Interesting reading for this morning:
The Stock Market is mixed this morning with IBB, and TLT up while most everything else a bit lower.
To me, it looks like its anyone’s guess which way we go after the open.
Not much news overnight.
The tax bill looks like it might just pass. I have gone from a never to perhaps. I still will not overestimate the self-destructive tendencies of the Republicans. They really have outdone themselves this last year. No reason to think they will stop now.
Although, with the estate tax deduction doubled many of the no votes, especially McCain stand to get a windfall. So self-interest could win out over hate for the President.
Quite a dilemma McCain has:) Undermine Trump or get a windfall from the estate tax change!
Not that I am a cynic but for McCain, it’s probably a close call.
I am long GLD, TUR, XNCR.
XNCR is bouncing back nicely and if biotech turns around we will make some money on this trade. TUR was a bottom reversal trade that needs follow through today or tomorrow. GLD is just waiting and see what the system says when to exit.
I could usually tell you what to look for however this system is rather complex and has a lot of moving pieces.
I should be around this morning for a bit. Although I have a number of things to do this morning, so unless I see a very good day trade early I will not be around long today.
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