The Stock Market is continuing its rebound from yesterday with all indexes solidly green.
Financials up about 1.5% along with metals strong. TLT unchanged and Oil weak.
To me, this is a slightly positive premarket. Despite being up strong, except for financials, everything else leans neutral to lower.
The gap is going to be so large that I would not predict a gap fill, however, some kind of pull back on the open would not surprise me.
I still have my mean reversion trades in SSO and LOW. Both should get a nice bump this morning.
On the political news front, the big news of the day was Warren’s DNA test:) You know its a slow news day when the news cycle dwells on something like that.
The Saudi fiasco is still just that a fiasco for the Media. At this point, they just keep spinning while the facts are unknown.
Its one thing for the Media to play is political games on internal politics but when it carries over into the realm of international relations they are crossing a red line.
Now, their games, are a direct threat to relations with other foreign countries. In their defense, however, they ceased becoming news agencies and mere propaganda arms. So all they spin is what is given to them.
That is why you see coordinated messaging on almost every issue.
Must be nice to have control of the media. Something every despot wishes to have and usually has to do it by force. Here all that was needed was idealogues in the right places.
Fortunately, as a trader, you have the real investigative journalism on the internet. You just need to know who to listen to:)
As a Betting person, successful bettors oftentimes evaluate wages on factors that have nothing to do with the underlying fact.
As an example, one might handicap a football game by evaluating quarterbacks but another approach might be to evaluate the game by considering how the team made the playoffs last season. Or you could consider whether the game is on the grass.
Well, on the Saudi story to me it’s pretty easy. When you have the Media, Democrats, Brennan, and Turkey pushing a narrative together the odds of that narrative is true is 0.
You do not ever need to know anything else as far as I am concerned. All have other agenda most of which are mutual interests. In addition, when has a narrative that was spun 24/7 ever been correct:)
So let’s see how it plays out. But I would love to find a betting line against the narrative that is being spun right now.
This applies to the stock market as it is an excellent example of essential it is to listen to people that have no agenda and stick to the facts and reasonable inferences from the facts.
Otherwise, you are going to be in an alternate universe, no based upon reality and it is going to cost you.
A poker player call me the other day asking if I could share my trades with him. My usual answer would have been no, but I have known this person for a long time and is one of the players I enjoyed at the tables.
So I am now texting him most of my trades. If you have an interest I can add you to the list by using VIBER. Just email me and I can get things set up.
I have no intentions of charging for these unless it becomes too time-consuming. So let’s see how it goes.
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