Daily Market Update – August 9, 2016 (7:30 AM)
Yesterday started the week very quietly and the futures this morning seems as if they’re going to carry on with that tradition of the past day.
Later in the week things may change a bit as retail earnings start coming in and will continue into next week.
Otherwise, just as the paucity of Federal Reserve Governor appearances would indicate, it will be another quiet week on the news front.
Yesterday was interesting in that the previous few days there had seemed to be a conscious re-coupling between energy prices and stocks.
Not so yesterday, though.
Despite a rally in the energy sector, stocks didn’t follow.
Stocks really didn’t do much of anything.
It was one of those days that there wasn’t even a glimmer of a hope that I would get any trade done.
On most day, unless there is a strong shift downward, at least something may look as if there’s an opportunity for a sale of a call on an uncovered position. Not that those trades get made often enough, but at least there’s some consideration of making a trade on something.
Not so yesterday.
I didn’t send out a single trial balloon trade. There was that little movement across the board.
This morning’s futures may not be pointing toward anything different, but I’m ready and motivated to get something done.
Otherwise, this could easily be a repeat f last week, with only a single trade to show for 5 days.
Even if net assets increase during the week I don’t really look at that as a success unless I can wring some cash out of the week and last week was as minimal of a success at doing that as can be the case, unless you also count this week.