Markets are again slightly up this morning with the exception of the dow which is about unchanged.
Note much to comment on as to noting premarket activity, except everything, is up slightly.
Overall, it looks slightly positive for today.
I am out of my GLD position which took a 3% gain into a 1% loss. That is system trading. It is like getting ahead 1000 in a poker game and losing it all back in the same session. It happens and if your prone to quit when ahead you have added a negative EV to your game!
We also have a mean reversion trade in XLP which we entered at 54.67 and is now 55.07. So a 1 % gain. An up day today in XLP and I will be exiting at the close.
Today again I will take a cautious approach and might look for some very short term trades. My opinion is still that after the first two weeks of this month a significant correction or the end of the bull is at hand.
Until the Fed changes its course of rate hikes and reversing asset buybacks I see no merit to the upside in a few weeks.
I have had some web site problems which finally got resolved this morning. WordPress is great when it is working:)
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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