If they are going to break the stock market today would be the day. After today the variables I look at point to higher prices for the next week. The market has worked off a overbought condition but it will not take much to get it back into overbought territory. So we are at a point where bullish next week but potential gains are limited.
that’s the overall idea. This is subject to a very wide variance from theory to real-time. Keep that in mind.
Also keep in mind that from now until the election rates will not go up. Democrats are not going to rock the boat with higher rates before a presidential election. I do not care if inflation skyrockets to 50% the primary goal is winning the election at all costs. So as traders keep that in mind since there is going to be a tailwind for quite a while.
I am long and will look for more trades on the long side. The short side will have to wait.
I closed out two long swing trades for nice gains. My gold trade is looking good now. The other trades are fine with one having a very nice gain.
I have got quite a few emails about politics. This site is a non political site. Most likely one of the few. It’s a site where no matter what side of the political spectrum you are on you are welcome here. This idea of splitting people up as to political beliefs is insane to me. Let the parties divide america. But here No division …just trading and handicapping.
Any comment my make about politics will only be as it relates to the markets and the effect it might have. There is no room for ideology on this site either from the right, middle or left. We get too much exposure to that every day anyway!
If you wish to follow some of my trades go to @rickjswings Its my personal trading feed on twitter and its free.
Good Luck Today
RickJ’s Handicapping Picks