We are 45 min before the open and the markets are gapping down around .20%.
Of note, Oil is up almost 1%, Metals mixed, financial slightly up and TLT unchanged.
A neutral day premarket. But with volitility picking up that can change on a dime.
I am flat and waiting. I might look for a breakout trade today if the breath looks good. Otherwise its wait for a better spot to make some trades. The market is not oversold enough to consider mean reversion at this point.
Much of trading as in sports betting is waiting for reasonable setups and more importantly not blowing your money in between plays or trades.
From experience let me tell you , it is easier said\than done:)
I am still in disbelief that the Fed feels it is appropriate to raise rates. The world is in free fall right now and as I see it the risk is an implosion rather then runaway inflation.
Tourism is down everywhere, in the U.S. boycotts are hurting some well known companies whose CEO feel complelled to bring there politics into their business. In addition, the effect of the polarization here in the U.S. will take its toll eventually.
I had predicted that after the 2nd week in May all bets were off for this long winded bull market. So far its been about a month and the market has stayed strong despite the insanity going on around the world.
And perhaps the bull will continue. Timing of market turning points is a fools errand but fun to attempt to predict.
I have been negligent in not posting my daily reading so I will attempt to get caught up on this.
For today an interesting read:
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