Markets are up slightly this morning. Of note, USO -1.41%, Metals down almost 1%, Banks up about .5%, TLT down .5%.
Overall, looking weak for the markets despite a small gap up.
I finally got an exit signal on GLD which I exited in after hours. I put on a mean reversion swing trade in XLP at 54.67. It closed at 54.65.
My opinion has not changed for the markets but I am getting less optimistic about new highs the first two weeks of May.
Amazingly, the Healthcare vote is today or tomorrow in the House. Supposedly Ryan has the votes, but nothing would surprise me at this point. It will be a big win for the President if it passes the house.
The Senate, of course, will be a bit different. It will be a miracle if anything gets done in that regard. And if it does it is a testament to Trump’s perseverance.
But, regardless of the merits of the new bill, expect the Democrats, Mainstream Media and true “Conservatives” coming out and blasting the bill. I can tell you most of what you will see and hear about the bill will be completely false. Fake News.
So, if you are interested, find an unbiased news source. Easier said than done.
I am cutting this short this morning as I am a bit behind the curve despite getting up at 3! I have a very sick buddy, my cat Clyde. I have been spending most of the morning doing medical research. Something that my years of trying medical negligence cases have gotten me very proficient at.
The bottom line is to be careful about the markets as the Fed has given no indication of backing off their rate hike lunacy. In addition, the tailwind we enjoyed is now a breeze. That should have a profound effect very soon.
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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