We are starting the week after the 4th with a gap down in the indexes of about 1/2%. Crude is off a bit, TLT up, and Vix.x is up 5%. This has the makings of a selloff today. A bit early to tell, but overall negative pre-market bias.
The big news out of the weekend was DM laying off some 18,000 workers. This should have a negative impact for a few days at least. With the world in trade wars, tensions with Iran building, and other insanity its not surprising that we are perhaps looking at some kind of pullback soon.
This is after the markets reached all time highs last week. On a technical note the Nasdaq / SPY triggered a long signal Friday. So until that reverses I am going to trade long this market, on pullbacks.
Another newsworthy item is the arrest of Epstein for Child trafficking. This is no small event. There are a lot of people connected with Epstein, and the exposure of many in government is a real possibility now. Remember, it was Clinton that pardoned Epstein, and Mueller’s FBI that worked out a plea deal years ago for him.
This renewed interest opens up another front on the world wide child trafficking epidemic that has been allowed to run rampant.
My prediction, heads will fall in DC. And it will be sooner rather than later.
So, as always we start the week with more market moving news. This is the norm now so its something to get used to . In addition, we have Powell testifying before Congress for 2 days starting Wednesday:)
I have quite a bit of long exposure right now. But I am staying dogmatic on my stops. Despite the fact that the markets have been going up, its still be a difficult environment to swing trade.
As a part of my sports handicapping subscription, I sent out almost all of my trades via Viber. This has been a nice value-added feature of the handicapping service. At $49.00 a month for all sports plays I handicap, you get most of my stock trades.
If you want to follow some of my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks