As we start Friday it looks like the market is rebounding from a 3-day sell-off. The markets reversed on Thursday and we are posed to gap up with the Dow +100 this morning premarket.
TLT is -.14%, vix.x is -1.11% @cl is +1.10%. Overall this is a positive pre-market, but, will need some work to develop into a trend day to the upside. I do not expect it today. What you want to see the pre market is TLT off over .5% and vix.x off over 5%. We are not even close to that.
So I would expect so far a range day.
I went long SPY on the open yesterday, and it turned out to be a good trade so far. My entry was 297.48 and it is trading at 299.71 as I type.
I am also long a few gold stocks that have finally headed substantially higher. Also, I have my slew of swing trades, but they were whittled down a bit on this 3-day pullback. But I still have a number of positions on.
I have been doing some option income trades, but these tend to be tricky trades. I do not share these with subscribers as I doubt anyone is equipped to handle the downside of these. But I do share most of my swing, system, and mean reversion trades. These are much easier to manage.
If any subscribers are interested in receiving these income trades let me know. I will send you an email with the pros and cons. Along with how to position size them. Its a much more complicated trade.
On the news front Iran is still heating up with the US shooting a drone out of the sky, and Iran still grabbing ships in the Straights. Where this ends up is anyone’s guess.
On the home front, every day is hysteria. I am pretty much immune to it as its just one thing after another. Most of which is meaningless. The only concerning thing is how the establishment republicans handle it. Their actions make it much worse then it is. If you want to see the correct way to respond to this hysteria just watch Mark Levine on Hannity last night.
I typically do not watch Hannity, but when Mark Levine is on I do like to hear what he has to say. His comments were spot on. I also like to watch Tucker, as he gets it right on most issues, and even if you disagree, he has good discussions with the other side on various issues.
All this gives you a better perspective, much different than watching the media 24/7 propaganda. There is no way to get an accurate picture for trading without having people that can give you some kind of perspective based upon reality.
If your a political ideologue, on either side, you are not only shortchanging your trading but also shortchanging your perspective on reality.
If your an avid Trump hater, I suggest you watch James Hanson’s interview “The case for Trump”. You do not have to listen to change your mind, but at least you will understand the other side of the issue. Rarely is anything one-sided.
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.
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
RickJ’s Handicapping Picks
https://rickjshandicappingpicks.com/investing
Skype: Ricca
