Sessions fired day 1 after the midterms. And you thought things would quiet down:) My thoughts on the markets

The Stock market is reversing some of its gains from yesterday with most index’ off just around 1/2%.
 
Financials are getting hammered.
If you thought things were going to quiet down for a while after the midterms, think again. TLT, the Dollar and Oil are positive.
 
Overall, it looks like a negative premarket bias. I would not be quick to play a gap fill today.
 
If you thought things were going to quiet down for a while after the midterms, think again. On Wedn, we have the House leaders announcing an investigation of Trump is top on the agenda.
 
Trump not to be outdone fires Sessions and goes around Rosenstein with an acting AG whose nickname is “the hammer”:)
 
To me it looks like Trump’s first to years was foreplay between the Dems and Trump. Now it is about to get real. Rumor has it indictments are coming down the pike very soon( and not against the Trump team).
 
With a big advantage in the Senate and McConnell, Grassley, and Graham in Trump’s corner now, Trump should have an easy time picking a new AG.
 
For the markets, this means more volatility. As the fighting intensifies. I doubt there will be any compromise, it appears to be a winner take all fight. As it has been from the start.
 
The difference now is Trump will have his own Justice Department. Something the Dems are in an outright panic about. And rightfully so.
 
So how do you swing trade now? Well, remember we are now in the best 6 months of the year and the midterms are behind us. That to me means despite the increased volatility, there is money to be made.
 
But, be aware of the volatility when position sizing. It will make your life much easier as you sit through your trades.
 
Trading is no getting rich scheme. The money is made by the methodical application of methods that have a high probability of continuing to work.
 
Similar to sports betting if you hear someone touting a sure thing or a 90% success rate. Do not even begin to consider them. Usually, the bigger the hype the worse the results you are going to have with them.
 
There are plenty of serious handicappers and investors that share their ideas and some of their trades (plays) with the idea of educating because they enjoy what they do.
 
Those are the ones to watch for.
 
The stock market is now short-term overbought. I would be waiting for a pullback before getting into a swing right now. As far as mean reversion, we are aways from that right now.
 
We caught part of the move with SSO a few weeks ago. And that is the goal. To catch part of the move.
 
For those following my sports plays, I am slowly getting caught up with my google sheets. I got sidetracked the last month or two. But will have them current shortly.
 

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

https://rickjshandicappingpicks.com/investing

Skype: Ricca

 

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