The stock market is again hovering around even an hour before the open. I wonder what the market is waiting for:)
The tax bill of course. And, from what I am seeing it’s not getting out of the Senate.
As I see it would not make a difference what was in the tax bill, the Republicans could not get 50 votes even if it was perfect. First, no Dems are signing on to it, and 2. Never Trumpers will sabotage it.
We saw that on the health care bill. Despite the fact that the ACA is imploding, Congress cannot get their act together to fix it. Of course what motivation do they have? They are not bound by the law and neither is their staff.
So you have lawmakers passing laws that they would never accept being applicable to them. Sweet:)
Now that is an oversimplification of course, but it does reveal an underlying problem with our present Congress. So if you think that the tax bill is going to get through the Senate, I view the odds at around 10 to 1 against.
That is not going to be good for the stock market, once they catch on.
Of note, metals strong and most everything else in the red this morning. Let’s see how breadth goes the first 10 to 20 min after the open.
On the home front, its the tax bill. On the international front its Iran and N Korea right now. Those are the things to keep a watch on in the near term.
I am still in the stocks and ETFs I posted yesterday. Of the positions, UUP is the closest to an exit. Its a bottom reversal trade and it right on the exit number. So this consolidation needs to breakout on the upside soon.
Yesterday because of the breath I did not take a day trade. 2 of the 3 stocks I picked out to trade however rallied nicely. So, that is an indication that the basket of stocks I watch is on the right track.
I will be around the first 15 to 30 min with my comments and hopefully a day trade on my private twitter feed @rickjswings. Take a look.
Also, I am available for comments on Skype. My username there is riccja.
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