Good Reads for Wednesday:
I plan on sharing some of my morning reading daily now. If I remember:)
After a very promising start to the day yesterday the market turned and ended seriously in the red on the day. This morning the market is off about 1/4%.
Of note, Metals and oil are down while TLT is up.
Looks like a negative bias to me.
Yesterday, we had two-day trades with a negative result. Our TUR bottom reversal trade is looking great up almost 2%. GLD , still no sell signal and XNCR is climbing it way back. A turn in Biotech and this will skyrocket.
This stock market is news driven, and there is no mistaking that the stock market is nervous about a number of potential news items. Tax bill, N. Korea, DACA govt shutdown, Special Counsel just to name a few. And if that isn’t enough the news is that the White House will most likely recognize Jerusalem as the Capital of Israel this morning. Never a dull day with this White House.
Regardless of which side of the Trump train you are on, it’s pretty clear by now that Trump thrives on Chaos. Very similar to the way Obama Thrived on it. Create Chaos, keep a steady head, and take advantage of the edges that chaos gives you.
Not many can keep up with either when it comes to maneuvering in a chaotic environment.
As a trader or sports bettor, watch and learn. As both are as chaotic as it comes. If you get caught up in the chaos you have little chance of succeeding.
I will be watching breadth this morning as we are getting into mean reversion territory. Yesterday I also added a 1/4 position in QQQ. A down day today and I will most likely add to that position.
I will be around at the open. Come join me @rickjswings
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