Gap down this morning as we approach some market moving news starting Wednesday. Of note, USO is off 1.56%. It is time to start stalking a reversal trade in USO!
A good time to be lightening up as the tenor of the market has changed a bit.
With the Fed for whatever strange reason in tightening mode and the debt ceiling posturing already starting it is not the time to be on the long side heavily.
I made a quick trade for +750 yesterday along with another that broke even.
That was the extent of my trading yesterday. It will be more of the same today.
Ideally, we get a washout move into Thursday for the debt ceiling trade. Although, it would not surprise me to see a shut down of some sorts. The Democrats are a completely different animal when it comes to politics.
Where it was predictable what the Republicans were going to do at the last min I can not say with the same degree of certainty that is what will happen with the Democrats pushing for a shutdown.
Should be interesting.
It is tournament time now in College hoops so I will be very busy the next few days into the first round. So I am going to cut this short this morning.