Had to head out today and just got back…no time for baseball…should be back on schedule tomorrow
After a 300 pt down day and a dreary nothing day the markets are now gaping up about 1% 40 min before the open. I am long and with the large gap up most likely just managing positions today.
I have on 4 mean reversion trades. Three in equities and one in an index fund. If this rally holds I will be in a nice position to pull some gains off of this rally.
Even up 1 % today the market still has a lot of room to move to the upside as it was quite a bit over sold. A caveat is there are plenty of news items in the pipeline that could cause havoc with the market. The fed, positioning concerning govt shutdown, and now a new item came across the wires. Russia has told the U.S. to remove its airplanes from Syria. This could easily escalate and in the event any type of shots are fired between the two countries the market will plummet like a rock short term. So plenty to keep an eye on in addition to the normal ups and downs of the market.
Nothing is dull when it comes to our foreign policy. But more importantly if your positioned in trading the market rather then look on with interest you need to be aware to properly gauge your risk. Typically its not the events that cause the markets to move its the perceptions that move the markets. Its as much a human nature gaming device as you will ever come across.
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