That was short lived. The market is gapping up about .20% this morning. Of note USO is +2.38%, Remember it was -1.58% yesterday before the open.
I added a few swing longs yesterday and am still open to cautiously add more. But the market is still overbought, so I will not be in my aggressive mode.
I suspect we see another range day today and then a move to new highs. The caveat is nothing alarming hits on the news front. And that is a big if.
Between the Fed, the politicians, and the building geopolitical pressures across the globe it seems to me that things could take a turn for the worse.
Some say I am too negative in these posts. And perhaps I am. But I have to say I have not seen the world like this both at home and abroad. Sure things have been bad before but the U.S. has always prided itself in a smooth transition of power. That is slowly being eroded or quickly depending on your perspective, both between parties, citizens, and the media.
Unless this straightens itself out soon it will not bode well for the markets. You can only have so much uncertainty before the markets get nervous. That is where I believe we are at now.
But I say that and still buy swing trades? I always take my opinions as just that. Opinions and not absolute facts. I put them in the back of my mind as a backdrop of how aggressive to trade.
Remember in bull markets all news is good news. If things change it will be the opposite. And there is plenty of bad news to go around these days!
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