It looks like over the weekend Congress has agreed on a spending deal that pretty much waters down Trump’s election promises.
The Republicans are playing with fire right now not backing Trump’s agenda. Already there are conservative groups that have declared moderate Republicans fair game in 2018 for not supporting Trump.
Now how far this will go we will see. But politicians it seems never learn. They have two many special interest groups lining their pockets to be concerned about what is best for everyday citizens.
The deal, however, is not done but that is the rumor and most likely why the markets are gapping higher this morning.
My guess on the markets is we have 2 more weeks of potentially making new highs. Then it looks to me a significant correction will be under way. That is a pretty an assessment that should be taken with a grain of salt of course:)
Of note this morning, TLT -.27%, GLD -.32% GS and BAC both up around .33%.
I still have my GLD position with a little over 1% gain. and that is about it. My lightest positions in a long time.
Today I will be looking for short-term swings depending on how the market looks after the first 15 min of trading.
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
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