The stock market gapping down this morning lead by QQQ.
Of note, GLD is the only green on my screen this morning! Financials, Oil, Metals, TLT, @DX all getting hammered.
This is the most negative premarket we have seen in quite awhile.
Watch $ADD the first 15 min or so. If it gets past -1400 assume a trend day down today.
I have had a number of methods for trading the stock market in trend days. If I was in a swing trade long I would exit once a trend day down was confirmed and look to re-enter at the close. And of course no longs, except at the close.
That is my method I am using now. Sometimes things do not work out, but since I only apply it to medium and short-term swing trading it matters not the rare days the market recovers.
I woke up late this morning so not sure what the news is that might of prompted this. But of course, the news out now on the Russia Uranium is not going to sit well with the markets. What it means is more turmoil and chaos.
We now have a full investigation starting along with Sessions, Mueller, McCabe, and Rosenstein under the gun because of this. I have a feeling this is not going away anytime soon. Combine this with the Trump Russia investigation and its pure madness.
The race will be on now between the two investigations as whoever loses the implications are severe.
I won’t dwell on this but keep a watch on the developments as they should set the trend for what headwinds the stock market is going to have going forward. The market discounted the Trump Russia investigation, mainly because after a year nothing came up. But the Russia Uranium may just be getting started.
If there is any truth to this, and that is a big if, heads will roll. The repercussions will be very damaging for the U.S. and the stock market.
Today its watch as I have no incentive to take breakouts until we see where this levels out. I am long UUP which is off only .16% this morning. And also long XNCR which took a dip yesterday.
Stop by @rickjswings for my early comments and trades.
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
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