Markets are gapping up from .06 to .33% on the indexes.
Of note USO -1.36%, and that is about it for premarket trading.
I am still long GLD with a nice gain. And added an option on Penn for a very short term swing trade.
Other than that I am flat in the markets for now.
There is a lot going on in the political front. So much, it is hard to stay on top of. Between the health care bill which is supposed to be voted on tomorrow and the tax reform, it is going to be a volatile market as the news ebbs and flows.
And then there is the debt ceiling which as far as I can tell has not been resolved yet.
Anything that goes wrong will put this market in reverse. And there is a lot that can go wrong!
Today I might go after a day trade with the right setup but the markets are now overbought and we are almost at the sell in may trade.
So, it is time to get cautious. My thought is we get a pretty significant correction during the sell in may period.
Geopolitically the White House met with all 100 members of Congress yesterday regard N.Korea.
I suspect it is to cover all options as the White has decided to solve the N. Korea dilemma this time around rather than pushing it down the road.
For now, it is wait and see how things develop.
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