Daily Market Update – October 31, 2016 (Close)
This will be a busy week.
Lots and lots of earnings reports are still ahead, before next week sees retailers begin to report.
And another big and complex deal was announced over the weekend.
And there is an FOMC meeting this week.
And the week ends with an Employment Situation Report.
With all of that going on, I don’t think I’ll be doing that much trading, but I would like to.
I have only one ex-dividend position this week and no positions expiring, so there is a real paucity of income for the week.
I don’t like that, but even as I do have some cash on hand, my preference is not to go even lower than the already low level from which I have wanted to emerge for what seems like the longest of times.
This may be an interesting week, especially if there is a really big surprise from the FOMC.
Friday’s GDP could be enough for the FOMC to make an interest rate decision.
So much is being pegged on the fact that there is no Chairman’s press conference scheduled as an explanation for why an increase couldn’t possibly come this month.
I’m certain that if Janet Yellen decided that she wanted an audience she could get one very quickly.
For my part, I just want the same that I’ve wanted all through 2016.
Any opportunities to sell calls on uncovered positions would be really, really welcome.
Today was just a total waste of a day when it all settled. Not much happened from beginning to end and very little happened in-between. There was only a 7 point range on the S&P 500 and less than 60 points on the DJIA.
It may as well have been another Sunday, but without the football.