A new week for the stock market! Are we heading higher this week?

A new week for the stock market! Are we heading higher this week?

The Stock Market is slightly higher this morning being led by QQQ slightly.

Of note, Metals and TLT higher, Oil lower.

A mixed picture this morning.

I am still long UUP and keeping a watch on GLD and now UNG for possible longer-term trades.

GLD could trigger at any time, UNG has a ways to go before setting up for a trade.

Not much new on the event risk front. The same risks I have commented on previously have not gone away:  Tax cut legislation, Special Counsel, The Fed tightening, domestic violence, and a political divide in the U.S. that is in total chaos.

On the international front not much has changed: N.Korea, Iran and now a proposed alliance between Russia, Iran, and Turkey. The later is in the rumor stage but has some consequences if true. Afterall, Turkey is a member of NATO and has a large U.S. base there. Something to keep a watch on.

But despite the event risk, this stock market continues higher. This stock market is a site to see really. As I have mentioned any mean reversion traders that have taken the short side are most likely out looking for a new profession.

If your a day trader today is not a bad day to take a trade to the upside for a day trade. Historically Columbus day tends to be a bullish day. I see no reason this one will be any different.

If I take any trades I will post them on my private twitter feed.

If you want to follow some of my trades along with 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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