The Stock Market is taking a breather this morning with all indexes in the red premarket.
TLT is off sharply. Financials and metals are positive.
I would view this as a Neutral to slightly positive pre-market bias which means a gap fill trade would be reasonable this morning.
Now, if your trading Gap fills you have to have a method. Both, on your entry and your exit. There are many great sources for learning the best ways to trade these. Do a little research before you jump into it.
At long last the Kavanaugh debacle is coming to an end, with confirmation looking likely Saturday or Sunday.
The questions that will remail is:
1. Will the politicians finally leave this man and his family along
Not a chance
2. How much civil unrest will be triggered by his confirmation?
My hint is to stay away from demonstrations
3. When will the U.S. recover from this self-induced spiral
Will be a long long time
The markets have been making new highs, but with the threat of violence over the weekend, you might want to hedge a bit going into Monday.
No need to overdo it, but, better to be a bit cautious right now if you have a lot of your funds in the Stock Market.
On the international front, things are cooling down a bit. N. Korea seems to be back on track. The White House pulled off a successful renegotiation of NAFTA.
This Canada Mexico agreement is as big for the U.S. economy as the cutting of regulations and tax cuts. It might take some time to kick in but make no mistake it will be a big boost.
The only question is whether Congress will ratify it. With the current makeup of the Senate, I would say not a chance unless they do away with the 60 vote fule. It will be the same old thing, Democrats all be voting no since the vote will be taking place after the midterms.
Then there will be no incentive to be reasonable again. Not that the midterms have changed anything.
Another bit of news that few are talking about right now is a press conference coming up at 6:30 A.M. from the DOJ regarding National Security.
“The Department of Justice led by Rod Rosenstein will hold a press conference on Thursday morning at 9:30 AM Eastern. “
There is a lot of speculation on this, but, since the stock market will be open, I would suggest listening to see what they have to say. The content of the press conference is being kept secret.
Technically the stock market is a bit overnight in the short term. But, that does not mean a lot in a bull market. Watch to see how the market reacts to the news. That is one of the best clues.
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
RickJ’s Handicapping Picks
https://rickjshandicappingpicks.com/investing
Skype: Ricca
