The Stock Market is off slightly this morning, most likely waiting for the next hysteria driven madness.
It seems we shift gears almost daily now from one hysterical reaction to another.
What is interesting to me is how many times members of Congress go to the press and tell the executive branch what they should be doing. It’s almost laughable considering the state Congress is in these days. You really cannot make this stuff up:)
Remember when the sky was falling with the tax cuts? Or when DACA was front and center. Gun Control lasted a bit longer but is winding down now. But for now, we have Tariffs.
And again the sky is falling. It’s 24/7 non-stop Tariffs are bad. Unprecedented! But they fail to mention that steel tariffs were administered by the previous administration also.
It gets old to say the least, but as I said many times this hysteria creates opportunity if you’re nimble. The difficulty is that manufactured hysteria is the norm right now, so you do not have the luxury of making trades and not taking a bit of a downswing on your positions. Right now there are few conservative swing trades.
I have two mean reversion trades on right now. I have a 100% position in SPY via SSO and also a position in UNP.
I doubt I will make any addition trades today unless we have a sharp move lower. A big move to the upside will most likely get me out of SSO.
There is very little green on my screen this morning, only the Dollar and TLT are green.
To me, this is a slightly negative bias for the markets.
I did my scan this morning for bottom reversal trades and came up with more than usual. Not all are ready to trigger but there are 4 or 5 that are very close. I just have to decide which to use the 60 min trigger with as opposed to the 240 min trigger. I will spend some time this morning taking a look at these after the first 60 min. If I take a bottom reversal trade I will post it.
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