Vacation for the markets is over. Turmoil Starts today and it is spelled CONGRESS:)
The markets this morning do not see it that way as they are gapping up over 1%!
Also of note, IBB +1.22%, TLT -.78%, GS +2.12%, GLD -1.18% BAC +2.25%.
Trump’s announcement of massive tax cuts most likely has something to do with it. As does the progress being made on the health care bill.
The problem is no one is listening to Ryan who so far has been consistent in putting a roadblock up against the Presidents agenda.
The dynamics of that should be interesting but I predict the honeymoon between Ryan and Trump is almost over. Open warfare soon:)
Now in France LaPenn is in the runoff for the head of France. This would most likely mean France pulling out of the EU which in a normal world would send shock waves throughout the system. This would be almost a death knell for the globalists. So much, that Obama is in France spreading his knowledge on how to defeat the right wingers.
Considering how he did here in the U.S. in that regard or on the Brexit vote I doubt he will have a positive influence. But one never knows. Lightning may strike.
So there is a lot going on that the markets should be terrified about. And of course, a monster gap up this morning. A perverse logic indeed.
Least I forget, over the weekend N. Korea has threatened to Nuke Austrailia and to destroy one of the U.S. aircraft carriers in the region. No big deal!
I am down to the lowest position I have had in the markets for awhile now. I still have my GLD position which is taking a hit this morning. And have a Call in health care stocks which is looking pretty good this morning.
Typically in large gap ups, I tend to step aside as monster gaps do not do well for swing trading short term. Gap and Go usually do not occur on over 1% gap up days.
I am going to watch to see the dynamics at play between the Republicans, Democrats and the President. Will be quite a show 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
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