Waiting on News

On Friday all the major indices fell further after the latest failure at all-time high resistance. Dovish spin in the news (related to a China Trade Deal) was met by the President saying a small deal would not be enough for him to lift tariffs.  There was slightly positive news out of Brexit negotiations (if you’re smart enough to handicap that race), but a UK Court Ruling early this week will stir that pot again.

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Coming off Friday’s ugly candles, we would expect a lower low today.  The futures are indicating a minor move down at this point (a tenth of a percent).  With that said, we have previous support not far below in all indices with the VXX having resistance just above.

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Personally, I will use the short-term trend as a guide, expecting the pullback to continue until the bull prove otherwise. With no major news on the calendar for Monday, I expect this news-driven market to drift more before getting a push. Bulls have looked for any excuse to buy, but at this particular moment, I don't see one yet today.

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Long: CELG, CNP, CNQ, CVS, DOW, DUK, GT, HCSG, KIM, L, LEN, NRG, VZ. Short: BLL, EGHT, FIS, HCA, HEI, MA, SBUX, VRNT, YUM. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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