On Brexit, overnight the UK and EU reached a new deal.  However, it was reached using a political move, removing the ability of the DUP party (Northern Ireland) to have consent.  So, regardless of the headline (assuming the 27 EU leaders agree), there is extreme doubt over whether this deal has any chance of passing the UK Parliament Saturday.  This leaves another extension request still the highest probability.  

In other International news, China tensions may be on the rise again.  China has said it will need tariff relief in order to do the additional Ag purchases President Trump claimed as progress last week.  Congress passed a bill condemning the Chinese for the Hong Kong situation. Of course,  China immediately condemned Congress’ condemnation. In the HK Parliament, rebels shouted down the PM’s annual speech.  And overnight China arrested two Americans.

Wednesday was another blah day with a gap down open met by a trading range that filled the gap and came back a few times the rest of the day.  In the end, we printed a Doji Harami in the SPY, DIA and QQQ.  Mixed earnings, an unexpected Retail Sales miss and a Fed speaker (Evans) saying “we don’t need any more rate cuts this year” may have left markets confused and waiting for the next headline.

Overnight, Asian markets were mixed.  European markets are all green, with the FTSE jumping a massive 11% at this point on Brexit hopes.  As of 7:30 am, U.S. futures were all pointing to open higher (about 0.30% in the SPY and DIA and 0.65% in the QQQ).

Thursday’s economic calendar includes Sept. Building Permits (8:30 am), Philly Fed Mfg. Index (8:30 am) and a couple of Fed speakers in the afternoon.  However, once again Earnings will likely have more impact with BBT, DOV, GPC, HON, KEY, MTB, MS, PPG, PM, SNA, STI, and UNP before the open. (MS already reported a major beat this morning.)   

While the short-term uptrend remains in place and there was some good news overnight, this has not been a deliberately-trading market.  Gaps and whiplash do not make for a good swing trading environment. So, be careful chasing and as always trade your plan.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Long – GME, PPL, GLNG, BF.B, LW, EQR, DLTR, DG, DOCU, NKE, INFO, WU – Short – PPC, SBAC, FSLR, TSN, SHAK, BHGE, HAL. Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Tuesday was a strong day from the start on the back of good earnings reports from major banks.  However, after a solid gap and run at the Open, the Bulls seemed to hit a wall about 11 am.  The rest of the day was a grind sideways with the close at the low end of the 11 am 15min candle. This action left us with a Bullish Trader’s Best Friend signal (albeit less than optimal with an upper wick).  It certainly appears that the Bulls want to at least retest the all-time highs again. 

In International news, there was European fear on news of stalled Brexit negotiations. This comes less than 24hr after optimism for a new deal. However, nothing will be sure until Thursday night (EU Leader dinner where a new Brexit deal will be debated). Even then, it is unsure if any new deal could be passed by the UK Parliament in its emergency Saturday session. 

Overnight, Asian markets were mixed, but mostly higher.  European markets are also mixed. As of 7:30 am, U.S. futures were all pointing to mostly flat open, looking for a gap down of only 0.10%.

Today’s economic calendar includes Retail Sales (8:30 am) and Oil Inventories (10:30 am).  However, once again earnings are likely to drive action with ABT, BAC, PNC and USB reporting before the open.  (BAC already reported, posting higher the expected results.) CSX, CCI, IBM, KMI, NFLX and URO report after the Wed. Close.    

Remember to be careful chasing gaps.   The downtrend has been broken, but this market remains very volatile and looking for the next news items on which to over-react.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short – EL, SHAK, LDOS, SBUX, YUM – Long – JBL, AMAT, MPC, DLTR, KBH, INFO, DE, LEN, SYY, KLAC Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Monday was a blah day in markets as traders seemed to wait on the next news.  Regardless of the cause, all four major indices put in indecisive Doji candles just South of Friday’s close.  This was done on VERY light volume.  Perhaps traders are waiting on the earnings season that kicks off today. 

Overnight, the US applied sanctions on Turkey in a belated attempt to avoid looking like we abandoned the Kurds. However, Turkey is such a small trading partner that I doubt this impacts markets. Today’s economic calendar only the Empire State Manufacturing Index and a handful of Fed speakers.  Neither is likely to drive markets unless there is a major surprise.  What very well may drive markets are earnings as we hear from C, GS, JPM, WFC, BLK, JNJ, UNH (among others) all before the Open and UAL and JBHT after the close.

Asian and European markets were both mixed overnight. However, as of 7:30 am, US futures are pointing toward a gap up of 0.40%.

Remember to be careful picking bottoms or chasing gaps.  As Rick says, a profit trader’s job is to take their bites out of the middle of the sandwich. Leave the crusts for knife-catchers and Top-pickers who won’t be around long. So, be careful until the recent tendency toward “gaps and whiplash” has worked itself out.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short: SHAK, SBAC, SBUX, LDOS, SMPL, PG, YUM – Long: DOCU, HCP, SYY, MPC, AIV, LEN, BF.B, NWL Trade smart, take profits along the way and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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 strongly and the bulls ran hard most of the day Friday on the hope of a US-China Trade Deal.  However, at day end, markets crashed back down to Open levels when it became clear there was no deal (not even a partial deal), just handshake and political spin.  (Nothing was put on paper and none of the major points were even discussed.)

So, what we really got Friday was an agreement to talk more and not escalate the trade war until we do talk again.  While President Trump is claiming success (and that China is starting to buy US Ag products, which was true before the meeting began), the Chinese statements say nothing of any deal, just that some progress was begun).

The post-announcement market crash left US indices looking a lot like Shooting Star candles at the top of the recent pull-up.  However, the good news is that the indices did break the recent downtrends.  Monday’s economic calendar is empty and Earnings Season does not kick off until Tuesday.

Overnight, Japan was closed, China was green and European markets are all in the red two-thirds of a percent.  As of 7:30 am, U.S. futures were all pointing to 3/10^th of a percent gap down (apparently either following Europe lower or continuing the “No Deal Crash” late Friday).

The bottom line remains that it is very hard to swing trade in the recent markets successfully.  Until we start getting fewer “gaps and whiplash” and more “trend and follow-through” be very cautious.  Day or Position trading look much more attractive in this sort of volatile and choppy market.  So lock in profit whenever you can. Do not confuse one candle as trading wisdom…or a new trend.

Ed

For Your Consideration: Trade ideas for your swing trading watchlist. Short – CME, MO, RDUS, LDOS, SBUX, SMPL, SHAK, HEI Long – HCP, ES, EQR, AMH, MPC, SYY, AIV, LEN, GRMN Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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 had a strong day Thursday, almost exclusively on “hope” of a partial trade deal between the US and China.  The indices closed up two-thirds of a percent, right at the 50sma in the SPY and DIA.  Still, both the SPY and IWM both failed the downtrend line and that trend remains intact in all (arguably) indices except the QQQ (which broke through on Thursday).

Friday’s economic calendar includes the Michigan Consumer Sentiment survey at 10 am.  However, given all the focus for months on the Trade War, the big market mover will be the rumors, announcements, and spin placed on the meeting between President Trump and the Chinese Vice Premier.  Also keep an eye on Oil markets as Iran claims one of their tankers in the Red Sea was struck by 2 missles last night. The only earnings of note is for FAST before the bell. 

Overnight, Asian and European markets were up strongly (apparently also on Trump’s tweet that trade negotiations were going “very, very well”).  And as of 7:30 am, U.S. futures are all pointing to a large gap higher (about 1.25% across the board) on that optimism for a Friday trade deal.

The bottom line remains that it is very hard to swing trade in the recent markets successfully.  Day or Position trading look much better in this sort of volatile and choppy market.  Until we start getting less “gaps and whiplash” and more “trend and follow-through” be very cautious.  Do not confuse one candle as trading wisdom…or a new trend. That all said, downtrend remains in control for now.  

Ed

For Your Consideration: No trade ideas for Friday. Remember to lock-in profits while you can, and hedge your risks for the weekend when you can’t react to news and rumors. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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 higher Wednesday on anonymous reports the Chinese are open to a partial trade deal – grain purchases for tariff suspension.  While the gap was impressive, the day ended as nothing but a Doji (indecisive), if up almost 1% on the S&P and QQQ.  So, the downtrend remains in place and taken together, the last two days are just more of the sideways chop at the level of the large gap down Open Tuesday.

On today’s economic calendar we see Consumer Inflation at 8:30am.  However, the big news is the resumption of US-China Trade talks.  Unfortunately, overnight the Chinese media was reporting “trade talks have made no progress” and “high-level talks will only last one day” (instead of two as was planned). 

Overnight, Asian and European markets were all mixed (on dueling rumors and expectations about the now-shortened trade meeting).  And as of 7:30 am, U.S. futures were all pointing to a small open lower (about 0.2 – 0.3%) on the overnight news of trade deal failings.

The bottom line remains that it is very hard to swing trade in the recent markets successfully.  Day or Position trading look much better in this sort of volatile and choppy market.  Until we start getting less “gaps and whiplash” and more “trend and follow-through” be very cautious.  Do not confuse one candle as trading wisdom…or a new trend. That all said, downtrend remains in control for now.  

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Short – FSLR, WES, LSCC, LDOS, RDUS, KLAC, EL  Long – DOCU, CX, EQR, SYY, AMH, ES, COST, CYH Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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 lower again Tuesday, attempted to rally again (on Fed Chair Powell’s afternoon statement that he sees the Fed balance sheet expanding again soon), but then sold off hard the last hour of the day, closing near the lows.  So, the Dreaded-h pattern is now near breakout in all major indices. 

Overnight, Asian markets were on the red side of flat, but European markets are all strongly in the green.  As of 7:30 am, U.S. futures were pointing to a large gap up (about 1%) on overnight reports that China is open to a partial trade deal. (Just bear in mind the market whip on these same rumors the last few days that were always countered with a rumor in the opposite direction…and China has promised a counter move to the most recent U.S. blacklist / Visa sanctions.)

On today’s economic calendar we see JOLTS at 10am, Oil Inventories at 10:30, Chair Powell speaks again at 11am and the Sept. FOMC minutes come out at 2pm.  Also, the Impeachment news cycle will surely keep churning and beware of that Chinese retaliation for the blacklist and putting restrictions on Chinese officials and executive’s travel visas.  Finally, Turkey continues to move troops right to the border of Syria. So, news of that situation may also drive markets.

The bottom line remains to be cautious, very quick in your trading time horizon or both. Gaps and whiplash are not good conditions for swing trading. So, be careful chasing one nice (or ugly) candle. However, the downtrend remains in control for now.  

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Short – TSN, LSCC, SYF, LDOS, KLAC, MDT, EL  Long – DOCU, UDR, EQR, CYH, KBH, AMH, CX, DHI Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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 lower Monday but rallied to close the gap and retest the 50sma and downtrend.  The bad news for bulls is that all three major indices failed that test (or at least failed to pass it Monday).  This leaves all four (SPY, DIA, QQQ, and IWM) in a potential Dreaded-h pattern in the making.  So, the downtrend remains in effect and the key technical indicator for Tuesday.  In spite of this, Defensive sectors were out of favor all day.  Does this put us in a bull trap in progress?

Overnight, Asian and European markets were all in the red.  This is probably due to the U.S. blacklisting 28 entities in China (prohibiting them from buying anything made in America).  This move was ostensibly made over Human Rights violations, but market analysts suspect it has more to do with adding Trade War pressure (or at least believe that is how China will interpret the move).  Adding to the market fears are reports that the UK PM had a testy call with German Chancellor Merkel, making any new Brexit deal “overwhelmingly unlikely.” This, of course, raises the risk of a No Deal Brexit.  As of 7:30 am, U.S. futures were also pointing to a significant (0.7%) gap down on the overnight news.

On Tuesday PPI data (8:30 am) may impact markets, as inflation data may help inform FOMC action.  Fed Chair Powell will also speak again in the afternoon.  It’s worth noting that market expectations of an Oct. Fed rate cut have fallen slightly from >90% last week to 70% Monday.

The bottom line remains to be cautious. It is very hard to swing trade the recent markets successfully until we start getting less “gaps and whiplash” and more “trend and follow-through.”  Be careful chasing after one nice (or ugly) candle. However, the downtrend remains in control for now.  

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Short – DD, TSN, QSR, LDOS, HEI, FSLR, WES, LSCC, RDUS  Long – DOCU, VZ, EQR, PNW, SO, DUK, ES Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

On Friday, the bulls managed to put together the first consecutive up days of the prior two weeks.  It was a strong effort with a gap up and morning follow-through.  However, mid-day the market went dead for 2.5 hours before bulls stepped back in and rallied the market steadily right into the close.  During the process, the SPY, DIA and QQQ all pushed through and closed just above their 50-sma.  Of course, the IWM continues to lag and the downtrend of the last couple weeks remains intact across all major indices.

In news over the weekend, the impeachment story continues to dominate US news and violence flaring up at Hong Kong protests dominates the International news.  On the calendar, Chair Powell speaks again Monday afternoon.  However, Inflation data (Tues. and Thur.), JOLTS (unfilled jobs – Wed.) and the release of Sept. FOMC Minutes (Wed.) may be the key economic drivers of the week.  That said, the most important event for the economy itself might be the resumption of US-China Trade talks on Thursday.  There are very few major earnings announcements this week as earnings season really kicks off next week.

Overnight, Asian and European markets were in the green.  As of 7:30 am, U.S. futures were pointing to a lower open, back down to retest the 50sma.

Friday’s chart action gives a probability of a higher high today.  Yet, with a small gap down at the open, the bulls will have to retest the 50sma before they can rally.  So, don’t get too bullish too early. Remember the bulls still have a lot of resistance levels to work through and the downtrend (which runs back to mid-September) is still the current market trend. 

The bottom line remains to be cautious. It is very hard to swing trade the recent markets successfully until we start getting less “gaps and whiplash” and more “trend and follow-through.”  So be careful chasing after one nice (or ugly) candle.  

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Short– TSN, HEI, BLL Long- PHM, AIZ, DUK, ETR, PG, PEP, STX.  Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

✅ SMS text alerts and reminders?👈

✅ Check out our newest YouTube videos👈

🎯 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.

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

Yesterday saw some serious whipsaw, with a 10am free-fall on the extremely poor Non-Mfg. ISM number, followed by an immediate bounce-back.  This rebound seems to be built on markets pricing in a 90% chance of further Fed rate cuts in the Oct. FOMC meeting.  With that said, the bulls found their footing again late in the day and drove a rally right into the Close.  In the process, the SPY and DIA both climbed back above the uptrend (of Lows) line running back into June.

This chart action gives us a high probability of a higher high on Friday.  Markets may even try to fill the Thursday Open gap.  However, nothing is guaranteed with markets unable to string together two consecutive up days for several weeks now. Needless to say, if we are going higher off yesterday’s strong recovery, the bulls still have A TON of work to do (and levels to work through) to even break the downtrend (of Highs, which runs back to mid-September). 

Overnight Asian markets were mixed and European markets are mostly in the green so far. As of 7:30 am, US futures are pointing to a one to two- tenths gap lower.

Today’s economic news includes Durable Goods Orders and Nonfarm Payrolls and Unemployment before the open.  These could very well be market-movers as a follow-up to the bad ISM data this week. (Of course, we don’t know if the market will be in a “bad news is bad news” or a “bad news means more helicopter money” mood. This will all be followed by half a dozen Fed speakers (including Chair Powell) during the day.  On other fronts, Impeachment, Brexit and the Hong Kong protests (or counter-reaction) will undoubtedly dominate the news.

The bottom line is that it is very hard to swing trade these markets until we start getting less “gaps and whiplash” and more “trend and follow-through.”  So be careful chasing after one nice (or ugly) candle.   Remember that Friday is payday.  So, be sure to book some profits in front of an unpredictable weekend of news.

Ed

Sorry there are no trade ideas today. We wish you a fantastic weekend.

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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