revenue but beat significantly on revenue.  However, WU missed on both lines. 

In other after-hours news, BBY spiked hard as they announced they are launching a digital marketplace to sell third-party products.  They also announced a collaboration between BBY and KR.  Finally, they said their stock buyback program was ahead of schedule.  Elsewhere, the CDC gave final approval for immediate distribution of the PFE vaccine for children ages 5–11.  MDLZ also announced they will raise the prices of their main product lines (Oreo, Ritz Crackers, and Sour Patch candy) by 7% in 2022 after saying they are expecting costs to rise 6%.

So far this morning, MAR, ETR, EVRG, NI, CPRI, HFC, CVS, EXC, BR, and BWA have all reported beats on both lines.  HUM, EMR, CTRA, and CDW beat on earnings but missed on revenue.  DISCA, DISCK, and NCLH beat on revenue but missed on earnings.  There were no reported misses on both lines.

Overnight, Asian markets were mostly red in modest trading.  Australia (+0.93%) and Taiwan (+0.33%) were the only bullish exceptions.  South Korea (-1.25%) was also an outlier to the downside.  However, Japan (-0.43%), Shanghai (-0.20%), and Shenzhen (-0.07%) were typical of the spread in the region.  In Europe, markets are mixed as of mid-day, also on mostly modest trading.  Portugal (-1.96%) is a huge outlier, but the FTSE (-0.27%), DAX (-0.03%), and CAC (+0.08%) are more typical of the continent.  As of 7:30 am, US Futures are pointing toward a flat open in the US as well as we wait on the Fed announcements.  The DIA implies a -0.13% open, the SPY is implying a -0.10% open, and the QQQ implies a +0.06% open at this hour.  

The major economic news scheduled to release on Wednesday includes Oct. ADP Nonfarm Payrolls (8:15 am), Sept. Trade Balance (8:30 am), Oct. Services PMI (9:45 am), Sept. Factory Orders and Oct. ISM Non-Mfg. PMI (both at 10 am), Crude Oil Inventories (10:30 am), FOMC Interest Rate Decision and Statement (2 pm), and the Fed Chair Press Conf. (at 3:30 pm, a non-normal time).  Major earnings reports scheduled for the day include AMRX, ATH, AAWW, BDC, BGCP, BWA, EAT, BR, BIP, CWH, CPRI, CDW, FUN, CRL, CLH, SID, CTRA, CVS, DISCA, EMR, ETR, EVRG, EXC, EXPI, HFC, HZNP, HUM, JLL, MKL, MAR, NYT, NI, ODP, OMI, PSN, PBI, PLTK, PRG, RRD, SMG, SBGI, SITE, SPR, SHOO, SUN, SYNH, TT, TUP, VNTR, VRTV, and VSH before the open.  Then after the close, ALB, ALL, UHAL, APA, ACA, EQH, BKNG, CENX, CF, CHNG, CAKE, CLR, CTVA, CW, DXC, EA, ET, NVST, EQIX, ETSY, FLT, FOXA, GFL, GDDY, H, ICLR, IR, ITT, KL, LHCG, LBTYA, LNC, LUMN, MATX, MET, MGM, NUS, PTVE, PARR, PXD, QRVO, REGI, ROKU, RYI, SWN, SUM, TTWO, TRMB, TPC, VVV, XP, and YELL report.

Earnings continue to be very strong for the most part. However, it seems markets around the world are waiting on today’s big dump of data and in particular the Fed announcements. The Fed moves have been widely telegraphed for quite some time, but Mr. Market seems to want to hear the words to remove all doubt. In the meantime, the bulls have been running wild, with the major indices at all-time highs after a very strong 3-week streak. So, the trend is strongly bullish, the Fed news is believed to already be known (bond-buying taper starting and inflation is going to last longer than the FOMC originally thought). That puts the risk on the downside (unexpected bad news could hurt twice as bad). Be prepared.

Keep in mind that while we are extended, the market can remain very extended longer than you can stay solvent being right early. Long-term trading success has never come from betting on reversals. Remember, the trend is our friend. Focus on your trade rules and on managing the things you can control. And that should include consistently taking profits when you have them and moving your stops. 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: BGFV, BIG, BTBT, CHWY, BX, X, MU, ORCL, LVS. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Stocks opened up slightly higher Monday and then drifted sideways in waves all day that closed on an up-wave.  This left us with gap-up Hanging Men-type candles in the SPY and QQQ as well as a Doji in the DIA.  On the day, SPY gained 0.17%, DIA gained 0.25%, and QQQ gained 0.33%.  This left all 3 major indices at all-time high closes again.  The VXX fell 1.5% and T2122 jumped up deep into the overbought territory at 94.431.  10-year bond yields were flat at 1.559% and Oil (WTI) gained half of a percent to $83.95/barrel.

Related to Federal spending, the Treasury Department announced late Monday that it is increasing the expected amount of borrowing to $1.02 trillion during Q4, which is up about $314 billion from the August estimate of $703 billion.  In a related story, the Federal Budget, Debt Ceiling Increase, and Infrastructure bills are back in doubt as WV Senator Manchin announced he “may not” support the $1.75 trillion budget plan because he wants “greater clarity” on the impact on the national debt.  Sources told Bloomberg his main concerns are climate-related initiatives and to a lesser degree social spending initiatives as might be expected.  On the opposite side, Progressive Democrats won’t support the bills at lower costs or fewer social and climate initiatives.  This may be as expected since there is still a month left until the deadline created by budget and debt limit extensions. 

After hours, PSA, WMB, MCK, ANET, CLX, FANG, and HOLX all beat on both lines.  Meanwhile, NXPI, SBAC, O, VNO, and LEG beat on revenue but missed on earnings.  On the other side of the coin, MOS missed on both lines and reported that they expect the massive input price surge they have been seeing to continue in Q4.

In earnings this morning, BP, MPC, PFE, DD, ETN, COP, EL, LDOS, HSIC, MPLX, GPN, WLK, KKR, WEC, ROK, TRI, UAA, SEE, XYL, ZBRA, AMEIT, CTLT, LCII, LPX, IDXX, WAT, and TMX all beat on both lines.  LEA, MLM, NXST, GNRC, BLD, SRCL, and HSC missed on earnings but came in at least in line on revenue.  Only ARNC has missed on both lines so far

Overnight, Asian markets were mixed, but leaned to the red side as Chinese fears over the real estate market flare again and Beijing has halted flights again to combat Covid-19.  South Korea (+1.16%) was the leader to the upside.  Meanwhile, Shanghai (-1.10%), Indonesia (-0.91%), and Shenzhen (-0.69%) paced the losses.  In Europe, markets are also mixed at mid-day.  The FTSE (-0.42%), DAX (+0.52%), and CAC (+0.32%) are typical of the spread across the continent as talk of climate initiatives lead all news in Europe the last couple of days.  As of 7:30 am, US Futures are pointing toward a flat open.  The DIA is implying a +0.02% open, the SPY implies a -0.02% open, and the QQQ is implying a -0.18% open at this hour.  10-year bond yields are down slightly and Oil (WTI) is off by half of a percent in early trading.  

There is no major economic news scheduled for release on Tuesday.  Major earnings reports scheduled for the day include PFE, CRSR, RACE, UAA, CTLT, BP, EL, COP, GPN, GNRC, LPX, RL, ARCB, EPD, ROK, MPC, ZBRA, CMI, BHC, BLMN, MPLX, DD, LGIH, IDXX, KKR, LEA, AME, IT, MLM, ETN, LDOS, SEE, ARNC, INCY, WLK, HSIC, LCII, APO, PEG, BLD, MMP, WAT, NXST, WEC, HSC, XYL, CIGI, TRI, INGR, SRCL, and TMX before the open.  Then after the close, ATVI, AKAM, AMCR, DOX, AMED, AFG, AWK, AMGN, ANDE, ARGO, AIZ, BTG, BFAM, CZR, CHK, DCP, DVN, EIX, ENLC, FMC, FNF, FRG, HLF, KAR, LYFT, MANT, MTCH, MCY, MOD, MDLZ, OKE, OVV, PKI, PAA, PRU, SKY, SEDG, STE, SGRY, TMUS, TX, UNM, VRSK, VRTX, VOYA, WU, XPO, ZG, and Z report.

Markets seem to be taking a wait-and-see attitude this morning with the FOMC meeting beginning. Even though the outcome is widely expected and has been signaled by the Fed for some time (bond-buying taper begins), traders appear to want to see another card before they place more bets. Despite the fear of a slowing economic recovery and inflation, earnings continue to be mostly strong among the larger companies. Stay nimble, and don’t be surprised if we see a blase day while we wait on the Fed and Congress and COP26 speeches.

The trend remains bullish, with all 3 major indices sitting at all-time highs. Keep in mind that while we are extended, long-term trading success has never come from betting on reversals. So, remember, the trend is our friend. Focus on your trade rules and on managing the things you can control. And that should include consistently taking profits when you have them and moving your stops. 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: STX, CAN, BTBT, CAT, AMD, CSCO, LVS, CHWY, BB, ARKK, NIO, WFC, HPQ. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Markets gapped down at the open Friday after AMZN’s terrible report the night before.  However, the bulls stepped in and gave us a gradual and wavy rally most of the day.  Then a strong surge the last 30 minutes took us out near the highs. This meant that all 3 major indices managed to squeak out a new all-time high close on strong white candles.  On the day, SPY gained 0.20%, QQQ gained 0.49%, and DIA gained 0.28%.  The VXX rose slightly to 21.44 and T2122 fell slightly to 68.05.  10-year bond yields also fell slightly to 1.557% and Oil (WTI) rose half a percent to $83.30/barrel.

AAL had to cancel 1,500 flights over the Halloween weekend, citing weather (high winds in Dallas), but also Pilot and Flight Attendant shortages.  As of Sunday, about 1% of AAL’s Monday flights had been canceled.  In other labor-related news, on Sunday Bloomberg reported that a tentative deal has been reached between DE and their striking labor union.  The agreement calls for a 10% across-the-board wage increase. 

Also over the weekend, the G20 approved the 15% minimum corporate tax agreement.  The President also tried to get an agreement on the group working together to solve global supply chain issues.  (It’s uncertain what they could do to solve those issues, but they did discuss the topic.) The same G20 group failed to reach an agreement on how to fight global warming ahead of the upcoming “COP26” climate summit this week. This is critical since 80% of global emissions are produced by G20 countries.  In addition, several more leaders have decided to skip the COP26 meeting. So, no matter where anyone stands on the topic, without a united G20 font, it seems unlikely businesses will face major new carbon costs or forced technology changes coming out of this climate meeting.

As the week starts, markets are looking ahead to both a ton of earnings (175 of the SPY report) and other major data. On Wednesday, the FOMC is expected to announce the beginning of its bond-buying taper (with the betting now forecasting the first rate hike in July 2022).  Toward the end of the week, we will get Jobless Claims, Q3 Productivity, and then October Payrolls on Friday.  So, earnings optimism may continue to energize the bulls, but waiting on more direction may also be the move for many traders.

Overnight, Asian markets were mixed on widely varying trading.  Japan (+2.61%) was a huge outlier to the upside and Malaysia (-2.01%) a huge outlier to the downside.  Hong Kong (-0.88%) was down and Taiwan (+0.48%) as mainland China was flat in front of Chinese productivity numbers coming later.  In Europe, markets are green across the board at mid-day on earnings optimism.  The FTSE (+0.51%), DAX (+0.84%), and CAC (+0.88%) are typical of the continent, with some smaller exchanges moving up over 1% in early afternoon trading.  As of 7:30 am, US Futures are pointing toward a gap higher as confidence about earnings grows.  The DIA is implying a +0.48% open, the SPY implies a +0.45% open, and the QQQ is implying a +0.42% open at this hour.  10-year bond yields are up briskly to 1.582% and Oil (WTI) is up half of a percent in early trading.   

The major economic news scheduled for release on Monday is limited to Mfg. PMI (9:45 am) and ISM Mfg. PMI (11 am).  Major earnings reports scheduled for the day include AMG, CNA, ENBL, BEN, JELD, LDI, L, ON, PCG, and TKR before the open.  Then after the close, ANET, CAR, BRKR, BWXT, CLX, CVI, FANG, FN, HOLX, NSP, KMT, LEG, MOS, NTR, NXPI, PSA, RRX, SBAC, SPG, RIG, TA, UNVR, and WMB report.

Earnings optimism continues in premarket this morning, as to date more than 80% of reports have been beats. However, there is plenty of news that could move markets ahead this week. Stay nimble, and don’t forget that you don’t have to chase at the open. The market will present a good opportunity later…you’re not missing anything that can’t be made up. So, manage your risk.

The trend remains bullish, with all 3 major indices sitting at all-time highs. Keep in mind that long-term trading success has never come from betting on a reversal. So, remember, the trend is our friend. Focus on your trade rules and on managing the things you can control. And that should include consistently taking profits when you have them and moving your stops. 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: FCEL, M, QS, BTBT, BB, BMY, NKE, TDOC, XLV, CHWY. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Earnings continue to be the market driver as a strong group of reports overcame very disappointing Q3 GDP numbers.  As a result, markets gapped higher at the open and then had some follow-through the first hour of the day.  This died into a sideways grind in all 3 major indices and then a late-day rally took all 3 out near the highs of the day.  The DIA printed a beautiful Bullish Harami that bounced up off the 8ema, but all 3 of the major indices had strong, white bullish candles.  The SPY and QQQ both closed at new all-time high closes.  On the day, SPY gain 0.98%, DIA gained 0.65%, and QQQ gained 1.09%.  The VXX fell 3% to 21.27 and T2122 spiked to the top of the mid-range at 73.68.  10-year bond yields rose to 1.575% and Oil (WTI) rebounded hard after being down 1.5% in the premarket to close up 0.62% at $83.17/barrel.

During the day, FB announced the name it has chosen for the name change that they announced during their Q3 earnings report Monday.  The name will be “Meta” and the company will begin trading under the ticker MVRS on December 1.  The name change is similar to Google, who became Alphabet years ago.  The move reflects a FB shift in emphasis away from social media and toward what it believes is the next major trend, “virtual reality.”  This is the reason the name was announced at a VR event.

After hours, AMZN posted terrible numbers, missing badly on both earnings and also coming in $1 billion light on revenue.  The company also lowered guidance for Q4.  The other big dog name reporting after the close was AAPL, which beat on earnings but missed on revenue.  Elsewhere, TEAM, GILD, DXCM, RSG, AJG, WDC, and DVA all beat on both lines.  SBUX and FTV missed on revenue, but beat on earnings.  SGEN missed on earnings, but beat on revenue.  SYK followed AMZN’s lead and missed on both lines.

This morning Treasury Sec. Yellen is touting the Democratic $1.75 trillion spending agreement as being “anti-inflationary.”  However, moments after the agreement had been “reached,” House Progressive Democrats said they would not vote for it unless other bills are voted upon at the same time.  Elsewhere, the final earnings of the week continue to roll in.  CHTR, AON, CL, CERN, CBOE, NWL, XOM, PSX, and CHD all beat on both lines.  It is worth noting that both XOM and PSX absolutely crushed earnings estimates.  So far today, only LYB (missing on earnings, but beating on revenue) and WY and LHX (both beating on earnings, but missing on revenue) have any red on the report cards art all.

Overnight, Asian markets mixed, but leaned to the red side.  Shenzhen (+1.45%), Indonesia (+1.03%), and Shanghai (+0.82%) led the gainers.  Meanwhile, Australia (-1.44%), South Korea (-1.29%), and India (-1.05%) paced the losses.  In Europe, stocks are almost exclusively down at mid-day.  Only a slightly green Belgium and Norway are preventing a red sweep.  The FTSE (-0.18%), DAX (-0.79%), and DAD (-0.35%) are typical of the continent in early afternoon trading.  As of 7:30 am, US Futures are pointing to a red open, led by Tech.  The DIA is implying a -0.10% open, the SPY implies a -0.48% open, and the QQQ is implying a -0.87% open after AMZN missed badly and AAPL missed on revenue.  10-year bond yields are up in early trading and Oil is off slightly.    

The major economic news scheduled for release on Friday is limited to Sept. PCE Price Index, Sept. Personal Spending, and Q3 Employment Cost Index (all at 8:30 am), Chicago PMI (9:45 am), and Michigan Consumer Sentiment (10 am).  Major earnings reports scheduled for the day include ABBV, AON, BAH, CRI, CERN, CHTR, CVX, CHD, CL, XOM, FTS, FMCC, HUN, IMO, LHX, LAZ, LYB, NWL, PSX, PNM, POR, RCL, SJR, GWW, and WY before the open.  There are no reports scheduled for after the close.

The bad AMZN miss (and AAPL miss on revenue) is going to color the action in the tech sector this morning. However, overall, the vast majority of earnings have been coming in strong and most of the major earnings reports are behind us after this morning. So, be prepared for some rotation as fear may drive traders away from FANGMAN names and toward later-cycle plays. Stay nimble and remember that it’s Friday…payday…and time to prepare your portfolio for the weekend (and end of the month).

The trend remains bullish in all 3 major indices, with the two broader indices sitting at all-time highs and the Dow just inches away. Keep in mind that long-term trading success has never come from betting on a reversal. So, remember, the trend is our friend. So, focus on your trade rules and on managing the things you can control. And that should include consistently taking profits when you have them and moving your stops. 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: No Trade Ideas for Friday. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Markets started the day relatively flat on Wednesday.  The QQQ rallied into the late afternoon before selling off hard the last hour of the day.  However, the large-caps started their selloff early, but again gained steam the last hour of the day.  This all left a big ugly black candles in the large-cap indices, which if you squint might be called Evening Star type.  Meanwhile, the QQQ printed a white-body Northern Star type candle (just a gap-up short of a Shooting Star).  This left the DIA and QQQ failing at all-time high level resistance and SPY pulling back to test that level as support.  On the day, SPY lost 0.44%, DIA lost 0.69%, and QQQ gained 0.23%.  The VXX gained 2.2% to 21.95 and T2122 fell to the low-end of the mid-range to 27.86.  10-year bond yields fell strongly to 1.545% and Oil (WTI) fell 3% to $82.11/barrel.

After the close, KLAC, EBAY, ALGN, ORLY, XLNX, EXR, MAA, RJF, DRE, and CINF all reported beats on both lines.  Meanwhile, EW, F, and AFL beat on earnings but missed on revenue.  CTSH, URI, and RE beat on revenue but missed on earnings.  And AVB and FLS both missed on both lines.  It should be noted that F crushed earnings by almost doubling the street estimate ($0.51 vs. $0.26 estimate).

In earnings so far this morning, MRK, LIN, AMT, MCO, HSY, LH, SIRI, CMCSA, YUM, BAX, TFX, LKQ, ABMD, NLSN, and ADS have all reported beats on both lines.  CAT, NOC, WTLW, SWK, TAP, and TXT all beat on earnings but came up short of estimates on the revenue line.  At the same time, AEP and XEL beat on revenue but missed on earnings.  Finally, TROW, NEM, and MO missed on both revenue and earnings.

In miscellaneous news out of Washington, leaks are reporting that the Budget Bill that is being negotiated between Democrats has been whittled down again.  From an original $3.5 trillion, the current size seems to be $2 trillion, but continues to move lower as more of the progressive agenda is abandoned to secure the vote of WV Senator Manchin and to a lesser degree AZ Senator Sinema. With that said, it appears a deal is very near as President Biden is expected to attend the Democratic meeting this morning, which most believe is a signal a deal will be done by then.  Simultaneous to the negotiations of the taxes and spending in the bill, CNBC reports that major business groups are already organizing to fight any new business taxes through lobbying and media spending in the states of key Democratic votes. In particular, they want to fight the “Corporate 15% Minimum Tax” that was agreed globally.

Overnight, Asian markets red across the board.  India (-1.94%), Shanghai (-1.23%), and Indonesia (-1.18%) led the losses, but the damage was universal in the region.  This came as a higher producer price index and continued electricity crunch are raising the possibility of stagflation down the road a couple of quarters.  In Europe, the picture is more mixed at mid-day.  The FTSE (-0.28%) and DAX (-0.10%) are slightly lower, but the CAC (+0.60%) is among the half of the continent that is in the green in early afternoon trading.  As of 7:30 am, US Futures are pointing toward a green opening as earnings continue to come in strong.  The DIA is implying a +0.25% open, the SPY implies a +0.33% open, and the QQQ is implying a +0.58% open at this hour (and ahead of major economic news).  10-year bond yields are up just slightly and Oil (WTI) is off 1.5% in early trading.     

The major economic news scheduled for release on Thursday is limited to Q3 GDP and Weekly Initial Jobless Claims (both at 8:30 am) and Sept. Pending Home Sales (10 am).  Major earnings reports scheduled for the day include AOS, AGCO, ATI, ADS, AB, MO, AEP, AMT, BUD, AMBP, AVNT, BAX, BC, CARR, CAT, CBRE, CHKP, CMS, CMCSA, DQ, DBD, EXP, EME, FCN, GVA, GPI, HSY, HTZZ, HBAN, ITW, ICE, JHG, KBR, KEX, LH, LECO, LKQ, MDC, MA, MD, MDP, TAP, MCO, COOP, NEM, NLSN, NOK, NOC, NVT, ORI, OSK, OSTK, PATK, PBF, BTU, RLGY, RS, RDS.A, SAIA, SNY, SNDR, SHOP, SIRI, SAH, SWK, STM, TROW, TFX, TPX, TXT, VC, WST, WEX, WLTW, XEL and YUM before the open.  Then after the close, ACHC, AMZN, AAPL, ATR, AJG, TEAM, AVTR, AVT, CHE, COLM, DVA, DECK, DXCM, EMN, ERIE, FE, FMX, FTV, GILD, HIG, HUBG, LPLA, MHK, RSG, RMD, SKX, SKYW, SSNC, SBUX, SYK, TEX, TXRH, TFII, X, VALE, WERN, WDC, INT, and AUY report.

Again, the flood of earnings is going to be a main driver. However, don’t overlook the Q3 GDP number possibly changing the mood among traders. Again, I would characterize the reports last night and so far this morning as largely positive. However, there were a handful of high visibility misses, such as TROW and MO as well as CAT missing on revenue. So, be prepared, stay nimble and remember that it is the actual market reaction to the news…not the news itself…that is really important to traders.

The trend remains bullish despite yesterday’s candles and all 3 major indices are still sitting very near all-time highs. Remember, the trend is our friend, but also keep in mind that big dogs AAPL and AMZN report tonight. So, 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 and moving your stops. 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: LC, PLBY, LCID, MRVL, F, MCD, OPEN, LVS. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service

Markets were fairly volatile intraday on Tuesday.  All 3 major indices gapped higher and ground sideways for an hour, but then sold off hard, back to the previous close before rallying again and then selling off again the last 15 minutes of the day.  After all of that, the 3 major indices ended up little changed.  All 3 printed black body candles with at least some higher wick and the two large caps closing near their lows.  On the day, SPY gained 0.10% (to another new all-time high close), DIA lost 0.01%, and QQQ gained 0.28% (after having been at a new all-time high intraday).  The VXX gained 2% to 21.47 and T2122 fell out of the overbought territory to 70.12.  10-year bond yields fell to 1.612% and Oil (WTI) rose about 1% to $84.58/barrel.

After hours, AMD, MSFT, GOOG, V, CB, CHRW, and FFIV among others all easily beat on both lines.  Meanwhile, TXN beat on earnings but missed on the revenue line.  TWTR posted misses on both lines, including a terrible miss on earnings.

In premarket earnings reports, TMO, MCD, BMY, ADP, FISV, TEL, KHC, HLT, GRMN, AVY, MAS, HOG, and KO all delivered beats on both lines.  Meanwhile, CME, BSX, IP, GD, and WAB beat on earnings while coming up short on revenue.  In the opposite camp, DTE and ROL missed on earnings, but beat on revenue.  IP was the only report to miss on both lines so far today.

In political news, Senate Democrats unveiled their 15% Corporate Minimum Tax proposal on Tuesday.  It is important to note that despite the name, the tax would only apply to companies that book $1 billion in profit for 3 consecutive years AND it includes credits as well as carry-forward of losses to offset the tax.  On the health side, the FDA Advisory Panel also recommended that the FDA approve the PFE vaccine for kids aged 5-11 (in low doses).  If the FDA does approve this use of the PFE vaccine, then CDC Dir. Walensky is expected to sign off and shots could begin immediately.

Overnight, Asian markets leaned heavily to the downside.  Singapore (+0.42%), Taiwan (+0.24%), and Australia (+0.07%) were the only green in the region.  At the same time, Hong Kong (-1.57%), Shenzhen (-1.10%), and Shanghai (-0.98%) led the region lower.  The same story is taking shape in Europe at mid-day.  The FTSE (-0.08%), DAX (-0.26%), and CAC (-0.25%) are typical of the continent with only a flat Greece and Belgium avoiding a red sweep in early afternoon trading.  As of 7:30 am, US Futures are still pointing to a flat open.  The DIA is implying a +0.05% open, the SPY implies a -0.05% open, and the QQQ is implying a -0.11% open at this hour.  At the same time, 10-year Bond yields are down significantly to 1.59% and Oil (WTI) is off 1.25%.

The major economic news scheduled for release on Wednesday is Sept. Durable Goods Orders, Sept. Trade Balance, and Sept. Retail Inventories (all at 8:30 am) and Crude Oil Inventories (10:30 am).  Major earnings reports scheduled for the day include APH, AIT, ARES, ADP, AVY, BA, BCO, BMY, BG, CME, KO, CSTM, DTE, EVR, FISV, GRMN, GD, GM, HOG, HES, HLT, IP, KHC, MHO, MAS, MCD, NSC, ODFL, OC, PAG, ROL, R, SLGN, SIX, SPOT, TMHC, TEL, TDY, TEVA, TMO, TNL, UMC, VRT, and WAB before the open.  Then after the close, AFL, AEM, ALGN, ALSN, NYL, AR, ACGL, ASGN, AVB, AXS, BHE, BMRN, CACI, CG, CCS, CHX, CNO, CTSH, FIX, CYH, EBAY, EW, ESI, EHC, ENSG, EQT, RE, FLEX, FLS, F, THG, INVH, JBT, KLAC, MTH, MEOH, MKSI, MOH, MUSA, MYRG, ORLY, OII, PPC, PLXS, PPD, RJF, SIGI, SCI, NOW, SNBR, STC, SU, TDOC, TROX, TTMI, TWLO, UCTT, URI, WCN, WFG, XLNX, and YUMC report..

Once again, the flood of earnings is going to be the driver today, at least early on. I would characterize last night’s reports as well as those that are already out this morning as largely positive. However, there were some misses on either earnings or revenue. There were even a couple of companies that missed on both. So, as always, it isn’t necessarily the news (earnings) that matters, but instead what’s most important is how Mr. Market reacts to that news. Be prepared, either way.

The trend remains bullish and the large-caps are still sitting at all-time highs (with the tech-heavy QQQ just below that breakout). Remember, the trend is our friend, but also keep in mind that more of the AAPL and AMZN report tonight. So, 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 and moving your stops. 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: NNDM, XELA, NIO, CHPT, SLV, FSM, F, GM, MS. 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.

Hit and Run Candlesticks / Road To Wealth Youtube videos

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.

Free YouTube Education  •  Subscription Plans • Private 2-Hour Coaching

DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it.  Past performance does not guarantee future results.  Terms of Service