3:10 Update
Tuesday we won our MLB play with KC -104 and went 2-2 on our NHL plays winning almost a unit in the nhl with the Juice.
Today nothing in the NBA:
Wednesday MLB Play
KC +104
Wedn NHL Play
Calgary +131
The markets are quiet this morning again up about 1/5% 45 min before the open. We are still in a consolidation mode with the markets working off this big run up through time rather then price. What this typically means is the market is setting up for another move higher.
This happens to coincide with the seasonality beginning Nov 1. So I anticipate a sharp move higher rather then a deep pullback. We could however stay in consolidation mode for a bit longer.
The news event that should trigger some activity is the Fed announcement. This comes along around 11:00 so be aware of a chance of a reaction to it. My guess is if the fed gets dovish and says no rate hikes this year then we get a nice move to the upside …if we get a hawkish stance with a possible rate hike in december we might get some pullback..and if the fed hikes rates now…expect a sharp drop lasting a day or so.
I have started to accumulate individual stocks for my portfolio long to hold for 5 to 6 months. I still have not decided what number of stocks to hold…but it will be between 10 and 20. So far I have bought 5. In addition I plan on selling calls to get additional income from these stocks.
I have started getting active on swing trades also now and it was a nice change to actually be busy trading after the last 3 months of being super cautious. But my patience served me well. It would not of been enjoyable trying to weather the high volatility we saw.
So back at it this morning with a number of setups to take if they trigger. I filter my universe of swing trades quite a bit so that I have a number of stocks ready to go that fit a very strict criteria to get into the mix. These trades are either pullback or breakout trades with my risk on each trade between 500 and 600.
These do not include the mean reversion trades which is a separate part of my trades. The mean reversion trades do not come along that often but they typically are the best performing of them all.
If you want to follow my swing trades just send an invite to RICKJSWINGS for a two week free trial.
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RickJ
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