Finally what all traders were anxiously awaiting for this morning happened. And we get a run to the upside by an equally big run to the downside and then back to the upside but with a lower high. And now as I type moving back down again.
Whew!!! Like I said these reports are interesting only to the idea of seeing what the market does and not what they contain. The data in most of these reports anymore is manipulated data to a degree. There are much better places to see what is going on if that is your thing.
But the reaction is the important part and so far the reaction points lower. But hey it is early the market has not even opened yet.
I have several positions one of which is my long in SOYB . It’s been close to being stopped out but manages to stay above the stop price at the end of period. The trade has a substantial profit opportunity with minimal loss to the downside. These are typically the lowest risk highest reward trades I make but you can go through a period of many small losses. So as usual in all forms of gambling, it requires discipline and patience:) Sorry no easy money here either!
Today depending on the outlook 15 min into the trading day I will decide whether to take breakout trades our not.
On the geopolitical front thing in Syria are not getting any better. The rhetoric is heating up with Russia threatening to shoot down our planes and the U.S. mulling over the idea of some bombing in Syria.
This has the potential to spiral completely out of control and if the first shot is fired by either the U.S. or Russia the markets will be in a free fall. Pay attention to this as the rush to the exit will be alarming.
I cannot remember a time where things around the world were so out of control. Certainly, the Cuba Missile Crisis was right up there but this far outweighs that as I see it.
How things got this way is not the subject for this site so please no emails regarding that. I am intentionally staying away from politics for several reasons. 1. its too polar right now 2. intelligent people on all sides have different views 3. my expertise and knowledge is that of a layperson and would provide 0 guidance to anyone. There are better sites to get involved in that type of discourse.
This site is for everyone regardless of your leanings. Trading the markets is a nonpolitical endeavor and I want to keep it that way. Anyway I do not wish to scare anyone off by sharing my views on the world today:)
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. 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
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