Never a dull moment for the Stock Market. Things are heating up in Syria as is the Russia rhetoric. And then we have the U.S. N. Korea talks on the way with N. Korea indicating they are open to denuclearization. And of course the potential trade war with China.
But here at home, the left is hard at work with a new mantra. It goes like this. Will Trump be arrested for refusing to testify in front of Mueller!
And of course, the entire mainstream media will be in lock step with this mantra along with all the cable TV shows. Its come to the point where Trump’s enemies just make issues up as they go now. What happened to the peaceful transition of Power Hillary talked about as being essential to Democracy:)
It’s official. The world has lost its mind. Insanity now is the norm and I doubt it will end well for anyone.
So, with all this insanity you would expect the markets to be continuing its plunge from Friday. But no, we are gaping up this morning between .5 to 1% in the indexes:)
But the day is just getting started. Never a dull moment these days, unfortunately, the while the news is interesting it’s not that good. And we still have the IG report and Mueller to look forward to.
I do not think you want to be heavy long in this market right now. Not until a few of the issues of the day have dropped by the wayside. The “Resistance” will not go away but the international issues will, one way or another.
Of note, Not much red this morning on the screen. TLT is down as expected and Metals are mixed. You could draw an inference from the metals that the market is not very concerned about Syria as of yet. Although Oil is up over 1%.
I do not have much going on right now in the markets. I started a 1/2 position in AMTX on Friday at around 1.50. And being out of all my mean reversion trades.
I have a core position of longs in primarily medium to hi-yield instruments but other than that I am not looking to jumping back into the market for a while now. I am still interested in mean reversion and when we get a test of the lows I most likely will get back into those. For now, I am on the sidelines.
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