Consolidation before another move to new highs in the markets???

So far looks like a tame overnight session and most likely a tame open for the markets this morning.

The big news yesterday is that Trump ditched the media to go have dinner with his family. This according to media outlets was proof of the lack of transparency that the Trump administration will have.

That’s how ridiculous the mainstream media has become. Go back and watch “Broadcast News” with William Hurt and you will get an idea of how the media has dwarfed into whatever they are now.

This “new” media approach is very damaging to the markets. Its will create an atmosphere of distrust of the media so that when important news that you need to pay attention to comes out you will not know what to think.

So the only way to figure out what is fact and fiction are to find yourself reliable reporters that are still traditional journalists and do not let their ideology interfere with their reporting. I do not care how far left or right you are if you are a journalist you have a responsibility to the public that supersedes ideology.

So who do you go to for unbiased objective news nowadays? That is a tough one. For me, there is only a handful I know of that I consider trustworthy to give the news objectively.

My list:

Sharyl Attkisson

Greta Van Susteren’

That really is all I can think of right now. What’s interesting about the above is that neither have a major gig with any of the news networks!

Attkisson has won many awards while also being on many networks over the last 20 years. But at present has a small show “Full Measure”. She has faced the wrath of both political parties depending on what she investigates and reports on. But you would be well advised to listen to her for unbiased reporting.

Van Susteren left Fox News almost a year ago when Ailes left as a result of the harassment scandal. I have been listening to Greta since the OJ trial years ago when she broke onto the reporting scene. She was a refreshing journalist at Fox, a network that leans right and in some instances is very right wing.

But you could always count on her to be ethical in her reporting and have the best guests on to discuss the various issues of the day.

It’s interesting that of the Major anchors at Fox she was the only one that left. The one you could count on for unbiased reporting. The story of her leaving I am sure is an interesting one. But you can still learn a lot from her reporting by her twitter feed.

Both of the above investigative journalists are old school. I am sure they both realize the importance of the issues raised in “Broadcast News” and how those ethical guidelines have been almost completely abandoned today.

Now I am sure there are more than two But they really are hard to find. Which when it comes to evaluating news for investing makes it very difficult. To try to decipher opinion based journalism is almost impossible when it comes to drawing conclusions to make investing decisions.

A good example of this was the reporter’s that put Mark Cuban on just prior to the election to predict that the markets would go into free fall if Trump were elected. So as Cuban explained he was going to not only put a headge on for his entire portfolio but add to the hedge so he would be net short since only tragedy could come in the markets if Trump is elected.

This was the theme from many major news outlets running up to the election. Well, we are all witness to how this prediction has gone. I imagine everyone was getting ready to get on the morning show and gloat how their predictions were so accurate Tuesday late in the overnight markets when the Dow was approaching -1000. But then “Boom” and we have not looked back yet.

Let me throw out one more name for business news. I warn you, however, she leans right. But for ethics and intelligence, there are few better. Maria Bartiromo has a major show at Fox Business Network. She goes after both sides of the political spectrum and gives very good insights into the financial world along with how the issues of the day might impact the markets. I do not think there is anyone better at what she does.

If your an active investor you cannot go wrong watching her show every day.

Those are my thoughts early Thursday morning:)

I am long the markets now and looking to get longer. As I have been writing this the markets are now about unchanged for both the SPY and Nasdaq and we are a little over an hour before the open.

I had two nice breakout day trades yesterday. The first was with ACIA which gave us a bit over 3% in an hour. And than AMZN which resulted in a .6% gain in about an hour or so also.

The environment is very good right now for  breakout trading. The wind is at the back of the markets which provides a cushion or tailwind for long Break Out trades.

Today I will be looking to find a few more of these trades while also looking for longer-term trades that trigger.

I received several emails last night about the two sites I mentioned to learn about trading. The gist of the emails was essentially is there an easier way to gain knowledge via a course that specifically deals with trading.

There are 1000s of courses on trading available on the internet that purports to teach you how to trade. You can pay anywhere from 100 to 10,000 and upwards just depending on how much money you want to give away.

Now there are several courses I could reccomend as there are several that are excellent and reasonably priced. But the two I mentioned have much more information in them along with getting a big picture and trading picture. Just set aside an hour a day. Start reading say one post a day from each site, take notes and in six months you will be a much better trader.

I have read both sites from front to back so if you have any questions send me an email and I would be happy to answer them.

If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. 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

RickJ’s Handicapping Picks

 

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