Good Morning!

The bears are hungry, and it looks like they plan to fed well today.  The failure of Congress to pass a new healthcare bill is gaping the market sharply lower this morning.  The selloff began in Asian markets last night and went all around the world.  Quietly I was hoping why would pull off a last minute deal before today’s open but apparently they have given up at least for now.

The economic calendar events will not provide us any help today because all have are a few bond announcements and a couple of Fed speakers that still have something say after talking all last week.  On the earnings front, we have 50 companies reporting today so stay on your toes.

The first order of business for me this morning is to manage the positions that I’m in.  We have some very nice profits in RWO trades so let’s make sure we are taking care of that business first.  Don’t act out of panic but clearly think through each position and respond as with a business frame of mind.  We will now start looking for some bearish positions, but we must remember that the 1st quarter is coming to an end and the possibility of an end a window dressing rally is possible.

Have an awesome day!

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Trade Wisely,

Doug