Daily Market Update – October 20, 2016 (Close)
With a lot of earnings already out early this morning that painted a mixed picture with regard to the past quarter and more importantly of the coming quarter, we still may be in a position to beat a 2 week losing streak in the market, despite that small loss today.
That would be nice, but there’s still a lot of news ahead in the coming weeks as we get ready for the earnings crescendo that typically comes as retailers report their earnings.
This season, we will also be paying really close attention to their Christmas season guidance, as their impression of the consumer is probably something that is always weighing heavily on the minds of the members of the FOMC.
Coincidentally, they may have a big decision on interest rates due at just about the same time and the big missing piece to the puzzle keep being the reluctant consumer.
There are some signs that may be changing, but no one has the pulse better on that sort of thing than the major retailers.
I’m now counting down the last hours for the week hoping to be able to either keep some positions alive or at least avoid the transaction costs of a rollover and have those positions close enough on Monday’s opening to be able to do something to allow them to generate some revenue, even if having to go out into 2017 to do so.
Why not, as I now have a position set to expire in March 2017.
That would have been unthinkable just a short time ago, other than for my LEAPS kind of buy and hold positions.
So far, this has been a better week than I thought that it might turn out to be and this morning’s sale of so,e calls on an uncovered position helped even more.
We’ll see what opportunities may come from the mixed messages that may continue to come tomorrow.and after.
Copyright 2016 TheAcsMan