Twitter is inundated with concern over the jobs report this Friday and how it will affect the Stock Market. That seems to be the theme of the week as the consensus is that will tell the tale of what Yellen might do in Sept and Dec.
I am still sticking with a no hike in Sept. The odds based on the futures is about 3/1 against. So I am really not sticking my neck out too far in that prediction.
I also expect the verbiage from the Fed to settle down as we are only a few months from elections and typically the Fed does not do much to upset things shortly before elections. Especially as contentious as this political season has been. I cannot recall one this ugly in a long time. It seems everyone has let their charade down and are exposing their bias for all to see. It’s that kind of season. It’s only going to get more contentious as Trump closes the gap in the polls.(if he does)
The markets are about unchanged and are off the overnight highs 20 min before the open. Typically after a nice day like yesterday you get consolidation. That is what I expect today or ever a slight pullback would not be a surprise.
I am long 1/4 position in SPY along with my GLD position and a Call in a medium term swing trade which expires 9/30.
So I am very light in the market. Nothing set up for me yesterday although I was inundated with problems as soon as the market opened that I had to take care of. I am still dealing with a few this morning.
Also keep in mind that typically September is the weakest month of the year. The way things are setting up now I do not expect that to change.
Good Luck Today
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’s Handicapping Picks