More consolidation today in the Stock Market???

We are getting a gap up this morning in the Stock Market of about .25% and my GLD position is up a bit over that also shortly before the bell. We are still overbought substantially according to sentiment indicators. So I would be hesitant to trade into this gap up very heavy this morning.

But I tend to look at $ADD for clues the first 30 min about what the nature of the trading day will be. It’s not infallible but is correct enough to keep me out of trouble most of the time!

I will do like I did yesterday and look for Break Out trades for very short-term trading. I did catch one yesterday for a small gain but did not post on my twitter feed as has other things going at the time. That is why I do not charge for my private twitter feed. Not enough time in the day to trade, handicap and share all of my trades. But I do share some and we do have an options trade that we took yesterday.

When I take an options trade that is over 30 days out it’s not typically for a scalp. It’s more of medium term swing where the options offer some attractive pricing.  The trade yesterday met that criterion.

I am cutting this very short this morning as I slept in (4:30) . 3:30 to 4:00 is my perfect wake up time during the week.

If you wish to follow my trades and comments just go to @rickjswings.It’s my private twitter feed for the markets. Unlike my private sports handicapping feed, it’s free!

Good Luck Today

RickJ

RickJ’s Handicapping Picks

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