I have been out off and on this morning which is unusual for me. But finally getting settled down looking at a sea of red on my screen! Not sure what the news is but most likely the sell in May crowd is thinking its time to be a bear. And maybe they are right. But not much has changed since yesterday so I am going to withhold my opinions for a few more days.
I have been stopped out of a few stocks this morning and May so far has been a whipsaw month with only 2 trading days into the month. I still have some mean reversion trades along with swing trades so if we get a rebound soon I am positioned for a nice profit.
As I type this the markets are attempting some kind of rebound but still off a bit under 1% with the Nasdaq off around .5%. What we need right now is Italy or Japan announcing another massive stimulus to get the ball rolling! As far as our fed that option would not have a chance right now as they are looking for any excuse at all to raise rates:)
Also, let me include sports in this mid-morning message as I have to head out a few more times today. On Monday, we went 0-2 in MLB with both 1/2 unit plays. We lost with Toronto -155 1-2 and Cinci +146 6-9. We had our chances in both games as Toronto had bases loaded bottom of the 8th with 1 out and Cinci had a 6-3 lead in the 7th. But neither could come through for us.
Again today everything is tonight which is good for me as I will be out until around 2 or so.
Good Luck Today
RickJ’s Handicapping Picks