It was all about Powell this morning. His statement was released about 10 min ago and the market went from negative to solidly positive in a short time.
Indexes are up from 1/5 to 1/2 % TLT -.25% Crude +2.5% and Vix.x -1.63%
This is a very positive premarket. Absent any surprise testimony from Powell today I suspect we get a nice rally today.
I have quite a bit of long exposure on my swings. More then usual. Yesterday morning I added an SPY position and it is showing a nice gain this morning.
From a technical standpoint the market is neutral. So mean reversion is not in the cards for awhile. But there are still plenty of swing trade setups in individual stocks.
Not much new on the news front. Its more of the same. Insanity in DC is becoming the norm, and Americans are getting used to it. Most tune it out. If your watching cable news, you are really doing yourself a disservice. There are only a handful of commentators, and even the best on cable have red lines as to what they can talk about.
For the morning shows, if your a trader that gets up early, Bartiromo and Varney are both good cable shows that report market news. Both are level headed, and unless your a “progressive ” Democrat you will get a lot out of watching these before the open and the first hour.
A warning, both lean conservative. But, they still tend to be objective and common sense in their views.
Today I will be managing positions, and perhaps adding a few trades if my setups trigger today.
A good source over the weekend for a good breakdown of the markets with a lot of outside sources is https://www.dashofinsight.com
Its the best free site I have found for reviewing the markets, and also giving some investing ideas.
As a part of my sports handicapping subscription, I send 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