Markets are gapping down again today with QQQ leading at -.5%.
Of note, Metals and Oil Strong, with Financials and biotech weak.
Overall a negative bias. Although TLT only up a small amount premarket might indicate the chance of a reversal today.
I have 2 trades on right now. Both are short term swings in IWM and AGN.
Depending on the internals early will determine if I add a position. Although, my basket of stocks this morning is very slim.So slim I have nothing I like at all right now in the way of setups. Perhaps IBB if it sets up right early.
Things are still heating up on the geopolitical front. You would think with a potential crisis looming the political rhetoric would tone down a bit to give the White House some breathing room. But no, that would be too much to ask in our chaotic political system.
The Dems and Never Trumpers keep ratcheting up the rhetoric against the White House and it appears will not help but hinder any decision-making process the foreign policy team implements.
What will it take for our politicians to put the country first and politics second? Right now, it appears there is nothing that can bridge that gap. Perhaps 2018 will send a message.
This, of course, does not bode well for the stock market. The Fed is not coming to the rescue this time. They are in tightening mode come hell or high water.
So, hold on to your seatbelts and if your long this market hope some other news does not hit that will accelerate this pullback from N. Korea.
Looking over the political odds not much has changed. Strange is still a small favorite in the special election next week. Take Moore in that one despite Trump going with the establishment republican.
But I have given a bit more thought to some of the wagers available and there appears one wager that is exceptional.
Bet against Flake in the primary. He is a 2 to 1 favorite which to me the odds should be at least 2 to 1 the other way. One of Trump’s mega donors is targeting Flake in the primary. They are going all out to get him removed. With his approval rating at around 18% that should not be very hard to do.
Otherwise, nothing new on the odds front.
So this morning, I will be watching breadth and then deciding if I want to add to my longs.
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