The markets are gaping up again this morning with the indexes +.20% about an hour before the open.
TLT +.40% $vix.x -.66% @CL +1.66%
The sentiment is very positive, the premarket numbers are positive but not overly so. Watch Vix.x for it to go negative and TLT to weaken for a strong move to the upside today. Otherwise, a range day. I doubt we go lower today.
The Mueller testimony turned out to be a bust for the Dems. There are a lot of pundits, most of who are spinning rather than giving opinions. I watch some of it, and it appeared nothing new came out. If anything, it was very damaging to the people trying to unseat this President.
But, do not expect anything to change in the House. The best analogy is a poker player on full tilt. If you ever have seen this it is a sight to see. Almost without exception, the player ends up busting out. That is how I view the House right now.
Also this morning, negotiations have opened up again with China. No doubt that is providing a spark for this market. No doubt it’s killing China to have to negotiate, but, the way it is looking they have no alternative at this point. They could wait and hold out for 2020, but #1. that is a long way off to take the hits they are taking and #2 the betting odds put Trump at a little less than even money to have a 2nd term.
That would be quite a gamble for them. But, my view is it should be more like 2 to 1 in favor of a 2nd term, and even that seems to be a bit low at this point. If you can get Trump and odds I think there is a lot of value in that wager. A lot more than your typical sports wager.
I am going to exit my SPY position this morning for a nice gain on the open. And have a lot of short term swing trades on this morning. So I will be managing them.
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
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