Daily Market Update – March 10, 2016 (Close))
The script seems to stay the same day after day.
It’s just the direction that’s subject to change,although sometimes there’s no direction.
That was case this morning as oil was fairly flat and so too were the stock markets that have dutifully been following.
Even the NASDAQ 100 has been pretty much in tune with oil, even as you scratch your head to wonder why that might be the case.
With little left in the final days of this week to offer anything substantive, you could be excused for casting eyes on next week and the upcoming FOMC Statement release.
At this point no one really expects any change in interest rates, but the Chairman’s press conference that follows may offer some glimpses into what the FOMC is thinking.
Janet Yellen did just that at her very first press conference, or may simply have “mis-spoke,” but she sent markets moving.
In that particular case it was in the wrong direction, but since then, her history is admirable and the market has generally taken note of her words with a sense of optimism.
Since we all know that the FOMC wants to increase interest rates as soon as the scantest data may warrant, you would think that traders would let out a sigh of relief once the uncertainty is over, at least for what may be the next cycle of interest rate increases, if the FOMC prediction script is going to be true to what people believe it contains.
For what’s left of this week, i would just like to have an opportunity to roll over the one position set to expire and certainly wouldn’t turn down an opportunity to sell calls on anything that’s not currently covered.
With the way the market was pointing this morning, I didn’t expect that today would be a very active day, but there’s still always tomorrow and that brings the chance of another uncalled for large move in oil and stocks.
To some degree, that large move may have started during today’s mid-day, as the market made up for a nearly 200 point loss in the DJIA to end up the day just how the futures predicted the future would turn out for the day.