The stock market is mixed this morning with the Nasdaq 1/4% and the rest of the indexes slightly in the red.
Of note, TLT and financials off 1/4%. Oil and Metals up slightly.
To me, this is a bullish configuration premarket.
The only negative is the financials, so keep an eye on them when trading. It is hard for the markets to take off without the financials in the green.
Things have no quieted down a bit since the Summit. But the President who loves chaos has announced potentially another meeting with Putin at the White House!
Now whether he is doing this to sidetrack the barrage of anti-Cavenaugh media or not is an open question. I suspect the vote on Cavenaugh will be very soon.
Also this morning The White House has announced they are thinking about another 500 Billion in tariffs against China. The amazing thing about this is that the market is only off slightly on this news:)
Perhaps the markets are finally getting used to Trump’s negotiating style.
Although, if the market comes to believe that 500 Billion in tariffs will actually be put in place, look out below for a while.
So this is the backdrop today that we are dealing with for trading. Sort of quiet compared to the last few days.
I received an email essentially accusing me of having a pro trump bias. A nasty email at that!
I am not going to get caught up in political discourse. It is far too rabid at this point to even discuss opinions.
But, I am an independent. I am issue-driven. I ignore the mainstream media as it has become mostly fake news. I use independent sources that I feel are reliable to get my news and a good take on the news. In addition, I listen to most of the actual talking that takes place by the politicians and draw my own conclusions.
Only then can I have some semblance of an accurate view of the outside events and how they might affect the stock market.
I agree with the President on some issues and disagree on others. And that is really a healthy approach. If you’re in the “Trump Derangement Syndrome” camp or have aligned with ideologue that is pushing an agenda you are doing yourself a real disservice.
First, you will never have an accurate backdrop for your trading and secondly, you will be missing out on a time in U.S. history that is very interesting, to say the least.
What is going on right now is unprecedented in U.S. history on the political stage. Even when the U.S. had a special counsel for Clinton we had not even closely reached where we are today in the political divide.
Do you really want to miss out on viewing these events as an unbiased bystander? It’s quite a show I am seeing right now. Better than any LeCarre novel.
I did not take any trades yesterday and will be watching breadth to see if anything develops today for a short-term day trade. I will post any trades.
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