The Stock Market is Gaping up this moring after a fall on Monday, the cause being put on the Rosenstein rumor.
I doubt that had much to do with it. But who knows in this crazy environment.
It would not surprise me to see some kind of rally today as the drop yesterday was a bit overdone. Yet, I suspect we will see more downside this week.
We have the Fed on Wednesday. The consensus is not that rates will not be raised tomorrow. If the Fed acts differently than the consensus I imagine the market will drop tomorrow.
On the international front some good news out of N. Korea. It appears another summit is in the works between the two leaders. Combine this with the actions of N. Korea and S. Korea it is a very positive development.
What is surprising is that this historical event has no coverage by the media. That is how far the media has fallen in the U.S. at this point. The media is as dysfunctional at his point as the U.S. politicians. And that is not a good sign.
Then we have the Kavanaugh hearing on Thursday. My guess is it never happens. Or if it starts, there will be some sort of disagreement and a push for a continuance. But, the last thing we will see is Ford testifying under oath. My humble opinion.
What will be interesting to me is what the Republicans do when that happens. The base is pretty much fed up with the Judiciary committee. Another waiver and the outcry will be as loud as you have heard before.
If your swing trading be sure and have your stops in place. And if hit take them. Do not get stubborn, as it will cost you. A lot of uncertainty out there right now.
I will be looking for some swing trades this morning as It appears to me that the premarket bias is very positive right now.
And for those following the odds of Kavanaugh getting confirmed before 10/31st, it is around 50/50 right now.
If I were forced to wager, I would be betting the don’t. Too many weak Republicans to put your money on him getting through.
It could happen, but I see to many self-imposed obstacles at this point. Once you give credence to last-minute tactics you have opened up a Pandora’s box that will be very tough to close. That applies to both sides. At some point, the Republicans are going to start using these tactics also, out of survival.
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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