More Uncertainty

Overnight, the big news was that the UK Supreme Court has ruled that the suspension of the UK Parliament was unlawful and void (11-0 unanimous decision).  In fact, it ruled the suspension did not happen and Parliament is still in session. 

The Speaker of Parliament has said the House of Commons will sit again Wed. morning. It’s unclear exactly what that means in practical terms (who controls the agenda once they meet, what members of the PM's team get the axe and how this impacts Brexit).  There was even talk about the PM himself needing to step down.  Needless to say, this does give the “No – No Deal Brexit” and “New Referendum” camps a stronger hand…and if you believe PM Johnson, hurts the UK negotiation position with the EU. 

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On the US news front, apparently President Trump was completely unaware (and shocked to hear live in front of the press) that it was the US Negotiators who canceled meetings and asked the Chinese to leave without touring the US farm belt.  (Speculation is that Treasury Sec. Mnuchin did not want the US public to wrongly assume from such a tour that a deal was near.)  Also, two Fed speakers implied that even the most Dovish FOMC member foresees only 1 more cut this year and the majority say none.

For markets, this is all just more of what traders love…uncertainty.  (That’s sarcasm.)

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Markets ended Monday flat after a gap down as the short-term trend continues to be Bearish.  However, there is clear potential support just below.  Futures are pointing higher at the moment about half a percent.  Overall, I read this as more chop until we can break out to new highs.

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Long: CCJ, VZ, PG, FRAC, GT, CPRI, HOME, TUP, LEN, APA, DLTR, WFC, OLN. Short: QSR, TWLO, HEI, HCA, VRNT, BLL, ROL, FIS. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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