Time to recork the champagne bottle:) Dow off almost 250 30 min before the bell. My thoughts

If you were breathing a sigh of relief yesterday and got a good nights sleep, you awoke this morning in sheer horror:)
Dow is set to open off 300 with the Nasdaq down 140 or so.
Tough market to swing trade to say the least. Keep your sizing small and do not get stubborn. These periods come around often enough that you need to know how to handle them.
This is the time that many go dusted in the markets. Its very similar to the poker player that ran good for a long time and then hit the wall. Unless, he was an experienced pro he probably ended up leaving Vegas borrowing money for a plane flight home, mumbling to himself:)
Its all about discipline. There is no room for fear and panic in trading or any form of gambling. Some people live for it, but those usually are the ones that do not last very long.
I put on a mean reversion trade 2 days ago that was looking like a genius yesterday. But on today’s open I will be even on the trade from a 3.5% gain! Do I sell this morning? No, because my mean reversion trading method has specific entries and exits.
But this is why I leg into mean reversion trades 1/4 at a time. It lowers the volatility on them.
On the news front, you could turn off the news from now until after the midterms. The 24/7 lunacy from the media at this point is almost too much to take.
The packages are an excellent example. No one knows who sent these out yet. So why then is the media blaming anyone, until they know who the culprit is? There are been too many false flags the last two years to be able to guess who sent these out.
But the media cares not, and rather then quieting things down a bit and doing some real investigative reporting as to who the person might be, they would rather continue with their 24/7 political spin.
Like I said, just turn it off. There is 0 news value in the mainstream media anymore. Purely entertainment for political junkies that are hooked on the day to day hysteria.
If you do that, you will find yourself with a much clearer mind for trading.
The big question is, What is driving this fall in the markets? Certainly, the political dysfunction is having an effect. But the Fed seems the primary culprit here. They are doing nothing to calm the markets. To the contrary on Fed Head came out this morning with more rate hike comments.
Its time to put a muzzle on the Fed. Let them meet, report their written findings and make decisions. They should not be allowed to get in front of the media and express their thoughts. They have become no different then our politicians using the media every chance they get for their own self aggrandisement.
Baring that, audit them, and then if their are abuses, get rid of them. Let the markets rise and fall with demand rather than setting artificial rates. The 30 year bond does just that and it works out fine.

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: Ricca


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