Daily Market Update – June 16.5, 2016 (7:00 AM)
Yesterday was in sharp contrast to the way the previous day came to its close.
Yesterday, immediately after Janet Yellen’s press conference concluded, the market sold off what modest gains it had made and ended the day lower.
While she spoke, the market pretty much treaded water. It had rallied upon the release of the FOMC Statement, but then really didn’t know what to make of the increasingly dovish tone adopted by Yellen and it just traded in a narrow range through the prepared text and the question and answer period.
But when it all ended came the realization that if the economy wasn’t good enough to support even a 0.25% interest rate increase, maybe it’s not good enough to be a place to park your money.
If your job was to record events, the uptick and the downturn were very easily identifiable as were their causes.
This morning’s futures are just modestly weaker as overseas markets had a rough session and oil is again falling.
Using those as guides, we may have fared quite well yesterday in comparison to others around the world.
With just 2 days remaining in the week, my aspirations are meek.
I would just like to rollover a position or 2 or see an assignment or two.
With a number of losing sessions now being strung together each of those aspirations is getting a little more difficult, but as the market’s weakness drives volatility higher, there may at least be some opportunity to get some relatively larger premiums and look at longer term expiration dates to lock in those premiums while awaiting what is hopefully coming.