We are 30 min before the open with SPY +.10% and QQQ +.08 %. Also of note TLT is off .73% GS +.53% IBB -.26%.
A mixed bag, however, overall looks constructive for a bias to the upside.
The market is in neutral to slightly overbought territory. Not the best for swing trades. But not terrible either. If a setup comes along I might just take it today.
On the shorting front, as you recall I shorted Starbucks because of the CEO taking his social warrior persona and using Starbucks as a vehicle to display his thoughts on the White House immigration policy. This paid off but I exited the trade after a small gain.
Next on the shorting front is Nordstroms. They have removed all of the products of Ivanka Trump from their stores, arguably because of their disagreement with the White House policies.
So far the stock has not taken a hit but I will be looking at puts to get on the short side of this company. There is a movement in the initial stages to boycott Nordstroms which should put pressure on the stock for a short time. Even if it does not affect the profits of the company the mere potential could have an effect on the stock price.
The only caveat is this news is several days old. We got on the Starbucks trade ahead of the curve. We will be a bit behind on this one, but the good news is the stock price has been going up to new 5 day highs.
Again with trading options, the price of the option has to be reasonably priced for me to take the trade. Option pricing can be way out of line.
Nothing new on the political fronts either home or abroad I can see this morning.
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