Category Archives: Daily Market Update

Daily Market Update – May 26, 2016 (7:30 AM)

After two big days of gains, the June 2016 option cycle is off to a good start.

There’s till a long way to go until the cycle ends and I would certainly like to see the few positions that I have that do expire at that time actually get assigned, there’s one potential obstacle.

That obstacle is the FOMC Meeting announcement that occurs 2 days before the monthly expiration.

SInce many have given credit to investors coming to grips with a rate increase being announced  at that time, there could be some price to be paid if whatever does happen gets construed negatively.

Between now and then we will get plenty of economic news, although the very latest numbers suddenly seem to be the kind that would justify an increase.

That will especially be the case if this week’s GDP is stronger and we have some upward revisions, and next week’s Employment Situation Report is the same.

The latter report could really be the key if there are also some upward revisions to the recent month’s disappointing numbers.

About 6 months ago we went through this same thing and investors finally started to embrace the likelihood of a small rate increase.

That embrace was pretty fickle once the increase was announced and it took a few months for the market to get back on stride after having a 19% decline.

Whether the FOMC helped to slow down a heating up economy by a pre-emptive increase last time, or simply jumped the gun and misread the data, will be subject to interpretation. The same may be the case in just a few weeks.

This morning’s futures are flat, but that’s not too surprising after the past 2 days and the big news that could come our way tomorrow.

With earnings not being horrible over the past week and oil holding steady, things haven’t conspired against investors even as interest rates may be going higher.

With earnings just about done and the embrace in place, we may simply be back to tracking oil prices for a while.

I just hope that the move higher continues, regardless of whether it makes sense or not.

Daily Market Update – May 25, 2016 (Cloe)

No one expected yesterdays New Home Sales surprise to the upside.

Neither did anyone expect that the New Home Sales Report would have much significance, as it has mostly been a yawner for the past few years.

In addition to some really strong numbers, with an increase of about 20% over expectations, the avarage price for a new home was significantly higher and was more in the range of the higher end home builders.

That’s either good or bad, depending on your perspective.

If you’re Bernie Sanders, it may be reflective of the skew in society, in that the increase didn’t represent first time home buyers joining in on the “American Dream,” but rather it was those already living the dream who were moving forward and leaving others further and further behind.

Others see it as good news and showing more consumer participation in the economy which will filter down to things like home furnishings, appliances and all of those other things that are part and parcel of owning a new home.

This morning the futures were cautiously higher following that large gain yesterday and there is some more good earnings news from after the close yesterday to perhaps support some of those gains.

That caution was thrown to the wind on some good EU news that may have averted another in a series of annual Greek crises. Add to the more strength in oil and accepting that higher interest rates don’t have to be bad and you gad a really good day.

I’m just happy to have actually made a trade this weekend even rolling it over in order to capture the dividend.

Going along for the ride was good, too.

With that trade done, there may not be much else to do for the rest of the week, although I’ll be on the lookout for any trading opportunities, especially if it means getting some income out of non-performing positions.

With next week being a shortened trading week there may not be too much to do then either, but at least next week has a couple of expiring positions and a decent number of ex-dividend positions that will generate some income to make it worth getting out of bed while we await what the FOMC will do and keep watching the price of oil move higher into the summer.

Daily Market Update – May 25, 2016 (7:30 AM)

No one expected yesterday;s New Home Sales surprise to the upside.

Neither did anyone expect that the New Home Sales Report would have much significance, as it has mostly been a yawner for the past few years.

In addition to some really strong numbers, with an increase of about 20% over expectations, the avarage price for a new home was significantly higher and was more in the range of the higher end home builders.

That’s either good or bad, depending on your perspective.

If you’re Bernie Sanders, it may be reflective of the skew in society, in that the increase didn’t represent first time home buyers joining in on the “American Dream,” but rather it was those already living the dream who were moving forward and leaving others further and further behind.

Others see it as good news and showing more consumer participation in the economy which will filter down to things like home furnishings, appliances and all of those other things that are part and parcel of owning a new home.

This morning the futures are cautiously higher following that large gain yesterday and there is some more good earnings news from after the close yesterday to perhaps support some of those gains.

I’m just happy to have actually made a trade and even rolling it over in order to capture the dividend.

With that done, there may not be much else to do for the rest of the week, although I’ll be on the lookout for any trading opportunities, especially if it means getting some income out of non-performing positions.

With next week being a shortened trading week there may not be too much to do then either, but at least next week has a couple of expiring positions and a decent number of ex-dividend positions that will generate some income to make it worth getting out of bed while we await what the FOMC will do and keep watching the price of oil move higher into the summer.

Daily Market Update – May 24, 2016 (Close)

For the next few weeks we are likely to hear more and more about how the data coming in will or won’t support FOMC action to raise interest rates.

The torrent began last week and has continued through this past weekend and the beginning of this trading week.

However, that torrent hasn’t been on the back of any data, but more on the backs of the utterances of various Federal Reserve Governors.

Whether they are getting everyone prepared for a June 2016 increase or simply giving traders enough time to digest the news so that there won’t be any great upheaval in markets for either a June or a July increase is subject to speculation.

But there’s probably no sense in denying that the Federal Reserve members think about a lot more things than they ever used to, include foreign markets and the US stock market.

Purists will say that the focus of the Federal reserve should be purely upon their mandates and not get blurred by other factors, but the reality is that everything matters, including politics and public opinion.

It does seem that the FOMC is playing more and more of a game while taking temperatures of various constituencies and stakeholders.

Yesterday the market was faced with declining oil and the increasing likelihood that interest rates were going to increase, perhaps as early as next month.

To its credit, the market did well to end the day absolutely flat, especially when you realize that it was never really in the hole.

This morning the futures were pointing a little bit higher as a few more consumer related earnings reports come in for the week.

The big ticket item, though, will come on Friday as the GDP is released, but it may not end up being as important as today’s New Home Sales.

That report hasn’t been all that important lately, but it really came in strongly today, especially at the higher end of the market.

That sent the market soaring, just like it used to in the old days.

After the close some more decent technology earnings may help the market tomorrow,

After that everyone will be waiting for the GDP and its revisions to see whether the FOMC really has anything to support all of the newly found hawkish tone. Today’s New Hosing data does support the idea, though.

I had been expecting that this was going to be a very quiet week for me, although I still wasn’t opposed to spending down some of my limited cash.

And so I did in the hunt for a dividend and then rolled the position over to either get more premium in exchange for the dividend or more premium and the dividend.

We’ll see how that works out tomorrow morning, but I’d be happy for an early assignment, although I don’t think it too likely.

With next week being a holiday shortened trading week and only a single position set to expire, I still wouldn’t mind adding something and perhaps using the June 3rd expiration date to get some additional premium for the effort.

Otherwise, it may just be a case of sitting and listening and trying to figure out how the market will interpret any kind of news.

I think it’s time to take news on its face value and to stop playing the various games.

Both FOMC members and traders need to grow up.

Daily Market Update – May 24, 2016 (8:00 AM)

For the next few weeks we are likely to hear more and more about how the data coming in will or won’t support FOMC action to raise interest rates.

The torrent began last week and has continued through this past weekend and the beginning of this trading week.

However, that torrent hasn’t been on the back of any data, but more on the backs of the utterances of various Federal Reserve Governors.

Whether they are getting everyone prepared for a June 2016 increase or simply giving traders enough time to digest the news so that there won’t be any great upheaval in markets for either a June or a July increase is subject to speculation.

But there’s probably no sense in denying that the Federal Reserve members think about a lot more things than they ever used to, include foreign markets and the US stock market.

Purists will say that the focus of the Federal reserve should be purely upon their mandates and not get blurred by other factors, but the reality is that everything matters, including politics and public opinion.

It does seem that the FOMC is playing more and more of a game while taking temperatures of various constituencies and stakeholders.

Yesterday the market was faced with declining oil and the increasing likelihood that interest rates were going to increase, perhaps as early as next month.

To its credit, the market did well to end the day absolutely flat, especially when you realize that it was never really in the hole.

This morning the futures are pointing a little bit higher as a few more consumer related earnings reports come in for the week.

The big ticket item, though, will come on Friday as the GDP is released.

Everyone will be watching it and its revisions to see whether the FOMC really has anything to support all of the newly found hawkish tone.

I expect that this is going to be a very quiet week for me, although I still am not opposed to spending down some of my limited cash.

With next week being a holiday shortened trading week and only a single position set to expire, I wouldn’t mind adding something and perhaps using the June 3rd expiration date to get some additional premium for the effort.

Otherwise, it may just be a case of sitting and listening and trying to figure out how the market will interpret any kind of news.

I think it’s time to take news on its face value and to stop playing the various games.

Both FOMC members and traders need to grow up.

Daily Market Update – May 23, 2016 (Close)

This week began with far fewer earnings reports to give us much to think about, but it does have lots of Federal Reserve Governors with little to do, other than to give speeches and make appearances.

In all likelihood they will continue to add to the belief that an interest rate hike could happen in June, but they could just simply be setting the table for a July increase. Yesterday and today, though, they really seemed to be taunting investors, saying that the rate hike could come before it was obvious that it was warranted.

That sounds just like the case back in the final months of 2015 and we’re still waiting for the obvious to make itself known.

Meanwhile, even as earnings reports are slowing down, there will be a GDP release on Friday and it comes just as the market gets ready for a 3 day holiday weekend,

So what could possibly go wrong as the June 2016 option cycle gets ready to begin?

Let’s see.

Federal Reserve Governors talking like hawks coupled with a stronger than expected GDP after a couple of months of disappointing figures could easily put the market in a bad mood.

That is, as long as they still think that early signs of economic expansion is really bad news.

With the retailers having given their own disappointing news, it is a little difficult to see just where the expansion is coming from if the consumer isn’t participating.

With continued reassurance that the FOMC will be led by data you might think that a June rate hike would be unlikely, but now, for those who deal in odds, the talk is that there is now a 30% chance of a June rate hike.

That changed from less than 5% barely a week ago and that was this morning before more hawkish words hit the news feed.

So as more uncertainty is here to start the week, I have some money to spend after a couple of assignments on Friday.

With 2 ex-dividend positions this week, each with 2 lots of shares, I would still like to see a chance of generating some more income, but there isn’t very much to give some confidence, unless the market does decide to interpret the likelihood of that interest rate hike as being good news.

At the same time, if oil continues to move higher, but because of contracting supply, you would also have to believe that the market would take that as a negative, but that hasn’t been the case in 2016, so it still remains anyone’s guess how the market will balance competing and conflicting factors.

There are a number of positions that I do find attractive heading into this week, but I’m not entirely convinced that i do want to spend the money unless seeing some sign of a rational market.

That may be a tall order.

Today there was no reason to buy into either side of any argument as the market traded in a very narrow range and finished the day virtually unfinished.

Considering a little bit of weakness in oil, maybe the final close was a bullish sign or maybe not.

Daily Market Update – May 23, 2016 (8:15 AM)

This week begins with far fewer earnings reports to give us much to think about, but it does have lots of Federal Reserve Governors with little to do, other than to give speeches and make appearances.

In all likelihood they will add to the belief that an interest rate hike could happen in June, but they could just simply be setting the table for a July increase.

Meanwhile, even as earnings reports are slowing down, there will be a GDP release on Friday and it comes just as the market gets ready for a 3 day holiday weekend,

So what could possibly go wrong as the June 2016 option cycle gets ready to begin.

Let’s see.

Federal Reserve Governors talking like hawks coupled with a stronger than expected GDP after a couple of months of disappointing figures could easily put the market in a bad mood.

That is, as long as they still think that early signs of economic expansion is really bad news.

With the retailers having given their own disappointing news, it is a little difficult to see just where the expansion is coming from if the consumer isn’t participating.

With continued reassurance that the FOMC will be led by data you might think that a June rate hike would be unlikely, but now, for those who deal in odds, the talk is that there is now a 30% chance of a June rate hike.

That changed from less than 5% barely a week ago.

I have some money to spend after a couple of assignments on Friday.

With 2 ex-dividend positions this week, each with 2 lots of shares, I would still like to see a chance of generating some more income, but there isn’t very much to give some confidence, unless the market does decide to interpret the likelihood of that interest rate hike as being good news.

At the same time, if oil continues to move higher, but because of contracting supply, you would also have to believe that the market would take that as a negative, but that hasn’t been the case in 2016, so it still remains anyone’s guess how the market will balance competing and conflicting factors.

There are a number of positions that I do find attractive heading into this week, but I’m not entirely convinced that i do want to spend the money unless seeing some sign of a rational market.

That may be a tall order.

Daily Market Update – May 20, 2016 (7:30 AM)

The Week in Review will be posted by 10 PM and the Weekend Update will be posted by Noon on Sunday.

The following trade outcomes are possible today:

Assignments:  CY, HPE

Rollovers:  CSCO

Expirations:  BBBY, M, STX

The following were rolled over earleir in the week:  MRO (6/3), BBY (8/19).

Shares likely to be assigned may still be rolled over if forward volatility or a dividend makes that an attractive action.

The following were ex-dividend this week:

The following will be ex-dividend next week:  HFC (5/25 $0.33), IP (5/25 $0.44)

Trades, if any, will be attempted to be made prior to 3:30 PM

Daily Market Update – May 19, 2016 (Close)

After another 2 days of big moves in opposite directions, yesterday ended the day flat, although it did have its moments.

This morning the futures are moderately lower, despite some decent earnings news from 2 of the DJIA members.

The other day when Home Depot reported good numbers and traded up sharply in the pre-opening session, those gains faded very quickly along with the rest of the market.

With that as a recent backdrop and more and more betting that the FOMC may now actually make an interest rate move at their June 2016 meeting, anything can happen.

For my part, I’m not really looking ahead.

I just wanted to be able to get something done today or tomorrow, as I still had a number of positions expiring along with the end of the May 2016 option cycle.

Yesterday, I was actually happy to rollover the Marathon Oil position, even though it was in the money, as I do like getting the elevated premium and would continue to do it over and over again if the opportunities continue to arise.

Today, I was happy being able to rollover the out of the money Fastenal position, even as it required going out to August, continuing a pattern that began in 2015.

While the market was somewhat lower this morning, I was looking at doing the same with some other positions set to expire, as was done with Marathon Oil yesterday,even if there’s a chance for assignment.

Locking in on winners may be an easier approach than looking to select some new ones as uncertainty still reigns.

What we didn’t have today was much in the way of winners, although the market cut its losses in half and actually had some good earnings from 2 DJIA components, which explained its ability to outperform the S&P 500 by 50% on the day.

Despite being so close to market all time highs, very few people are talking as if they’re at or near personal all time highs, so trying to out think or out wit this market has proven fairly fruitless other than for those that have really been at the right place at the right time.

There’s nothing wrong with being lucky and the age old saying about being smart or being lucky may really have application in this market.

I hope there’s some good luck left over tomorrow and some trades or some assignments to go along with that luck.

Daily Market Update – May 19, 2016 (7:30 AM)

After another 2 days of big moves in opposite directions, yesterday ended the day flat, although it did have its moments.

This morning the futures are moderately lower, despite some decent earnings news from 2 of the DJIA members.

The other day when Home Depot reported good numbers and traded up sharply in the pre-opening session, those gains faded very quickly along with the rest of the market.

With that as a recent backdrop and more and more betting that the FOMC may now actually make an interest rate move at their June 2016 meeting, anything can happen.

For my part, I’m not really looking ahead.

I just want to be able to get something done today or tomorrow, as I still have a number of positions expiring along with the end of the May 2016 option cycle.

I was actually happy to rollover the Marathon Oil position, even though it was in the money, as I do like getting the elevated premium and would continue to do it over and over again if the opportunities continue to arise.

While the market is somewhat lower this morning, I may look at doing the same with some other positions set to expire, even if there’s a chance for assignment.

Locking in on winners may be an easier approach than looking to select some new ones as uncertainty still reigns.

Despite being so close to market all time highs, very few people are talking as if they’re at or near personal all time highs, so trying to out think or out wit this market has proven fairly fruitless other than for those that have really been at the right place at the right time.

There’s nothing wrong with being lucky and the age old saying about being smart or being lucky may really have application in this market.

Daily Market Update – May 18, 2016 (Close)

Despite what you may have heard about the Additive Law of Addition, it really does matter in which order you invest your money.

Do you remember the nearly 200 point gains of last Monday?

How about the 200 point gains of the previous week?

Well, you might then recall that on both occasions those gains were wiped out the very next day.

If you invested on either of the up days, there’s a good chance that you weren’t very happy the day after.

But reverse things, if the market heads sharply lower and you take the opportunity to dig into your cash reserves, you might be much happier the following day.

For the most part, the latter, that is investing at the lows of the day only to see a big reversal the next have been mostly fairy tales.

They just haven’t become reality and so often, what may have looked like a bargain following a large drop, whether in an individual stock or in the broader market, hasn’t been a bargain at all.

That now brings us to mid-week and futures were again flat.

That was the case for the preceding days of the week, as well. There had been no clue of what was brewing in the markets.

Actually, even as those big moves were happening, it’s not too likely that anyone had a clue as to why they were happening.

This morning, as for the next 2, there is still some earnings news.

While we await those reports for a handful of remaining important companies, there’s still the issue of oil and whether the market will continue to mostly follow along.

Now you can also add to it the newly re-discovered belief that the FOMC may have found a reason to increase rates sooner rather than later and maybe more than once between now and the end of the year.

That was confirmed as the FOMC minutes for the previous month were released. There are FOMC hawks circling.

A few weeks ago I couldn’t wait for earnings season to begin, but more importantly I couldn’t wait for the May 2016 option cycle to end.

With more expiring positions on this Friday than has been the case for all of 2016, I’m hoping to get some trades done and maybe even see an assignment or two.

The way things have been going back and forth lately, however, I have my fingers crossed more than is my customary amount.

At least there was an opportunity to once again rollover those recent Marathon Oil shares and slowly build the return on that position while waiting and waiting some more for some clarity to finally show its face.

Daily Market Update – May 18, 2016 (7:30 AM)

Despite what you may have heard about the Additive Law of Addition, it really does matter in which order you invest your money.

Do you remember the nearly 200 point gains of last Monday?

How about the 200 point gains of the previous week?

Well, you might then recall that on both occasions those gains were wiped out the very next day.

If you invested on either of the up days, there’s a good chance that you weren’t very happy the day after.

But reverse things, if the market heads sharply lower and you take the opportunity to dig into your cash reserves, you might be much happier the following day.

For the most part, the latter, that is investing at the lows of the day only to see a big reversal the next have been mostly fairy tales.

They just haven’t become reality and so often, what may have looked like a bargain following a large drop, whether in an individual stock or in the broader market, hasn’t been a bargain at all.

That now brings us to mid-week and futures are again flat.

That was the case for the preceding days of the week, as well. There had been no clue of what was brewing in the markets.

Actually, even as those big moves were happening, it’s not too likely that anyone had a clue as to why they were happening.

This morning, as for the next 2, there is still some earnings news.

While we await those reports for a handful of remaining important companies, there’s still the issue of oil and whether the market will continue to mostly follow along.

Now you can also add to it the newly re-discovered belief that the FOMC may have found a reason to increase rates sooner rather than later and maybe more than once between now and the end of the year.

A few weeks ago I couldn’t wait for earnings season to begin, but more importantly I couldn’t wait for the May 2016 option cycle to end.

With more expiring positions on this Friday than has been the case for all of 2016, I’m hoping to get some trades done and maybe even see an assignment or two.

The way things have been going back and forth lately, however, I have my fingers crossed more than is my customary amount.

Daily Market Update – May 17, 2016 (Close)

Yesterday’s nearly 200 point gain in the DJIA was pretty unexpected, especially given that the futures were virtually unchanged as the opening bell began to ring.

What we are hearing from all of the Federal Reserve Governors who are speaking this week is that we shouldn’t be surprised if the FOMC still has the opportunity to raise interest rates another 2 or even 3 times in whatever is left in 2016.

That seems so counter to what retail earnings reports have been reflecting, but just as traders took bad news last week as actually being bad news, it is possible that the thought of an economy healthy enough to support two small interest rate increases, is an economy healthy enough to support stocks.

After all, where does economic growth go but to the top and bottom lines of companies?

Good theory, but like so many other good theories of the past couple of years, let’s just wait and see.

You didn’t have to wait very long to see, because today the market simply gave everything back on interest rate fears and news about some high profile investors.

This morning’s futures were at least holding onto yesterday’s gains, but to a large degree that was because of Home Depot’s strong showing.

That changed, too.

In addition to those shares hitting new highs came the news that they saw a 9% increase in revenues.

That meant people were spending their money somewhere. Maybe not at Macy’s for sweaters, but at Home Depot for faucets.

Ultimately, the latter is probably better for the economy as it deals in products that tend to retain value or add to net value better than a set of matching stemware.

But that’s just another theory.

The basic theories were all tested when also this morning came news of the changes in holdings of some of the big boys, like Buffett, Einhorn, Soros and others.

No surprise that gold was ubiquitous, but as many have learned, it’s usually not a good idea to try and ride the coat-tails of the big boys, whose actions are divulged long after they occurred.

Opportunity has a way of vanishing.

With all of the television commercials lately for gold and the news that Soros and others have piled in, that may be the proverbial shark making a jump.

It’s not too likely, for example, that any of those investors would jump in after a 20% increase in price, but the coat-tail riders do and they are often buying the same goods that the savvy guys have now decided to sell.

Funny how that works.

Icahn sold Apple, so did others and they drove the price even lower. Maybe just low enough to entice Buffett.

Fear begets greed in others.

With today’s decline and now talk of even a June 2016 interest rate hike getting some attention, I’m not greedy enough to give up the fear that keeps me from spending any money on what seem like cheap prices.

Maybe tomorrow, but you could have said that yesterday, as well.

Daily Market Update – May 17, 2016 (7:30 AM)

Yesterday’s nearly 200 point gain in the DJIA was pretty unexpected, especially given that the futures were virtually unchanged as the opening bell began to ring.

What we are hearing from all of the Federal Reserve Governors who are speaking this week is that we shouldn’t be surprised if the FOMC still has the opportunity to raise interest rates another 2 or even 3 times in whatever is left in 2016.

That seems so counter to what retail earnings reports have been reflecting, but just as traders took bad news last week as actually being bad news, it is possible that the thought of an economy healthy enough to support two small interest rate increases, is an economy healthy enough to support stocks.

After all, where does economic growth go but to the top and bottom lines of companies?

Good theory, but like so many other good theories of the past couple of years, let’s just wait and see.

This morning’s futures are at least holding onto yesterday’s gains, but to a large degree that’s because of Home Depot’s strong showing.

In addition to those shares hitting new highs comes the news that they saw a 9% increase in revenues.

That means people are spending their money somewhere. Maybe not at Macy’s for sweaters, but at Home Depot for faucets.

Ultimately, the latter is probably better for the economy as it deals in products that tend to retain value or add to net value better than a set of matching stemware.

But that’s just another theory.

Also this morning came news of the changes in holdings of some of the big boys, like Buffett, Einhorn, Soros and others.

No surprise that gold was ubiquitous, but as many have learned, it’s usually not a good idea to try and ride the coat-tails of the big boys, whose actions are divulged long after they occurred.

Opportunity has a way of vanishing.

With all of the television commercials lately for gold and the news that Soros and others have piled in, that may be the proverbial shark making a jump.

It’s not too likely, for example, that any of those investors would jump in after a 20% increase in price, but the coat-tail riders do and they are often buying the same goods that the savvy guys have now decided to sell.

Funny how that works.

Icahn sold Apple, so did others and they drove the price even lower. Maybe just low enough to entice Buffett.

Fear begets greed in others.

Daily Market Update – May 16, 2016 (Close)

Earnings, earnings and more earnings last week.

As opposed to the previous week when the earnings really didn’t matter, last week the market really did care about what the retailers had to say.

They cared, but they didn’t like what they heard, even as Friday’s Retail Sales report wasn’t that bad.

Something has to be amiss to account for a seeming disconnect between what the likes of Macy’s says and what the official government statistics say.

Maybe we’ll get some insight this week as there are lots more retailer earnings to come.

There is also the release of the previous month’s FOMC minutes, so maybe there may be some more insight there, as one Federal Reserve Governor just suggested that there still may be room for 2 or 3 rate increase still in 2016.

That comes now as the conventional wisdom is saying that a June 2016 rate hike is off the table.

I have some money and am willing to spend it on some new positions, but with about 8 contracts expiring this week, I’d much rather have a chance for some rollovers or see some assignments.

I actually did try to rollover the newly ex-dividend Marathon Oil position again today, but may have been a bit too greedy and never did get the trade closed.

This morning futures were completely flat, even as there is some optimism over where oil was headed next.

Goldman Sachs had issued a positive outlook, calling for a $60 price, although 2 things should be considered.

The first is that Goldman Sachs has had a fairly abysmal track record on commodities over the past year, including oil.

The second is that the Goldman Sachs analysts have missed the 80% or so rise in West Texas Intermediate crude oil in 2016.

It may be a little bit like Stanley Druckenmiller coming out as a gold bull the previous week.

Maybe the easy money has already been made.

But with strong oil all through the session and a further biog boost given by Warren Buffett and news that he picked up a big position in Apple and was willing to bankroll Dan Gilbert’s pursuit of Yahoo, the market was in a jolly mood all day long.

From my perspective, if I’m going to sit around all day long and do nothing, I’d rather make some money in the process.