Daily Market Update – August 3, 2016 (Close)
Yesterday made it 7 straight days of losses and it’s still barely noticeable, despite a larger than lately kind of loss to close the day.
This morning futures were again lower, but only mildly so and oil was heading higher.
Yesterday the market did seem to take its cues from oil and when the oil rally faded, so too did the market start its own sell off.
Today, when oil rallied, so too did the stock market..
So much for the two going their own ways.
yesterday’s sell off wasn’t steep enough to be enticing in any way and it only served to make it more difficult to find any way to sell calls on uncovered positions.
Today’s pretty boring trading didn’t help very much, either.
Retailers were hit especially hard yesterday in what made little sense and they were a little better today, but it was still oil that looked like it was the market maker for today, at least.
With no trade opportunities today, I suspect that I am done for the week, but given that the market closed on an upswing this afternoon and that Friday could bring some employment surprises, I’m still holding out some hope of generating something other than dividend income this week.