The stock market rally came a day early and took many of the Tuesday before close buyers in the dust! Funny how these things happen.
This morning the market is slightly up an hour before the open. Most everything green except TLT. This is a positive bias for the markets.
I still have several trades going now with EWD and XNCR as mean reversion. GLD still on as a system trade.
For botton reversal trades I am keeping watch on TUR and EWP. Neither have triggered but both look ripe for a trade.
We had 2 day trades yesterday. Considering yesterday was a trend day to the upside are gain was rather limited. Both trades fizzled out at the first target area.
Usually on these stock market trades there are 3 target areas. On trend days I would expect at least a push to the third target. But not yesterday:)
Its amazing how quiet things are when Congress is not in session! I suspect we will at the very least get a tax bill scare in the Senate when they return. And considering I am putting the odds at 5 to 1 against a bill out of the Senate by year end we will get a nice downdraft when and if that happens.
Everyone is optimistic as to the Senate putting aside its differences with the President and voting on a bill. But considering there needs to be only 2 defectors and you have McCaine and Flake an almost certain no vote, with Corker a high probability of no. Then you have Collins and Murkowski in the wings just in case:)
Like I said it will be a miracle of there is a vote on the tax bill by year end in the Senate.
Now, maybe I will be surprised and the bill will go through! Like I said, at least 5 to 1 against!
So what should one do staring at that possibility? We are at the best time of year for the stock market and we have that uncertainty. Should be interesting. And of course we have DACA issue that has the potential to get into the shutdown issue again.
I will discuss that a bit later.
I will look for some day-trades this morning again. We are on a nice run with these with only 1 loser since I started posting them. Come join me at @rickjswings on the open.
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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