The stock market is taking a breather this morning with most indexes in the red. The exception is the QQQ +.25%
Metals, Dollar and TLT green, financials, and oil red.
To me, this is a slightly negative pre-market bias.
I have 2 mean reversions trades at this time. LOW I am going to exit on the open. SSO will also be exited at the open.
Both triggered exits at the close yesterday. It’s sometimes a tough decision whether to exit at the close or exit at the open the next day when you get these triggers. To me, its a coin flip, as to which exit you use. It looks like I lost the coin flip yesterday:)
Also, I have had a people ask to receive my trades on Viber. I will start sending out my trades as I have time during the day. I forgot to mention, only subscribers to the sports handicapping service will be able to participate in this.
Remember that these are only what I am trading. Not to be taken for my opinion as to what you should trade.
In the news, the news cycle has stuck on the Saudi Episode.
One of the most disappointing things about the episode is the number in Congress that are quick to draw conclusions, and then share these opinions on the media.
It is disappointing since the facts are not known yet. But people like Graham and others are calling for sanctions, removal of the new Saudi leader and more.
Humans never learn. I am reading Tucker Carleson’s new book “Ship of Fools” and that defines exactly Congress.
This episode takes on monumental importance as it affects relationships with Israel, Turkey, Iran, and others.
This to me has all the earmarks of a false flag. Perhaps not, but when the media start pushing a dialogue, in these days there is usually a reason. In addition, its because they are being told to push it.
There are a lot of vested interests in seeing the young leader of Saudi Arabia go down. To name a few: Former Obama administration, Clinton team, Turkey, Iran , Deep State.
The young leader is the worst nightmare of these people. He knows where all the bodies are buried and is not their ally. He is more of an ally of the current U.S. administration. This makes him very dangerous.
So, all of a sudden, out of the blue, as the walls are closing in on perpetrators of the “Russia Hoax” we get this story.
What I would pay attention to are the people in Congress calling for the Saudi’s leader removal. They are either ignorant or have other motives. Fortunately, the only adult in the room on this issue is the Trump White House.
Their approach is to wait until the issue has been investigated. Similar to the Russia Hoax all sorts of stories are coming out of the media with anonymous sources giving the information.
The game plan is the same, the subject matter a bit different.
Remember, despite the stories coming out of the media, the facts are far from known at this point. The only fact known for certain is the people pushing this narrative are the pro-Iran deal people. Coincidence? I think not:)
This entire episode and how it is handled has the potential to move the stock market. The Saudi’ provide oil and investments in the world markets. In addition, at this point, they are instrumental in keeping Iran in check.
If the new young leader goes down expect a plunge in markets around the world. It will not be pretty.
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
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