It looks like more chop for the stock market this morning. The market 30 min before the open is looking to gap down around .20%.
My take is we are in an area that is neutral short term with no real catalyst yet to move the markets. So expect more chop and be quick to take profits today if your swing trading.
I am flat the market and over the last two days I have made 1 swing trade each day. Both were profitable but were small gains rather than the 5 % that some of these trades can have.
The Government shutdown fizzled out and the markets never viewed it as a serious threat. So with that behind us there is not much right now that is going on that is market moving. Geopolitical and extremism is always simmering in the background. But for whatever reasons that markets are not viewing that as a problem either.
However take heed. At some point that will change. But for now the risk level to the downside is minimal. At least for the very short term.
Today again depending on the first 15 to 30 min of trading I plan on taking some more short term swing trades long. But the last two days were a much better environment for this so be cautious.
Good Luck Today
Rickj’s Handicapping Picks