Daily Market Update – September 6, 2016 (Close)
Summer is pretty much over and we’re now getting back to normal.
For one thing, that means that over the course of the next 24 days we’ll be hearing a lot about the budget and the need for continuing appropriations to be made by October 1, 2016.
This time around, you can bet that at least one of the 2 main political parties does not want a shutdown, while maybe the other one does.
The other thing that you can count on is a continuation of the FOMC watch, as eyes will be focused on that small group as it meets in just 2 weeks.
Today, as the market closed pretty flat, the sentiment was that some weaker than expected ISM data suggested that there wouldn’t be an interest rate increase in those 2 weeks, but tomorrow may be another story, altogether.
Following last Friday’s Employment Situation report, no one probably expects the announcement of an interest rate increase, but those FOMC members have been pretty cagey about keeping everyone on their toes and guessing.
I’m guessing that there won’t be an increase, but those winds shift daily.
This week does have a couple of expiring positions and 6 ex-dividend positions, so I’m not feeling too much need to look for new positions.
With the uncertainty in the market, reflected once again in the flat futures this morning to start the week, there’s not too much reason to be very adventurous.
I wouldn’t mind adding to some of the dividend positions, but at this point I think I would just as soon focus myself on either getting those 2 expiring positions rolled over or assigned.
I did try that today on at least one of them, but got rebuffed on that, as well as a rollover of a position going ex-dividend on Friday.
While I’d like to add to cash reserves, I don’t mind the idea of continuing to roll either or both of those positions over.
There isn’t too much on tap this week to drive markets, but volume should be picking up, not that the contracted volume caused any upheavals in August.
This week, with only 4 trading days and low volatility, may simply be a return to the quietude of 2016.
Of course, if you were really paying attention to the news or rumor of news today, you would know that the real interest was over whether you’ll have to listen to that quietude without having an audio jack on your new iPhone.
Investor people problems