The Stock Market is gaping up this morning, however, the index’ are mixed. QQQ and DIA are leading the way over 1/4% while SPY and IWM are positive but at least half of that.
Of note, TLT down 1/3%, while most everything else I look at is in the Green. Most in line with the index’.
To me, this looks like a very positive pre-market bias and I would not be trading any gap fills this morning. I might be looking for a continuation play on a pullback.
Hurricane Florence hit overnight and the damage so far looks substantial. Does anyone find it confusing that in 2018, the day of self-driving autos, that cities cannot protect themselves better from natural disasters?
Many are predictable with advance notice. The extreme example was New Orleans where the levees were in terrible condition, and the city knew it. But still, power outages? Where is the backup power?
Not being an expert in the field these are of course just random thoughts. But still, confusing to me at best.
I would suggest that other countries have models to choose from on how to deal with these situations. I say that with 0 research, just a bit of logic:)
If you are interested in live coverage of hurricane Florence :
Not much new this morning, except that the Senate Judiciary Committee has reached a new low point in my opinion.
Putting out an 11th-hour secret report, for some arguably high school misdeeds of Kavanaugh, and turning it over to the FBI is beyond borkism.
The FBI gave it all of 10 minutes before they discarded it.
Even Ginsburg is upset over the way the Supreme Court nominations are being handled by Congress.
All that needs to be done, is that the AG announce they are going to treat everyone else according to the standards that are pushing on others.
And not only announce it but implement it. I would suggest that most of our esteemed lawmakers, if that policy were implemented, would either quiet down or be out the door in short order.
Regardless of which party the lawmakers belong to, being held to the same standard as they are attempting to put on others, could do nothing but improve things in DC.
And if things improve in DC, things will improve in the U.S. The markets will quiet down, and the violence we are seeing might just subside a bit.
The market is in neutral territory here in the short term. In the medium term, my observation is neutral, to slightly negative heading into mid-October.
Considering its the midterm coming up this might just continue a bit longer.
Saying that I have no doubt we blast off to new highs soon:) But, there are a lot of warning signs out there technically right now.
Country at the forefront of the news today is Turkey. Their central bank raises rates, raising the ire of Erdogan. I assure you this is not quite the same as getting Trump upset about the Fed increasing rates.
I have little doubt that the Turkey Central bank will either change course or some of them will be out of a job, perhaps much worse.
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
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