The Stock Market is gaping higher this morning with indexes up 1/2%.
Of note, All green!!! The only red I am seeing this morning is natural gas.
If your wondering why take a look at this chart::
Chart courtesy of Cobrasmarketview.com
The tax bill is out of everyone’s minds but will be front and center when Congress returns from the Holidays. Although the rumor is that since they only have such a small amount of working days left this year why even return:) After all, they need the time away from Congress to scheme!
It looks like they are getting a jump on the buy today sell friday at close trade. As you can see from the chart this trade has been profitable for the last 61 years!
Myself, I have positioned my self long with the intentions of lightening up come march or april of next year.
On the home front its the same old thing. But now its sex that is on peoples minds. Russia Russia Russia has taken a back seat to Sex Sex Sex. And the scandel’s grow exponentially as each day goes by. I wonder if Americans are being drugged with perhaps LSD to account for their unusual behavior the last year or so? That would be the only logical explanation for what we are seeing.
We had a day trade yesterday that had a lot of potential but turned out with a small gain before I got out of the trade. I plan on doing this at the beginning of every trading day as I have gotten more positive feedback than I expected.
As far as time to do this, Its only 30 to 60 min after the open , and I am following the markets anyway closely during that timeframe. And its fun talking on Skype during the trading hour.
I exited IBB yesterday for a small loss. My system trade gold took a hit yesterday but no exit signal yet. And XNCR is still around. I plan on waiting until biotech gets a nice bounce and see how the stock reacts. Like I said before trading biotech is a completely different animlar than other stocks.
Come join me at @rickjswings this morning!
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