It looks like the tax bill might have hit a snag in the Senate:) And the stock market is off this morning with QQQ and IWM leading the way. Although its up off the lows.
Financials are down, Oil and Tlt is up.
That to me is a bias to the downside which would not be surprising as the stock market is building in that the tax bill is a forgone conclusion.
In addition, the 2 main Senate members that are causing problems are Flake and Corker. Both, not running for office in 2018 because or their low approval ratings back home. And both bitter enemies of the president.
Then you have McCain that voted to move the bill along, however the bill goes to the house for reconciliation and who knows what his position will be when it gets back to the Senate.
Also there are a handful of Senators that are unknowns on a vote on the bill. I say take the 3 to 1 against a bill coming out of the senate this year.
Our baottom reversal trade in WEAT tanked late yesterday and we are close to being stopped out. I will update after the open on this. GLD is still dropping but no sell signal yet.
I had 2 day trades yesterday. The first took a loss and the 2nd we got out around even.
Today the market will be waiting on the tax bill. Expect a very sharp drop if things go south in the Senate. I expect a few scares this morning.
I will be around again this morning. Come join me at @rickjswings on the open.
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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