Beware!!! Congress is back next week:) What does that mean for the stock market?

Another gap up this morning in the index.  However less than .25%.

Of note, Oil and Metals are weak. I view this as a slight negative bias.

We have had a nice move up now from an oversold condition so it would not be out of the ordinary for the markets to either pull back a bit or consolidate here.

I am flat and not looking to do much today unless breadth is strong early.

I will stop into my twitter account early and make a few comments. Then I am back to handicapping today’s games.

Nothing new on the home or world front. However, be prepared for Congress next Tuesday. My guess is fireworks will begin Tuesday as Congress takes aim at the President, both in words and action.  This should roil the markets a bit next week as Trump’s agenda becomes more in doubt.

Also, remember the debt ceiling. Posturing will begin on Tuesday with I suspect going right up to the deadline. Mnuchin pleaded with Congress to take care of this before they left but Congress did what they do best, put it off until it can no longer be put off.

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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