Up we go this morning for the stock market. Index’ are gaping up about 1/3% on positive China trade talk news.
Of note, TLT down slightly, Oil off about 1%, Financials up with the index’, and metals down.
To me, this looks like a positive premarket bias. Absent any news, I suspect we have a healthy gain today in the stock market.
The trade talks are taking a positive turn it seems to me by a change in the hard-line approach the White House has been taking.
I suspect the midterms are top on the list of reasons for the change in tone. After all, getting these trade deals resolved before the midterms should produce a positive for the White House. Or at least, minimize the damage they might have caused.
This may not be enough to turn the seasonal tide for the off party for the midterms. The Republican leadership in both the House and the Senate seem more than ready to run things from the minority rather than embrace many of the White House’ positions.
After all, at last count, it was close to 95% of the Republicans in the country support this White House. Why succumb to the will of their constituents, especially when it will upset their gravy train:)
Some good news is that Hurricane Florence has been reduced to a category 2. And is not expected to hit landfall until Saturday.
I was a bit off yesterday when I said that within 2 days after the Hurricane hit that the media would be in lockstep blaming the White House.
Yesterday the Washington Post already came out with an article blaming the President for the Hurricane!
And they scratch their heads on why the public’s view on the media has fallen to all-time lows.
I have said in the past, if your reading the mainstream media, you are living in a different world from reality. Subscribe to the Wall Street Journal.
One of the few, if not the only, balanced factual based reporting these days. If you are yearning for opinion pieces, then pick some of the people I have mentioned in the past. I put out a list, both from the liberal side and conservative side. All mentioned have the highest integrity and their reporting is factually based.
If you are an investor you really have to have the lay of the land on both the political and geopolitical fronts. If your only watching “Morning Joe” or many of the other extremely biased commentators you are doing yourself a disservice.
There are excellent commentators in the Wall Street Journal, along with some independent ones. You will be surprised how your perspective will change to a more healthy one. And of course more profitable.
I suggested VEEV Yesterday morning as a possible swing trade. The setup was very good looking. But the stock dipped first and then it took off. If you got into the swing you have some nice profits.
I do not have time in the mornings to walk you through the trades. But I do have time to mention a stock or two that you should take a look at for a possible swing. Then use your entry and exit techniques for managing the trades.
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’s Handicapping Picks