If you are scanning charts to spot the next big move, you need to check this out. We all love crystal clear patterns that look just like the examples, but it can be like looking for a needle in a haystack trying to find them.
When you can use the news to zero in on a potential trade and then couple that with patterns that confirm the set up, it is like using a giant magnet to pull the needle out. I follow Ian Cooper closely and his approach is a simple method for combining the big stories with charts to grab huge trades. Take a look at the note he sent me below.
Keep learning and trade wisely,
Editor Market Wealth Daily
(Read the quick note below)
From Ian Cooper, Author Trigger Point Trade Alerts:
World Health Organization Warns Pandemic is “Growing Exponentially”
Markets have a busy week ahead.
At the start, all eyes on are the potential $2 trillion infrastructure bill. President Biden is expected to meet with lawmakers to persuade passage.
After all, the country is in dire need of major repairs. In fact, according to the American Society of Civil Engineers (ASCE), “there’s a $125 billion backlog on bridge repairs, a $435 billion backlog for roads and a $176 billion backlog for transit systems.”
If the bill can make its way through Congress, according to CNBC, it could:
- Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
- Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids
- Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
- Invest $580 billion in American manufacturing, research and development and job training efforts
Fed Boss Jerome Powell Appears Bullish on U.S. Economy
In addition, Federal Reserve Chair Jerome Powell recently told “60 Minutes,” the U.S. economy is at an inflection point, and that growth and job creation could accelerate.
“What we’re seeing now is really an economy that seems to be much at an inflection point,” Powell told “60 minutes” as quoted by CNN. “And that’s because of widespread vaccination and strong fiscal support, strong monetary policy support. We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming in much more quickly. The outlook has brightened substantially.”
Boeing is a Real Drag on Markets at the Moment
One of the biggest drags on the market is Boeing (BA).
After running from double bottom support around $142 to a recent high of $247, the stock is running into heavy turbulence at the moment. All after the company production issues forced some airlines to pull 737 MAX jets from service.
“The top three U.S. 737 MAX operators – Southwest Airlines, American Airlines and United Airlines – said they had removed more than 60 jets from service following the notice from Boeing,” reported Reuters. The issue affects about 90 planes globally.
However, “Because the problem is understood and the fix looks relatively straightforward, it’s unlikely to be a show stopper, although it’s unclear if it might have any impact on the expected MAX delivery ramp,” Cowen analyst Cai von Rumohr said, as quoted by Reuters.
World Health Organization Says Pandemic is “Growing Exponentially”
Not helping, WHO just said the trajectory of the pandemic is now “growing exponentially,” with more than 4.4 million cases reported over the last week.
In fact, Maria Van Kerkhove, the agency’s technical lead for CV-199, said “we’re in a critical point of the pandemic,” as some countries ease restrictions even as new cases per week are more than eight times higher than a year ago,” as noted by CNBC.
With so many variables at play, markets are red at the moment.
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