Did anyone really think Congress was going to get a tax cut bill passed this year?

Markets just will not stop. We are gaping up this morning with the Nasdaq leading the way. Amazing:) Perhaps the tax cut bill will be passed!

Of note, dollar and oil positive. TLT unchanged.

I sold AMZN and REGN along with my STLD Calls. I plan on getting back in REGN and STLD on a pullback(if we ever get one)

I am still long UUP with no plans to exit. On my list of ETFs to watch is GLD. I am waiting for a signal from my reliable systems I watch. They are some of the most reliable I use. So far, no trade.

The market is overbought but as mean reversion gurus are finding out shorting this market means more and more trips to the bank!

Today I suspect we will be up again. The tax cut bill is fueling this latest rise. But all is not well in tax cut land. The reliable republican naysayers are out in force as Paul, Collins, and Corker has pretty much indicated they would vote against it. And the reliable McCain you can count on to be against anything Trump proposes.

My guess is that no tax cut plan gets passed this year. Coincidently all 4 voted against the health care bill.

I wonder why Corker announced he was not running again in 2018. Perhaps his 15% approval rating had something to do with it:)

In any event, once the markets get wind of no tax cut bill look out below. But, I have been saying that for some time:)  So take it with a grain of salt so to speak.

I am still going to look for short-term buying opportunities and share those with you as we go.

I have been asked about what I read in the mornings to get ready for the markets. I read a variety of material, most of which is very technically related.

However, one site, I read daily is:   https://ibankcoin.com/flyblog/#sthash.AVSBAqaq.dpbs

He adds quite a bit of humor to some serious topics. And occasionally comes up with some great investment ideas. A caveat, however, is that he leans a bit to the right politically. So, if you happen to be a Democrat, you might not care for his site. As he tends to bash Democrats much more than he does Republicans.

Myself, being an independent, am free to read sites from both sides of the Isle, with much anguish:)

His humor, however, is priceless. If you like that kind of humor. The fly posts 6 to 10 times a day.

I am back on track now with the site. The shootings from 2 days ago had upset up the schedule to some degree.

I will post some opening comments once the market opens on my private twitter feed.

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

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