The market was plunging on Thursday but then a remarkable thing happened. Out of nowhere buying came in cutting the loses to almost unchanged. Now, this morning we have a gap up 45 min before the open.
Again this market is a tricky one to maneuver in, to say the least. I have a mean reversion trade in the SPY and it is a 1/4 position as I tend to leg into these mean reversion trades.
I picked up a nice swing trade late in the day for a quick +600 profit. But that was it for the day.
Today more of the same. The short term still a bias to the upside but not by much. The market is in a good position to catch quick swings to the long side. So I will monitor the market for the first 5 to 10 min after the open and decide my strategy.
There are plenty of potential setups. Should be a busy morning for me.
On the geopolitical front things just keep heating up. I have gone over in detail the last several posts so I will not bore you with this again. But between the mayhem here in the U.S. and Russia, China, and Iran on the move lets keep our fingers crossed while Obama today is mulling over strikes in Syria.
If they come to the conclusion that bombing is the way to go. I would hedge or get out of the market completely. This, in my opinion, is the news that is on top of the list for moving the market right now.
Russian and China have already warned the U.S. and Iran are on the move also. This has the potential to be catastrophic.
Back to the markets for me. Good Luck Today
RickJ’s Handicapping Picks