Daily Market Update – November 22, 2016 (Close)
With these trade shortened holiday weeks anything can happen, but for now it looks as if the Trump rally may continue after taking a week off.
Markets hit all time highs yesterday on all indexes and they looked like they were getting ready to do the same again today and they ended up staying true to that theme all day long.
That still leaves me in a frame of mind to simply go along for the ride and then, wherever may be possible, sell some calls on existing uncovered positions.
I tried doing that today and also tried some early rollovers, but without any luck.
Now, I would simply like to close the books on 2016 although it won’t be a year in which I closed lots of trades.
Instead, it will, hopefully, finish as a year with just a nice increase in net asset value, but without realizing a lot of those gains.
I hope that 2017 has more trades closing and more new trades getting made.
Those all represent realized gains and they can’t evaporate overnight like the paper ones can do at any moment in time.
I’m still not against spending any cash to generate some income this week, but at this point, I’m not thrilled about buying into strength at a time when premiums are so low from their already depressed volatility and the trade shortened week.
Or, I could just do like yesterday and sit around doing nothing.
Sounds like a good plan for tomorrow and the rest of the week.