So far my game plan is working out fine. The market has skyrocketed to the upside and this morning is slightly underwater. Not many red flags yet but the key is seeing how this rebound plays out. If we get new highs then the market gets a reprieve. However if it rolls over shortly it’s going to be a very long summer. Good indicators this morning are the dollar is off .36% and the market is far from overbought yet. On the downside, there is a weakness in banks and china. However, none of these are very dramatic right now.
I am slowly unwinding some of my trades. But still have more exposure to the upside. In addition, I plan on adding more exposure if setups develop. But after the 20th of May, its time again to be very cautious.
Not much more to add this morning but I will be looking for a quick ES scalp during the first 5 min of trading. It will be interesting to see how long my string can go. Typically I scalp only on the side that I feel there is a bias. Yesterday was an easy one as it was clear there was a high probability of a trend up day. When we get openings close to the unchanged mark it becomes a bit more difficult to figure out an appropriate scalp. But at the very least it’s a routine that helps get my mind moving in the morning:)
You can join me in my private feed by following @rickjswings. It’s free and most likely will be for awhile. At least until I have gotten this site exactly the way I want it. And then also have my handicapping to where it can be shared with investing. Right now the stocks are 2nd in priority. Sports betting is my top priority.
If anyone has any questions or comments feel free to send me an email.
Good Luck Today
RickJ’s Handicapping Picks