The stock market is in rally mode 1 hr before the open with all indexes up sharply.
Of note, financials strong, Metals and oil up, TLT down.
A positive premarket bias.
All eyes on the tax bill today. I know I have been very skeptical about the passage of the bill in the Senate before year end. But it looks like it may well pass. McCain will not be there for the vote as he headed home after being in the hospital. The lone no vote is now a yes but he had to be bribed with a change that gives him a tax windfall. So much for the conservative republican’s principles:) Its business as usual in D.C.
The ones that scream the loudest seem to be the biggest hypocrites.
It’s not that I am giving an opinion as to the tax bill as overall I believe it will be a positive for the U.S. economy. Its far from perfect but what legislation is perfect. As far as I am concerned the pluses outweigh the minuses.
If your an ideologue you either hate it or love it. Fortunately, I have escaped that mental trap, as you should try to also.
What is simply amazing to me is the all or nothing approach many take in weighing the present administration. I know many level headed very intelligent people that if you asked them about how to set up a 3 suit squeeze in bridge that could rattle it off, but you ask them about politics and their mind freezes to some one side dogmatic mantra.
This is not a democrat or republican thing as both sides have this mental block.
If your an investor with this mindset you have handicapped yourself significantly. Perhaps critically.
Being in the older generation now I appreciate more and more the Socratic method I was taught in law school. Challenge everything! It’s only the give and take of intelligent debate that leads one to answers. Unfortunately now we not only are driven away from that idea but the opposite is being instilled in the younger generation.
In sports betting its very equivalent to a sports bettor saying they will never bet against their alma mater:) Yes, it’s as logical as that comparison.
I have said time and again if your investor that wants to get a jump on interpreting politics you have to find outlets that are void of fake news. That means 1. avoid the mainstream media 2. find several good sites that are honest but have both left and right leanings.
This is a tough assignment but in the past, I have given you several good sites and people that in my judgment are honest, ethical but have different political leanings. Then you can get a balance based on accurate reporting.
If you missed these recommendations just get ahold of me on skype and I will share them with you….skype : riccja
Where was I, the tax bill? I have not looked at the odds this morning but let me take a look now. Looks like around 9 to 1 in favor. So much for my 2 to 1 against prediction. But it still has not passed yet:)
Things are heating up on the political front however and I suspect after the tax bill passes you will see a more aggressive white house in that regard. Big things seem to be happening behind the scenes and it will be interesting to see how it all plays out.
I am long GLD, TUR and XNCR.
I will be looking for a day trade this morning. So come join me @rickjswings at the open.
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
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