Starting a news-filled week the markets are about unchanged 45 min before the open. Also, there is not much to note premarket. Most everything is flat that I look at.
This week is one of the most significant news-filled weeks I can recall in a long time.
1. Rate Hike Wednesday?
2. Debt Ceiling Vote Thursday?
3. Elections in Sweden (globalism vs nationalism?)
4. And of course the never ending Health Care Drama in our Congress
5. Opex week, which tends to be very bullish until the open on Friday.
How would you like to be long all your assets going into this fun filled week:)
Not me, I have a few trades on but did not pull the trigger on a few mean reversion setups on Friday. I could of, but, against all my rules I passed on these trades. At least so far.
Based upon recent history, the market most likely is going nowhere until the Rate Hike and debt ceiling drama has played itself out this week.
I will be looking for a dip going into Wedn or Thursday to get long. However, if the Fed surprises with no hike I most likely will miss out on a monster rally.
Should be interesting, to say the least. I am down to 3 positions in the market which is the lightest I have been in a long time.
As far as what I am stalking for a longer term trade. Crude looks primed to me for a reversal soon. If your trading the futures, @CL, 49.63 would be the area to trade once it has broken out over that. USO would be 11.08.
This trade probably will not trigger today or maybe not even this week. And the trigger number changes daily. But it is a trade to keep an eye on for an intermediate term swing.
One more thing, I had talked about the QQQ SPY strategy I keep a watch on and that it was very close to triggering an exit after a very profitable long signal back on Jan 7th. The trade is still long and is going further from an exit. So for now, it is still producing a tailwind. Something to watch.
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
RickJ’s Handicapping Picks
