This Stock Market will take your breath away!!! Are we due for a pullback anytime soon???

This Stock Market will take your breath away!!! Are we due for a pullback anytime soon???

For those of you new to trading, this is what a bull market looks like:)

This is the time when it is easy to get complacent. It is the time that less seasoned traders relax and bend their rules.

Myself, I look at times like these to maintain discipline. As a seasoned gambler, I can tell you that professionals can handle the downside very easy. It is the upside you need to worry about.

It is the upside that nags at your psyche to bring back bad habits. The upside tends to unleash that ego that was so hard to tame in order to be a consistent winner.

Nothing has changed. This bull market will break a lot of people. I know that seems like a strange thing to say. But there will be many that after years of discipline will go back to bad habits because the money has been so easy.

It is sad to see when you know people that fall into this trap. I have been there many of times. After an enormous run at the poker tables you loose sight of the fact that negative variance is right around the corner.

I spend time on this today because I know what the future brings. Not as to what will happen factually but what will happen to traders that for whatever reason do not understand the psychological tug of war that goes into being a professional gambler. It is never ending even when you think you have it conquered.

That is my words of wisdom for this morning:)

The markets are about unchanged this morning with very little of significance in pre-market trading. The market is overbought however some recent studies I looked over, indicate that this can go on quite a bit longer.

So if you’re a mean reversion trader on the short side of this market, then my condolences.

Now, what do I see that could potentially impale this market? Yellen is top on the list. Next up would be the political climate here in the U.S. It is as toxic as I have ever seen it. And it has no signs of subsiding. It is one of those things that if you’re a middle of the road American you scratch your head. It is almost like the political establishment has decided to take LSD daily now. That would be for me the only way to logically explain what is going on.

There is so much work to be done improving the U.S. and all Congress can do is stick to its partisan bickering.

So this as I see it is high on the list for impaling this bull market.

As far as trading today, I still have a number of positions on but the ones I shared have now been exited. Short Nordstroms, Long GLD and Long  Geo, all nice winners.

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

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