Daily Market Update – May 19, 2016 (7:30 AM)
After another 2 days of big moves in opposite directions, yesterday ended the day flat, although it did have its moments.
This morning the futures are moderately lower, despite some decent earnings news from 2 of the DJIA members.
The other day when Home Depot reported good numbers and traded up sharply in the pre-opening session, those gains faded very quickly along with the rest of the market.
With that as a recent backdrop and more and more betting that the FOMC may now actually make an interest rate move at their June 2016 meeting, anything can happen.
For my part, I’m not really looking ahead.
I just want to be able to get something done today or tomorrow, as I still have a number of positions expiring along with the end of the May 2016 option cycle.
I was actually happy to rollover the Marathon Oil position, even though it was in the money, as I do like getting the elevated premium and would continue to do it over and over again if the opportunities continue to arise.
While the market is somewhat lower this morning, I may look at doing the same with some other positions set to expire, even if there’s a chance for assignment.
Locking in on winners may be an easier approach than looking to select some new ones as uncertainty still reigns.
Despite being so close to market all time highs, very few people are talking as if they’re at or near personal all time highs, so trying to out think or out wit this market has proven fairly fruitless other than for those that have really been at the right place at the right time.
There’s nothing wrong with being lucky and the age old saying about being smart or being lucky may really have application in this market.