Another small gap down in the markets an hour before the open. Of note, however, IBB+.38%, GS -.20%, USO +.50%, GLD +.26% and BAC -.17%
Overall to me, this looks a little on the weak side but not an indication of any big moves today yet.
This morning not much new news on the horizon with the exception that the Republicans took the open house seat in Kansas in a close one. This was a state the Trump won easily. My guess is the Health Care debacle rollout was partly to blame if not the entire blame.
If the Republicans are smart they will take a lesson from this as this was supposed to be a no-brainer for them. But again, whoever said the congressional republicans were smart:)
They finally get what they have dreamed about after 8 long years for them and what do they do? They bash each other daily and do not get anywhere on signature legislation of the President.
My take is that the special interests are so strong with our politicians it is consuming them daily trying to juggle every special interest that is giving them money. Both foreign and domestic.
Until that absurdity changes, allowing special interests to sway the legislation to the detriment of the citizens, there is little chance of any progress.
And without that changing, you’re going to get the types of incidents that make volatility commonplace in the markets. Which is good for traders but bad for the everyday working people.
That is it for news this morning. On the geopolitical arena take a look at my comments from yesterday. Not much has changed in one day, except Tillerson is now in Russia trying to convince Putin to align with the U.S. and not Iran, N. Korea, and Syria. A tall order for him, but one if he happens to work out some type of deal, will propel the markets like a rocket, for a day or two anyway!
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
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