Every morning I wake up now expecting plus or minus a percent or two gap. It’s just the way things are. As gamblers would say “Its a given”
But this morning we are hovering around even. No news to speak of. The Fed is over its hysteria regarding higher rates. And about the only talk now is who will Obama’s supreme court nominee be and what will the Republicans do with it. How boring:)
I guess I might as well start sleeping in the mornings now. I, of course, say this in jest as I am no doubts that this quiet is not going to be very long lasting. I suspect it won’t last the week. So be on guard as we are still in protecting your money mode. Which means short term trades only.
I am flat right now and looking to put on a mean reversion trade short similar to the one I put on a week ago. Ideally, see a gap fill to the upside this morning with a nice rally to the 50 day MA. And if you wish to get greedy wait for a break on the upside and then either try and scale in short or wait until we break back below the 50 and get short. I do not think you will have long to wait if we get that scenario.
The worst case is we just go straight down from here with no opportunity to get our mean reversion trade short.
That’s how I view things this Tuesday morning:) But I am a bit jaded and I am sure there is much more to see in all of this. Keep it simple is my approach.
In addition, I am always in a good mood after a good day in sports betting. Going 2-0 in the NHL for +2.4 units and also winning our NBA total setup.
Finally for those of you that I torture every day with my spelling and grammar I have started using Grammarly a WordPress plugin. I know I have pushed several followers over the edge but now you can read my prose without any fear of getting the shakes or even worse:)
Good Luck Today in the markets
Private Twitter: Rick_sports