The Stock Market is slightly up about an hour before the open with QQQ leading the way.
Not much red this morning. UUP and USO the only red on my screen.
We had another day trade in SSO. And it had the same result as the day before. Momentum changed shortly after we entered and I exited with a small gain.
I am using a few things for triggers on this day trade buy. Also depending on breadth will determine how quick I am to exit the trade when momentum shifts a bit.
Not much new right now but am watching the following for mean reversal trades:
JO
IFN
IDX
XLU
I doubt any of the above will trigger today. The trigger times are an hour after the open and each hour after that. But it requires quite a bit to be a trigger. These quotes have one thing in common. They are deeply oversold and are in some instances developing a bottom.
On the news front, it is still Tariffs. We should see the White House Tariff plan in detail by the end of the week. I doubt it will be the “end of the world” that its critics are touting.
Also, Sessions seems to have woken up announcing yesterday a lawsuit against California and also sending out the House Intel committee’s concerns to some independent attorney to review outside the justice department. The details are pretty sparse on this.
There is a lot going on in the U.S. political arena. The crosscurrents are fascinating. How this will all end up still is uncertain. Whether the President’s enemies prevail and remove him from office or the schemers end up on the short end and end up in prison is something we will have to wait to find out.
One thing that is certain is that whatever happens will produce shocks to the markets. From the leaks, rumors, falsehoods, and spin the market will react to each turn of events. As we have seen this reaction can be harsh. I suspect nothing will change in that regard anytime soon.
Take that into consideration when your position sizing. 300 to 1000 point days are going to come around more often then we have been seeing the last few years.
If I take a day trade today in SSO I will post it.
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
RickJ’s Handicapping Picks
rickjshandicappingpicks.com/investing
Skype: riccja
