The stock market is hovering around unchanged 20 min before the open. Metals down, dollar and TLT up.
Premarket to me has a slightly negative bias.
However, after 2 monster days, I would suspect at least some consolidation here. Hard to imagine another big trend day up today.
On Tuesday I exited both remaining trades I have shared. UPS was finally exited for a loss and ANET we held for about 1 trading day for a 5% gain.
Today I doubt I will find any mean reversion trades with the market overbought in the short term.
Remember a few weeks ago when all the doomsday pundits called the top. I imagine they are pretty quiet right now. As is the white house press pool, at least regarding the stock market. Not that they are results-oriented:)
I mentioned yesterday about shorting Delta and other companies that have targeted NRA members. It did not take long but Georgia is withholding tax benefits from Delta as a result of their action against the NRA. That could result in a 40 million hit for Delta. That will be a drop in the bucket if about 1/2 of the population decides not to take Delta anymore.
Scoff if you like, but just a year ago Starbucks took a dramatic hit as a result of the CEO’ SJW positions.
Let’s see how this washes out. But I am making a list of companies targeting NRA members and looking for potential short opportunities.
By doing this I am not expressing an opinion either way in the gun debate. But merely taking advantage of the insanity of the human race. Take can be very profitable if you keep any ideology you might have from interfering.
Remember, professionals, do not get into the ideology quicksand. Issues are much too complex to be driven by ideology. Leave that up to the political hacks of which we have an overabundance.
If I take any trades today I will share them on my private twitter feed @rickjswings
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Good Luck Today
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