N. Korea, Syria, Tax Cuts, Health Care, The Wall, Debt Ceiling, Government Shutdown. Have I missed anything???

Markets are off about 1/5% an hour before the open. Of note, TLT -.40%, USO +.54% GLD +.39% SLV +.69%, GS -.04% and BAC +.13%.

Overall to me, it looks like pressure to the downside after the open but only slightly. A lot of conflicting signals to me.

The big news right now with Congress on vacation is N. Korea. It is looking more and more like a confrontation is coming soon. It is either N. Korea backing down or the U.S. begins hostilities. A scary thought and a lot can go wrong with this standoff it seems to me.

The wildcard is China. Are they amassing 150,000 troops on the border or S.Korea along with getting other troops ready for the purpose of helping or defending N.Korea?

That to me is the big question.  Typically the U.S. state department would have this all worked out. They would not leave a wildcard like China as an unknown before they took action.

The other alternative is it is a bluff to work out some type of resolution. That seems to me like the likely scenario. I doubt the U.S. is going to bomb N.Korea like they did in Syria. Too much can go wrong.

The positive is that China is softening by its rhetoric and the fact it has turned back coal shipments to N.Korea.

So, even though it will be interesting to see how all this plays out, the markets are going to be very volatile in the near term. And as if all that is not enough you have health care, tax cuts, the wall, and the debt ceiling on deck when Congress gets back from their long needed vacation:)

I am long several stocks including GLD. This is turning out to be as good a trade as my last GLD trade. Also, I put on a 1/4 position in SPY at the close yesterday via SSO.

Today, again, depending on the first 15 min I will look at BO trades but only for a day trade if the right setup occurs.

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

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