6:00 Update

Markets are holding up as we go into the last 30 min before the market opens. SPY is up .30% and for the first time in awhile TLT is down. Which is typically the correlation you would expect. There have been a lot of articles written about the significance to TLT following the market rally. I imagine more will be posted if that changes suddenly. In any event, I am looking at shorting TLT but still a bit away from that but rapidly getting closer.

Also a great diagram about how to think like a pro trader. Courtesy of @edgewonk which happens to be connected with Tradeciety.com my #1 free site for traders. Let me add this applies equally to handicapping sports!

I have to say this rebound in the stock market after the UKexit free fall has been impressive. You are seeing the power of extremely low-interest rates and in some cases negative interest rates. Once the 30-year rate gets to -1% I am looking to refinance:)

I am waiting patiently for some signs that this Stock Market rally is over. We are overbought but that does not mean of course we cannot get more overbought. I am short a few small positions that are taking a beating and most likely stops will be hit if this rally continues further.

I have several shorts in mind but am going to take a very conservative view as to when to place them. We are also rapidly approaching mean reversion territory again but no yet there.

So today depending on how the stock market setups up the first 30 min of trading I plan on doing what I did on Friday. Look for a good opportunity to ride a breakout stock up for a few hours and try to pick off a nice rally. I have 3 or 4 of those that I am monitoring this morning.

Today so far is shaping up to be a bullish day for the stock market. But of course, it’s still 1.5 hours before the open:) I do get up early, especially on market days. Plus as a bonus, it’s very quiet around the house from 4 until 6!!!

I posted #4 in my top free trading sites. Dash of Insight is a website I have read for some time now. It’s a bit different from the other sites as the meat of the site is published once a week. But the post is invaluable for getting insight into the markets.  This is more of an overview of the markets and the economy along with touching on other issues of the day and how they affect the markets. They also publish a “market timing” model which is a nice touch.

Market timing models, however, are not the holy grail. And as long as you understand what they are and what their limitations are you will be fine. It’s very similar to a variable in handicapping sports. Just one of the many pieces of the puzzle. And for that purpose this model on Dash of Insight is fine.

So now we have the top 4. All four sites are a bit different from one another. They all approach the markets differently. They all have different techniques in how they trade. And they are all great sites that will give you invaluable information about the markets and how to trade them.

But remember this list in no way reflects the portion of these sites that are not free. That will be for another list once I have finished the top 10 free trading sites.

This will not be a static list. The lists will change from time to time.

Back to trading now.

---

You can follow most of my trades at @rickjswings.
Click To Tweet

---

 It’s a private twitter feed where I post a few comments shortly after the market opens and post some of my trades that I make during the day. It’s free and most likely will remain that way as long as I do not have the time to devote as much of myself into it as I devote to handicapping sports.

Good Luck Today

RickJ

RickJ’s Handicapping Picks