Its all about Mexico for the Stock Market this morning! Trend day or gap fill?

Its all about Mexico this morning for the Stock Market. It looks like a deal has been struck which is a big news item to start the week.
The stock market is up substantially an hour into trading this morning, while TLT is off almost 1/2%. Metals, Oil positive, while financials are very strong up almost 2%.
This looks to me like a trend day up today barring any earthshaking political news.
On Friday I started a bottom reversal trade in GLD. So far its up nicely this morning at +.5 %. If this is really a bottom reversal it has a long way to go on the upside.
As we approach labor day the stock market is getting into the extremely overbought area. Remember it can stay overbought for a very long time. But I would expect a pullback sometime soon:)
I know that is a very unpopular opinion at this point. And perhaps we go straight up from here. Probably all depends on the news cycle. Last week was about as negative as it gets yet, except for that quick 100 pt news down on the Cohen plea news, the market has not been influenced.
Perhaps the stock market is aware of something that we are not on the political front. There are some pretty sharp people moving the market most of the time. We will see!
I had a rare morning this morning waking up at 6:00. About 2 to 3 hours late for me. It’s tough to get organized for the trading day when you wake up and get going 20 min before the open. Especially on a Monday.
One thing to watch for this morning is the President’s announcement on the Mexico trade deal. If there are some additional positive unknows we may blast higher. Other than that I suspect this is now built into the stock market.
Look out also for a sell the news reaction. Not looking likely but that happens often enough it would not surprise me.

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


RickJ’s Handicapping Picks

Skype: Ricca

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