The stock market is gapping up this morning close to the 1/2% mark.
Of note, everything green except TLT! That is a very strong premarket bias.
We are in the strongest seasonal period in the markets right now, so I suspect a rally into year end. The tax bill will be behind the market and the only other thing coming up is a potential government shutdown. I do not anticipate that happening as the Democrats will need to regroup after this tax bill is signed into law.
I need to make a note that I have been wrong now on two recent predictions. The tax bill and the Alabama election. Perhaps, the underlying assumptions I am making are not valid. We will see as things should prove them right or wrong very quickly.
The last thing they need is to roll the dice on a government shutdown. But one never knows in D.C.
I still am in GLD, TUR and XNCR. Also I added TLT after the close, a 1/3 position. TLT is a mean reversion trade that I am going to leg into. With TLT off almost 1% premarket, I may be adding the 2nd leg today.
I will be around this morning for a very short time at the open. I have a lot of things going on this morning and have to leave around 7.
Things should get back to normal tomorrow, whatever that is.
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