Monday morning the stock market is hovering around the 0 line after a weekend scare in Saudi Arabia.
Of note, financials are down oil and tlt up, with most else also around the 0 line.
My bottom reversal trades are UUP and UNG. UUP is very slightly up this morning while UNG is up almost 3% premarket.
Mean reversion trades are IBB and XNCR.
Systems trades we have GLD.
Last week I posted a daytrade the last 3 days of the week. I plan on doing that this week also. I will post my trade along with stop adjustments through the exit. So far we are 3-0 on the trades wait until we have 50 to 100 trades under our belt before drawing any conclusions:)
Its all about the tax bill now. My thoughts are there is a good chance it does not get through the Senate. Already there are rumblings among the Republicans. Remember they can only afford to lose 2 Republicans assuming the Dems vote against the bill.
You have McCain, Corker, and others that are Never Trumpers that will be looking for any way to tank Trump’s agenda. Yes, that is what the Senate has come down to. It used to be the House that was the chaotic one. But the Senate has taken over on the dysfunctional part of Congress.
Now, they may surprise me, but it will be a big surprise if they get a tax bill to the Presidents desk. But, I suspect the market will be keeping a very close watch on how things develop.
And if you think that our Congressmen are worried about their investment portfolio should there be no tax bill, I am confident they will be completely hedged before the bill fails. Call me a cynic:)
Also, there are rumors that the Special counsel will be handing out indictments very soon. That should give a good indication of the direction the investigation is going. If it is targeting the White House expect some market volatility.
I have been asked by both liberals and conservatives where to go for non-fake news. I am reluctant to give out recommendations but as a market enthusiast its important to get around all the fake news out there.
The problem is most conservatives do not listen to liberals and vice versa. So with that in mind, for liberals, I suggest Glenn Greenwald. A very ethical and honest journalist on the liberal side. No fake new there. Now he has other journalists on his site, and I cannot recommend anyone but Greenwald.
For conservatives, Circa.com, along with Tucker Carlson on Fox.
I follow all 3 and find it good to get views from both sides to balance out the news. Then I can get an accurate picture of the news and facts to use in making investment decisions.
Let’s see if we can get a few good day trades in this week:)
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
RickJ’s Handicapping Picks