Tuesday was another blah day with slightly less than normal volume.  It seemed like markets were waiting on another shoe to drop. The bulls never could get going, but the bears had no energy either.  As a result, the SPY, DIA, and QQQ all ended up with indecisive Doji-like candles down about 0.1%.  The VXX had no juice either, ending up just 0.17%.

In trade-related news, Congress announced its agreement to approve a revised version of the USMCA (successor to NAFTA).  However, there was no new information on the China Trade deal, which the market took as something to fear this close to the next deadline.

The major economic news Wednesday includes Nov. Core CPI (8:30 am), Crude Oil Inventories (10 am), and the Fed Statement (2 pm) and Press Conference (2:30 pm).  However, with the Fed flat out stating it will be on hold for the rest of the year, no significant reaction is expected.  The only earnings of note are LULU.  However, just as earlier in the week, all of this is likely to be overshadowed as we inch closer to the Dec. 15 “New Tariffs on China” deadline.

Overnight, Asian markets were mixed, but Hong Kong was well in the green.  In Europe, all the major markets are mixed.  As of 7:30 am, U.S. futures are pointing to an open about flat on the SPY and DIA with a quarter-percent gap up in the QQQ. It is also worth noting that the Saudi Aramco IPO did very well, pricing at the top end of its expected range and rising 10% on its first day of trading (on the Saudi market).  This makes Saudi Aramco the largest company in the world by a wide margin (over MSFT and AAPL).

With impeachment remaining the main domestic story, Europe awaiting the outcome of the ECB meeting and the UK election, and the whole world waiting on the trade deal President Trump told us was done 10 weeks ago, markets may well drift even more.  Regardless, we have to trade the chart we get.  Continue to take profits, move stops, plan your trades, and trade your plans. 

Ed

Swing Trade Ideas for your watchlist and consideration. BLUE, NWL, KEYS, DCP, THO, IPHI, PAA, JBHT, EW, EXEL. Trade smart, take profits along the way and trade your plan. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

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