Daily Market Update – July 7, 2016 (7:30 AM)
Yesterday would have been a good day to take a little bit of a break.
It did do just that until about noon and then it just became another day of gains and another day getting closer to the resistance points that reside ahead.
This morning, following those gains, which left the market closing at its highs, looks as if it is going to take another break.
This time, if it does, it may be a pragmatic break, because tomorrow brings what could be an important bit of economic news.
With the release of the Employment Situation Report we can either confirm the last shockingly low number which definitely scuttled plans for an interest rate increase or we can disavow those numbers as either a one time or maybe even erroneous data set, as revisions are always possible.
Either way, that could mean some significant activity.
Of course, there’s also the possibility that tomorrow’s numbers will be mediocre and the market may continue to be of a mindset to think of that as good news for stock investors, as interest rates will continue to decline.
With only a single position set to expire this week, and a highly volatile one at that, it’s again another situation of not minding if I could roll that single position over, rather than seeing it get assigned.
With some positions set to expire next week as the July 2015 option cycle comes to its end, but no ex-dividend positions, I may still want to free up some additional funds,
So there may not be much trading left in me for this already trade shortened week, although if the market does react negatively to the news on Friday, I may want to get a head start on the consideration of new positions for the following week, especially if that single expiring position is still in line for assignment.