Its all about the tax bill. Will it get out of the Senate? How will the stock market react?

The stock market again this morning hovering around the neutral mark. All waiting to see what happens in the Senate.

Of note, The dollar is on the plus side, metals are down, most else is either mixed are even.

My UNG bottom reversal trade took off yesterday up almost 5%. My UUP trade has a nice gain and is consolidating, hopefully for another strong move to the upside.

I have two mean reversion trades going. IBB is fine so far and XNCR is taking a real beating, but that is the way biotech goes. The volatility can be scary.

My system trade in GLD is looking fine so far.

We are now 5=0 on my morning day trades. This has become pretty popular so I will continue it. It gives you an idea of entry and exits for a quick day trade.

The key is having a few stocks that are set up for a nice move to the upside. Then having a trigger and a method of taking a stop in the trade.

On the home front its all about the tax bill. Already, McCain and Corker are coming out against it. And I do not see how any bill gets out of the Senate. It will be the same as the health care bill.

So watch and keep an eye on it as most likely the market will not like that.

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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