The Stock Market is higher this morning, about 1/4%
Of note, TLT unchanged, Oil and Metals very strong, Financials positive. In addition, the dollar is off about 1/3%.
To me, this is a very strong premarket. I would not be surprised to see a nice rally today. Perhaps even a trend day.
What is surprising is that the news has arguably been less than positive. China trade talks have not gone anywhere with both China and the U.S. with new tariffs.
In addition, more turmoil at the White House with Sessions days most likely numbered now. Sessions two biggest supporters in the Senate have switched gears. Both Grassley and Grahm have both given the green light for firing Sessions.
An aside of all of this is I imagine if Sessions gets fired he will be requested to give another interview with Mueller. Will he go the way of Cohen or the way of Manifort in his interview?
At this point, I am not sure what he will do. A year ago, I would have been certain Sessions would have been 100% loyal to the President.
But that is getting ahead of ourselves. But if your swing trading you should be aware of possibilities like that. Otherwise, you catch yourself in a downswing similar to what happened after the Cohen plea.
Going on right now is Jackson Hole and the Fed. I have not been following that closely but I suspect we are seeing market strength because of what is coming out of that meeting.
If they were taking a hard line on raising rates the dollar would be higher. So by inference that may be softening their stance a bit. That would be very positive for the stock market.
I lightened up a number of short-term positions yesterday but still have a considerable number. This month, as it turns out, has been the best month in the market for me ever for short-term trades.
I do not post most of my trades as usually the first hour or so I do not have time to do that. But I usually find time for posting my mean reversion trades as these set up slowly and also are easy to monitor.
The rest of my trades are mostly momentum trades that can turn on a dime.
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
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