And Dow we go again:) After a nice rebound on Tuesday, Wednesday finds us with a gap down of about 350 Dow points an hour before the open.
TLT is +2.22%, @CL is -3.19% and vix.x is +14.10%
This is one of the most negative pre markets I have seen in a while. I would not be bottom picking today, let along a gap fade. It’s still an hour to go, but as of right now things look grim today for longs.
As I mentioned on Monday this is a tough trading market. Volatility always makes swing trading a bit more challenging. I got long a few stocks before the close yesterday and more than likely I will be stopped out of everyone today.
Markets got relief on the announcement of a delay in Tariffs with China. But today it’s back to worrying not only about trade, but also the potential for antitrust action against Amazon, Google, and Facebook.
This is no small thing, as these three companies weigh heavy on the indexes. And I suspect the Federal Government is serious. This just adds to the volatility beast. All 3 are off about 1.5% this morning.
On the geopolitical front things in Hong Kong are getting much worse. China is amassing troops and I suspect it will not be long before the protesters get a taste of China’s military.
If you wish to get a reasonable view of what is going on, watch to see what Gordon Chang has to say. His website does not get updated much. He does get on Cable quite often. But for the best insight, just monitor his twitter feed: @GordonGChang
This will keep you current on the developments from a neutral observer.
I doubt I will be making any trades early today except for managing the trades I put on yesterday. If you are following me on Viber I will send out what I am doing during the day.
I posted my NFL and College Football special on the main portion of this site and also sent out an email to people that have expressed interest in the past. The response has been the best since I started some 16 years ago.
While many handicapping services come and go, at 10x the price of my subscription, mine has stayed solid over the years producing positive EV plays consistently.
If you have ever sat at the poker table with me you know that I am a pretty conservative gambler:) I pretty much play a % game with a few twists. But overall it is a positive EV play. That is the way I approach sports handicapping and the markets.
If you have an interest take a look at the post and send me an email if you have any questions.
As a part of my sports handicapping subscription, I send out almost all of my trades via Viber. This has been a nice value-added feature of the handicapping service. At $49.00 a month for all sports plays I handicap, you get most of my stock trades. With the NFL almost here, its time to consider joining us.
If you want to follow some of 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