Will the Fed cause a deeper pullback today or will they turn the markets around???

Will the Fed cause a deeper pullback today or will they turn the markets around???

After a mild pullback in the markets 45 min before the open we have gaps up in SPY .27% along with .62% in QQQ.

GS is confirming at +.73% and IBB is continuing its rebound at .33%

After the close I had a number of mean reversion triggers to the long side on SPY. I placed a 1/4 position long in SPY using SSO in after hours.  My last trade in SSO  I made a quick 3%+ in two days. Lets see how this one works out:)

Typically on mean reversion trades you have to take some heat. Its rare you catch it perfectly. Keep that in mind!

Also my two swing trades that have been on for some time now are GEO and GLD. Both have nice gains and neither have triggered an exit.

As I indicated yesterday I felt that any pullbacks would be buying opportunities. I still feel that way and if we get any further weakness I most likely will add the 2nd 1/4 of my mean reversion SPY trade.

I also plan on taking swing trades as they set up  with the market being oversold conbined with  positive seasonality.

The one thing in the works that could throw some water on a rally is that the fed is announcing its decision on rates this morning.  The popular view is that the Fed will be less hawkish on rates. We will see.

Not much new on the political front either home or abroad. Things are just as much a mess as they were before.

One disturbing trend is the increasing rhetoric promoting violence both by fringe groups and now moderates. I understand where the fringe rhetoric is coming from but both the moderates and the main stream media is working the public into a frenzy that has the potential to take a violent turn.

This is something to keep an eye on as any widespread orgainzed violence has the potential to seriously disrupt the markets.

One further thing to note. I received an email last night suggesting that I was a Trump fan and how could I be.

For those of you that have been following my sports plays for the last 13 years or so, you know that I look at things through a very logical and analyical lense.

I input what I consider to be important variables and then draw my own conclusions. I have no ideology to blind me or to prevent me from seeing reality. For me it is simply a processing of information pure and simple.

For purposes of this site I attempt to leave my opinions out of the mix unless it relates to potential effects on the markets. This site is not a political site nor will it ever become one.

I will leave politics for the pundits and stick to what I do best. Anyway to devote a lot of time and effort into political idealogy to me is a complete waste of time. There is so many hidden agendas and dishonesty that sitting in my home without being privy to 90% of the political information that insiders have at their disposal would make taking purely political positions like betting on a ball game by flipping a coin.

Enough rambling this morning. I only wanted to clear the air on this as I know from past experience it will not be long before I start getting emails that will make me consider closing the site down. It has happened before when I only commented on handicapping:)

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


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