Another Friday in the Markets with a gap up of .20%

Another Friday in the Markets with a gap up of .20%

We saw what happened to the gap on Thursday. Filled and turned into a down day. The chop continues and I am at the point where even the small breakout trades I am making are going to be done at least until spy recovers its 10 day MA.

This is a filter to use in a choppy market. If that does not do the trick use the 15 or 20 days. But historically the 10 day works out fine in the long run.

Mean reversion trades, however, I will continue to make. I am sitting on one now in spy. I also have another mean reversion trade in a stock. So although I do not have a large position in the markets now I am ready for a bounce.

Everything stays the same at the home front and geopolitically. The presidential odds are tightening up. If that continues expect more pressure on the stock market.

I am not looking at the polls to come to this conclusion. Its the betting odds that to me are more accurate. I always have a deep respect for the books that put out lines and let untold of amounts of money to be bet into them. Much more reliable than polling that in some cases are flawed.

So today no breakouts. And searching for another mean reversion trade if we get another gap fill this morning. I want to coast into this weekend without losing another breakout trade:)

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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