Here we are less than an hour before the open and the market is unchanged. In the Globex, the market is off the overnight highs of 2189 and sits at 2185.50.
The market now as I see it is consolidating for another push higher which could happen any day now. This is based upon a variety of variables I look at daily and most line up with this opinion. However, sentiment is still a bit frothy which is the only indicator that points to more consolidation or a pullback. And sentiment is a variable you do not want to ignore.
Short term however I think the rest of the variables are going to win out and the push higher will not last very long so profits should be taken quicker than normal.
I am long a small basket of stocks and still looking to get longer today if anything triggers.
Overnight news was calm with nothing triggering that could spook the markets. Perhaps this is the calm before the storm? My guess is yes. Between the fiscal problems worldwide and geopolitical flare-ups worldwide it’s just a matter of time before we get another “Greece” or “Ukraine” situation.
One thing I have talked about in the past is that our markets are open to people worldwide. The insider trading rules are almost impossible to enforce against world leaders. I have to think that before executing actions that will affect the markets, some world leaders take advantage of the effect their actions will have on the markets. Why wouldn’t they?
I will leave you with that thought as I get ready for the open:)
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. 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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