The Tax Bill passed! Is the stock market out of the woods now?

The stock market is gapping up today, except for IWM.

Financials are strong, Oil lower, most everything else around the 0 line.

My trades I have shared are looking fine, with TUR up almost 1% premarket, GLD is off slightly, XNCR has made a nice rebound, and TLT a trade I put on a day ago is slightly lower. TLT is a 1/3 position.

The Tax Bill is now behind the markets and is looking very good for the markets. I expect the results of the Tax Bill to have very positive results for the market going forward. Very similar to the deregulation that has been taking place this last 12 months.

Everything the new administration is doing is designed to stimulate the economy.

But the road bumps are not all gone yet. The special counsel could be catastrophic for the markets. Also, the DACA issue might be a bump in the road also for the markets depending on how Congress and the President handles it.

Then there is the geopolitical environment. This has the potential to turn ugly in a variety of different areas of the globe. So, best to keep a watch on this.

I am going to cut this short this morning as this week has been a busy one for me with the holidays here.

I will be around for a short time at the open.

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

Skype: riccja

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