A new week for the stock market, are we still heading up? Tax Cuts, the key!

A lot of green this morning for the stock market although except for oil only slightly up.

Markets are mid-October now and about to enter historically the strongest period for the markets.

My question is how can they top the bad period in the stock market?

A very strange seasonal shift in the markets. Despite political dysfunction in DC.

So what does one do now going into the best time of the year for the stock market? I am going to slowly get long but not to the degree I have in the past. That is my strategy, right or wrong:)

The stock market, as we enter this weeisare short-term bullish, so I suspect unless the tax bill gets derailed we head higher.

That is a big if although the news is that the chances are a bit higher now with some Republicans now being open to voting yes in the Senate.

Nothing like fear to motivate a politician. And make no mistake about it, the establishment smells of fear. Bannon has laid down the gauntlet for 2018. And it is no idle threat.

My guess is the establishment gets annihilated 2018, both democrat and republican with a net gain across the board to nonestablishment Republicans.

Now maybe I have misread the electorate. I doubt it. But we will see:)

Today I am going to wait to see where the breadth levels out at and then decide on some short-term trades in the stock market. I doubt I will take any trades without breadth.

While the market has been going up every day it has not been that easy for individual stocks. A lot of failed breakouts and chop. Unless you buy and hold in the market ETFs it has not been an easy go.

And I have to mention, a 4-1 day in the Westgate NFL Supercontest this weekend bringing my record after week 6 to 16-9 or 64%. I should gain a few sports heading into week 7!

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

RickJ

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