FOR MONDAY: (1/22) There is a budget ceiling vote being called at 10 pm ET on Friday. The markets are optimistic, with NQ and SP making new highs on the day. Always find it hard to trade these gap ups or gap downs unless there’s a clear pattern completion and oversold or overbought condition to go the other way on. Our cycle work has suggested lower dollar and higher crude. We hate these days where key numbers are on the edge of breaking and waiting for the news to come out. They’re tradable with breakout and breakdown stops but not when they happen over the weekend and gaps happen. In the end the trade should be getting frustrated with the kick the can action and more importantly the FBI/DOJ scandal is likely to erupt big time.
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