Daily Market Update – August 23, 2016 (Close)
There still isn’t too much on tap for this week as some jurisdictions have already started going back to school and the rest of us are trying to squeeze a last few days out of summer.
The market was higher in the pre-opening following a day yesterday that actually had some volatility, albeit in a pretty tight range.
Today it was just about the same range, but without the volatility, although the market did give up most of its early gain when the final bell tolled.
Yesterday was a great reflection of just how undecided everyone happens to be, as we went up and down all through the day with no real news to account for anything.
It really wasn’t too different today. There was still no commitment from anyone.
While we do have some economic news this week and some more, although relatively unimportant earnings to come, the real news will be made in parsing the words coming from the attendees of the Jackson Hole meeting later in the week.
As the GDP is released on Friday, we will undoubtedly focus on what Janet Yellen says, which is expected to echo what Stanley Fischer said.
That is, we are pretty close to having the conditions to increase interest rates.
Will that be in September is the question for now. A strong GDP might make that the case.
Otherwise, we are quickly approaching the one tear anniversary of the first increase in about 9 years.
I did make one rollover trade yesterday and that leaves nothing else on the table.
No dividend positions, no expiring positions.
I either need to make some trades or have the market move some select stocks higher so that they can start making some money.
I didn’t expect to do very much today, but that has been a recurring theme that I’m not thrilled about these days.
At least there was no disappointment.
Maybe that will come tomorrow.