Mueller begins his testimony in the House before the judiciary and intelligence committees. I suspect there will be nothing new, after all, there is a 400+ page report that resulted in no collusion, no obstruction.
But the Dems are not giving up the ghost and most likely will not, as it’s their only longshot at this point. So instead of concentrating on policy, it’s more Russia, Russia, Russia.
The only bombshells will be the spin from the politicians and the media. The testimony will most likely be a big nothing. The case is closed from a legal standpoint. But not from a political standpoint.
So the markets being driven by emotion will most likely experience some volatility. My guess is it will be muted as you can only cry wolf so many times. Most people are ignoring this it has gotten so absurd.
But we will see:)
Also, Iran is still hot. And to top it off expectations are for at least a 1/4% rate cut this month, with some speculating a 1/2 pt cut.
You do not want to be short going into this announcement the end of the month. The odds right now will be against you. Will the Fed cut? I am not as convinced as many. Powell is pretty stubborn, and he does not seem to be bothered by White House pressure. So, its a close call in my opinion.
There are many other issues, but these are the immediate ones staring at the markets this morning. I am long SPY on a system’s trade and at break even. Many of my swings have been exited, however, I still have a few on, most in the gold sector.
And then I have my portfolio of income-producing assets that have been doing very well.
20 Min before the open we are looking at the indexes gaping up about .20% with TLT +.5% and @CL +1%.
Overall, the premarket looks positive, but not extremely so.
I will be looking at a few more swing trades today, but there is not that much to choose from this morning. I have several on my watch list.
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’s Handicapping Picks