Daily Market Update – July 13, 2015 (Close)
It’s always nice to wake up to start the week and seeing some nice gains.
Just to clarify that, sometimes you don’t want to see gains to start the week, though.
Like this week.
Although it’s nice waking up and finding out that you’re now worth more, sometimes you also understand that when you’re worth less there may be more opportunity ahead.
While it is good news that there seems to be an agreement on Greece’s debt, it would have been nice to see a market decline to begin the week to give some opportunity to add some new positions at bargain prices, as was the case last week.
It’s especially nice when those declines are sharp and very transitory. While that was the case last week, the moves were so pronounced and so diametric that it was especially good to be able to get out of those new positions unscathed and with some decent profits to show for it, even as the market ended up perfectly flat for the week.
With that Greek debt agreement appearing to be in place, although there are some suggestions that it’s an illusory one and the Chnese market, while not surging, having moved nicely higher, you might have expected more of an advance than we were seeing in our futures.
Happily, once the market started trading for real it had the same point of view..
A 125 move higher in the DJIA futures seemed absolutely tame by recent standards and it dis make me wonder how much staying power the market would have once the deal is dissected and once focus is cast on the next issue on the horizon. You can expect that there may be some of these ECB debt crisises to come along, although some countries, such as Spain have gotten their economies into better shape since the last crisis sweeping the EU a few years ago.
But today wasn’t the day for second guessing, even if the Greek deal isn’t entirely done yet, nor is it clearly one that will ensure that Greece can get itself onto more sound footing.
Since I don’t have too many positions set to expire this week as the July 2015 option cycle comes to its close, this would have been as good a week as any, for some decline and an opportunity to consider new positions, but I’m not about to complain about another 200 move higher.
With the morning’s sustained market strength I wouldn’t mind it if this became a week of adding some paper gains and maybe getting to see an assignment or two, although the latter is less likely.
My expectation, even with earnings season really beginning to get in gear this week with the financials reporting and Janet Yellen giving her required 2 day Congressional testimony on Wednesday and Thursday, is that it will be a slow trading week.
I expect to be doing a fair amount of watching, although I would be willing to spend down some of the small cash reserve. While I’d be willing, I’m not as willing as I was last week at this same time watching a decline in the making that made it all seem more inviting.
While I always like to see some action so that I can get some income generating trades executed, those have been fewer these past few weeks. When dividends are there t
Hopefully that annoyance will be offset by being able to wake up a few more mornings this week being a little bit richer and maybe even getting some more opportunities to sell calls on some uncoivered positions