Ye Olde Framework Trick

After a back-and-forth session for much of the day, including a sizable fade off the morning highs, stocks shot higher this afternoon on breaking news that Trump had called off Europe tariffs relating to Greenland on the back of a "framework" for a deal. Needless to say, we have seen this dance before, with the TACO acronym coming to mind--It is hard not to think that Trump saw yesterday's big down move in stocks and bonds and immediately sought to expedite a deal. 

That said, I am still looking to see if QQQ can close back above its 50-day moving average, currently at $616.05, as we have the heart of earnings season for the Magnificent 7 leaders in the coming weeks (Netflix was a dud last night but not exactly a market mover these days, either). 

Elsewhere, some oil service names are trying to sustain well-defined resistance breakouts. We have discussed RIG SEI for Members, as well as Tidewater, below on the daily chart. All three are threatening resistance breakouts as we speak, with some shorts to squeeze.