Budget out of the Senate, what are the odds of a Tax Cut bill this year? How will the stock market react?

The Stock Market is gapping up this morning about a 1/4 %. Of note, financials are strong, Metals, oil, IBB, and TLT is weak.

Overall looks slightly positive but watch the financials.

Yesterday after a dismal open the stock market rebounded after about an hour or so of trading. It was looking like a good chance of a trend day down but not a chance.

Last night the Senate approved a budget, so hopes are rising that a tax cut is in the works. I am not that optimistic as the usual suspects will most likely tank it.

There are already rumblings that McCain and Grahm are making demands that will kill the bill.

They can only lose 2 Republican votes if the Democrats all vote against it. With all the lame duck establishment Republicans in the Senate, I suspect the tax cuts will not be passed this year.

The odds?  I say 5 to 1 against. I have not seen a line yet on this but when I do I will post my thoughts on the betting odds page.

For today again it will all hinge on breadth for any day trades.

Join me at @rickjswings for some early comments. I only post during the first 30 min of trading unless I take some trades later in the day.

And lest I forget my first pick of the weekend Oakland +3 came through bringing my record in the Westgate NFL Supercontest to 20-10   66.66%.

A good head start heading into Sunday:)

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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