The stock market made a nice reversal off the low of 3 days ago. This morning QQQ is gaping up over 1.5% while the other indexes are up slightly.
Of note, TLT positive while most everything else in the red early. This looks like a negative premarket bias to me.
I was looking searching for mean reversion trades a few days ago but was wanting a bit lower. I did not get it:(
But, my guess is we will have some more opportunities soon to venture into some mean reversion trades.
The stock market still looks positive short term. So far we are not overbought.
I imagine those of you that have been watching some of my trades are wondering about AMTX.
We were in and out of that stock almost 10 times in short time. Each time showing a profit of anywhere from 5 to 20 percent.
The trading range we were in has been damaged quite a bit. I am waiting until we hit a drop to at least 1.50 to start trading the stock again. This is a pure cycle trading method that has worked perfectly so far on this stock. But as with anything patience is key.
Not much else for an opportunity that I see on a Friday.
The news cycle has slowed down a bit. We still have the IG report coming out most likely before May 8th when the IG is scheduled to appear before Congress.
I expect fireworks when that comes out. In addition, I expect news to counter the report the first week in May. My guess is they get a jump on the report to try to hijack the news cycle that this report will have.
So, I expect a lot of volatility next week the closer we get to the IG report release.
Another thing to consider is what the special counsel’s findings will be. My guess is that the special counsel is going to give the president the all clear on collusion and obstruction.
There may be language showing some concerns but nothing more. That is the way it is looking to shape up as I see it.
If you a MAGA you will be ecstatic. If you’re an Anti-Trumper you will most likely be mad, depressed, and bewildered.
If your an objective observer of this mayhem, You will be amused. And most likely wondering how all of this got started in the first place.
In any event for those of you hoping for impeachment, I have been wrong before:)
The important thing is that if you are an investor you be aware of the environment. Forget the ideological sides. Concentrate on the news and how it affects the markets. Leave the politics for outside your investing decisions.
Can you imagine if Mark Cuban or Paul Krugman actually acted on their idea that the market was going to tank because of the President!
You get the idea:)