Another flat premarket for the stock market this morning finding all indexes around even.
Of note, Metals, and Oil slightly higher. financials slightly lower.
A neutral premarket to me.
The China stock market is up strongly this morning. Some of the news is that a trade deal is in the works. Myself, I think its more likely due to the quantitative easing they just announced. If there was a trade deal in the works the U.S. market would be +200 right now:)
Not much in the way of new news. A few tidbits have new sanctions on China, Turkey currency getting hit as sanctions there are helping the lira nosedive. And all for holding an innocent U.S. Pastor.
Then we have Canada and the Saudis at each other’s throat.
While Iran keeps becoming more chaotic. Their currency has nosedived, inflation is rampant, and demonstrations are getting worse.
You know things are bad there when it is reporting Iran might agree to talk to Trump:)
Meanwhile, at home, there is no agreement on the terms of the special counsel interview with the President.
Some think that a subpoena is in the works to attempt to get the President in front of a Grand Jury. Myself, I do not think that will ever happen. There is no question that would trigger not only a challenge to the subpoena heading up to the Supreme Court but also trigger a challenge to the constitutionality of the special counsel.
I doubt that Mueller would be stupid enough to trigger that, as my guess is he may well lose on both issues in the Supreme Court.
So chaos continues both globally and at home. The good news is this President does he best in the midst of chaos. The bad news is it is going to make it tricky for swing trading this market.
I know it has been pretty easy for a while now. But even with this market strength, there has been a lot of chop. Just not a large downswing.
As long as the Fed does not lose its mind and Mueller does not act like a savior to rid the U.S. from Trump at all costs the market is safe for now.
But both of those are not out of the realm of the imagination!
I was watching NFLX for a trade yesterday but it never got to my level where I needed it to be to consider a trade.
Typically I like to watch the open and see where my basket of stocks are that I like to take short-term swings in. I have my levels predetermined so I can tell what is likely to be a consideration within 10 to 15 min after 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. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
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
RickJ’s Handicapping Picks