Markets holding up after the potential for increased political violence in the U.S. But for how long???

Too early to tell, but the shooting in Va this morning at a GOP baseball game is more than likely the beginning of increased political violence in the U.S.

Remarkably, the markets are unchanged this morning, dispute the shooting and the Fed almost certainly going to raise rates.

I imagine if Yellen and the Fed were in Venezuela right now raising rates would still be under consideration.

This is a perfect storm coming up for the markets.

Now, perhaps I am completely wrong about this. And the bull will continue despite the insanity playing out not only in the U.S. but all over the world.

Anything can happen of course but I would not be wagering my life savings on it.

5 min before the open and the markets are gapping up with the Nasdaq leading the way. Of note, TLT up over 1%, Financials down sharply, Oil down. That to me looks like a weak day coming up or at least a bias to the weak side.

I am going to cut this short this morning as I am behind the curve having a rare sleep in.

Let me also mention, that my opinion that Trump will last his first term is changing rapidly. Session’s testimony yesterday makes it clear that Trump will get no help from the DOJ. That means he gets no help from anywhere.

I will post a longer analysis later but the odds in my mind have shifted dramatically. It is a good thing I did not back up the Truck on this one:)

So, if you’re considering making that wager I would take a pass on it at this point. Trump might pull a rabbit out of a hat, but, without at least a neutral DOJ it will take some very extreme over the top action.

One other short note, I exited one of the swing trades with a nice profit yesterday and am holding the other. I attempted a quick day trade yesterday also but that did not work out and I took a small loss.

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

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