A quiet premarket with almost all I look at hovering around the breakeven mark.
Nothing to note. I suspect a Friday with no news will be a range bound day.
The major issue of consequence right now is the tax plan. Both sides are spinning it as hard as they can.
My guess is that a tax plan will not get out of the Senate this term. They need 50 votes and you can count on at least 5 senate republicans to vote against anything that Trump is for. Its an automatic.
The argument now is the some Dems will come on board. I doubt it. Afterall, the Dems are now emboldened because by sticking together they have saved the ACA. So I doubt with that success in their pocket they will double down with the tax plan.
I have not studied it enough to have an opinion on it either way. I suspect in all plans there are good and bad things about it. And this initial plan most likely will in no way resemble the final plan.
I will have more to say Monday morning but have a lot to do yet before the market opens.
I have not had any day trades lately as the breadth has been either bad to so-so. We do have 3 trades going with QQQ, IBB, and UUP.
Of the 3 trades, UUP has the most potential for a long-term trade. The setup is a powerful one. They do fail on occasion but we will see how it turns out.
QQQ and IBB are more short-term swings and the trigger to exit will come soon.
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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