Daily Market Update – October 19, 2016 (7:30 AM)
The financial sector is now done with earnings, at least as far as the major players go.
For them even without a rising interest rate environment as had been expected, things are going well.
That doesn’t always translate into things going equally well, or even well, for the rest of the economy.
So far, although it’s very early in the reporting process, the same kind of performance isn’t being seen more widely.
While it’s nice that the big banks are doing well and it’s nice that a streaming entertainment service is doing well, those aren’t what’s really important.
There have already been some significant losers and some winners in these early days, but the optimistic guidance outlook that so many thought might be coming with this quarter’s announcements, haven’t come yet.
There’s still time, but for now, I think that I’m shifting back to observer mode.
With a new position this week, a rollover and the sale of calls on an existing position, I may be ready to call it a week, except for the fact that there are a number of positions in line for expiration and I would rather see them in line for assignment or rollover.
I don’t give up hope of either of those two latter outcomes, but we will need a couple of strong days to finish this week to see those happen.
This morning doesn’t look as if it is going to be one of those strong days higher, so my eyes are focused on the final 2 days of the week.
I would gladly take any of the opportunities that came along today, though and kick off early for the week, but that’s not going to happen.