Tuesday
October 20, 2015
1-855-RWT-0008
Prepared by the good people at Random Walk, LLC. (and Scott)
Great Morning!
Closing Prices From Yesterday
Yesterday and Today
Yesterday
The markets opened moderately lower and came back to unchanged after a couple hours. Midway through the day the markets sold back off to -7 in the SPX but managed to come back to unchanged again by the end of the day. In the last hour the markets went positive and the Dow closed up 14.57 at the end of the day, with the SPX up 0.55.
NLFX went positive by $2.70 after last week’s large post earnings sell-off. POT people…the advance in NFLX has the stock close at 101.69, which has our call spread right ATM and the short put spread (Risk Reversal) far OTM. Tomorrow I might turn this into two condors for free. We will see.
TODAY
Yesterday I said āFrom here I expect a small pull back for the open, and now when in doubt the market will run higher (instead of lower)ā. This is precisely what happened but on a more muted scale than I thought.
Today is confusing. Oil was down over -$1 and it had no effect on the markets. China was down and it had no effect on the markets. European markets closed unchanged. The market at this time has learned to shrug off crap news. Also today’s numbers are not that big deal ā just housing. So I suspect we will have a nothing day today until something changes or people start to worry. We will most likely at least head down to test yesterday’s lows.
What is The Next Worry
Last month the government almost shut down and they kicked the can down to road to December 11. Now news is coming out that the government is running out of money by November 3rd or 4th. It is now being reported that the Senate is not even working to figure out a way to create a bridge or a fix to carry the economy until Dec 11. This could be the next surprise to the downside, but wont happen for a week or so.
The one thing that is confusing about this is that the government did take in record tax receipts but at the same time are taking in less that they expected. On the one hand it was more taxes than they expected, and at the same time less. Hmmm. I guess that is government for you.
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A Separate Update Coming
POT is held each Wednesday night at 7:00pm eastern.
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Below are reprints of the best cartoons I have found.
Since record deficits, impending socialism, take guns from lawful people (not not crooks), the US bending over for Russia (and Iran, and ISIS, and Afghanistan), etc. is too depressing, this is my attempt to cheer up.
Too True To Be Funny
Attorney Stuff
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