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Daily Market Update – December 15, 2016 (7:30 AM) It is now the morning after the annual FOMC increase in its interest rate hike and all is calm. Yesterday the FOMC sowed quite a bit of confusion and it wasn’t helped too much by Janet Yellen during her press conference. Still, the decline was orderly and fairly inconsequential, especially when you consider the trajectory since the election. What you can be certain of is that the FOMC and its members didn’t gain any new fans who are going to become our next President. This morning, though, the futures are fairly flat and there isn’t too much excitement. Commodities continue to be weak, as bond yields have moved higher. Why take risk when you can start getting a reasonably good rate of return on paper products? We’ll see how long that lasts. I was happy to be able to roll over a couple of positions yesterday and am now hoping to see some assignments tomorrow as we end the December 2016 option cycle. I still have cash to spend and am stilling willing to do so this week, but would be stunned if I did, although some of those commodity declines are looking appealing. . |
