Markets are looking pretty solid an hour before the open. In addition, the SPY/QQQ system went back to the long side after exiting the week before.
Of note, GLD and SLV leading the way down, financially strong, Oil strong.
That to me is a bullish bias this morning. Let’s see how breath is the first 30 min of trading before getting too crazy today::)
Although today is shaping up as a good shot at a gap and go. I have a system I use for that and most likely will take a long trigger.
I also have a few stocks on my radar for this morning. In addition, a mean reversion trade depending on how it sets up.
A lot going on this morning. Usually, I have to look to find trades but this morning it appears I will have to look to filter some that are in the mix.
Not much has changed over the weekend on the political front. Although, it appears that the Senate Judiciary is shifting gears and will be focusing on Lynch, Crowdstrike, FBI and other issues. How serious they remain to be seen, however.
If they are serious expect the rioting to pick up dramatically across the U.S. A lot of people will be exposed if there is a serious investigation including some Congressional Republicans.
That means more uncertainty for the markets as the risk now goes up for the players in this high stakes drama. I expect things to get even crazier then they have been very shortly.
I know, the markets just keep going up and away. But, I am still going to be conservative for medium term trading. At least until October, November.
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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