Daily Market Update – December 8, 2016 (Close)
What can you possibly say about yesterday’s nearly 300 point advance?
Things just took off at about 11 AM and never looked back.
You could have said the same about today, other than the 300 point part.
Still, there was even more to add to the record highs.
With the FOMC meeting coming up, you would have to think that the re-ignition of the Trump Rally after a brief rest could only mean that there isn’t too much fear about what the market will do if the FOMC delivers what is expected.
Given what happened last year, you would also have to believe that people with decent memory or having the ability to look at past charts, have also come to the belief that there will be no adverse delayed reaction to the FOMC’s decision this time around.
Yesterday was just another good day to go along for the ride, even as there was some opportunity to execute a rollover.
Of course, that rollover was of a “DOH” trade, so there was some anxiety over losing out on whatever short term strength there may be that could offset the longer term decline in the particular position.
With yesterday’s nearly 300 point gain, things did look more sedate this morning, but so did things yesterday at this same time.
With now only a single position set to expire tomorrow and that position looking well like it will be assigned, there may not be too much left to do, other than continuing to try and rollover Monday’s ex-dividend position that’s now well in the money, in an attempt to at least get a portion of the dividend in the form of some more premium.
Otherwise, it’s rest and relaxation and hoping that more of those paper gains become the real kind over the next few weeks.