Markets are up a bit before the bell with everything but the metals and Tlt on the + side. I view this as a bias to the upside today, although a moderate one.
Looming in the background is Comey’s testimony. Although why have him testify since CNN, NYT, and the WP know exactly what he is going to say:)
I suggest waiting and watching. If you’re not going to watch you will have no idea what happened as the spin from both sides of the isle will make your head spin.
In particular, I would watch Goudy’s examination of Comey. That will be the most telling. Other than Goudy most in Congress just get speeches and leading questions that would embarrass the learned barristers of the past. Darrow would be laughing at the examinations of most (if you wish to call it that)
But Goudy, on the other hand, is a skilled examiner. Thoughtful, methodical with all questions designed for a purpose. To seek the truth.
Now, of course, many will disagree with the above statement but that is how I see it:) I have many years of cross-examining people from all spectrums of life and it is no easy job. Preparation for examinations requires massive amounts of work with lightening quick thinking to adjust to every surprise the witness will give you.
So when I see someone like Goudy surrounded by political hacks (on both sides) it gives me a bit more hope that our system will survive the insanity that is prevailing everyone today.
Now I dwelled on this purposely as Comey will be a market moving event most likely. I expect the market will be moving up and down on most of what he says. After all, this is likely to be the best and last hope for the Democrats and Never Trumpers to remove Trump.
And if he is removed so goes the Trump rally. Expect the market to adjust violently if the market starts actually thinking Trump will be removed from office.
So again, watch the Comey testimony rather than the spin and listen to Goudy’s examination. My tips for next week:)
Let me also mention that the entertainment factor alone is worth watching. Not the spin but the real examinations that take place by a select few in Congress.
The last 2 days I have gone over a few scalping techniques in the Minis. But of course, I went 0-2 each day:) Did I say that scalping minis are a very tough way to go!
I am going to try to go over one more technique. It is a bit complicated to explain but it is a reversion type of trade, similar to the Keltner trade yesterday. The difference is determining when the pros are betting contrary to the public at swing points.
This also is no easy go, but the upside is that this is much more reliable than the first 2 I showed you.
So I will make some comments on this 3rd scalping technique this morning after the open. This Pro/public indicator has to be used with fib levels, floor pivots, and divergence. Just getting the signal in the middle of nowhere is a pass for me.
I made a trade before the close on a biotech stock that is severely oversold. And any wind in the biotech area and this stock has the potential to soar. And of course this is a very short-term swing.
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