The Stock Market is higher this morning by about 1/4% Of note Financials are strong, Oil and Metals weak.
A mixed premarket with futures rolling over a bit 30 min before the open.
I went long TUR for a bottom reversal trade yesterday. Also, I exited WEAT at breakeven.
I am still holding GLD and XNCR.
Its all about the tax bill. In addition, The special counsel has just Subpoenaed the Presidents bank records from Deutsche Bank. Might be some fireworks from this but who knows anymore.
These are the two immediate threats to the market right now. News on these could hit anytime on both.
Its down to the wire on the tax bill with some rumblings that McCain, Flake might not be on board now. Until Trump signs the bill its in jeopardy. There is a lot of money pouring in to kill this bill.The odds are still 3 to 1 in favor by year end. I saw take the 3 to 1 against!
And money is what moves D.C. anymore.
As far as the special counsel, things are heating up. The news is coming out on all fronts. Both to discredit the special counsel and the idea that Flynn is going to do the president in.
The problem with the news is that most of it is fake. So the only way you can evaluate it is getting to a reliable source to get it. Not many of those around anymore but the closest I have found to accurate reporting is Circa.com.
If your an ideologue you will most likely not like the site as it’s not there to reinforce any beliefs you might already have.But most of what they put out is very accurate.
I slept in this morning so going to cut this short. I do not see the markets taking off until the tax bill is near. In addition, of course, we have a government shutdown looming which might depend on DACA. But again, who knows.
Its going to be the market participants perceptions rather than reality as we saw last Friday.
So be careful:)
I will be around this morning as usual. Come join me at @rickjswings.
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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