Category Archives: Daily Market Update

Daily Market Update – March 7, 2016 (9:00 AM)

It will be very interesting to see what this week brings.

The story of 2016 has really been just how closely the stock market and the price of oil have been correlated.

With oil now having some life breathed into it, even if the reason for its re-birth isn’t clear, the market has moved higher.

This morning came news that the average price of gas had moved higher by $0.07 in the past 2 weeks.

At some point, those celebrating the resurgence of oil are going to ask themselves how is that good news if there’s scant evidence that it’s an expanding economy that’s shifting the supply – demand relationship.

That’s a reasonable question to be asked, but as long as the energy sector is showing some life, I’m more than happy to see that question being delayed.

I could get used to seeing more paper profits, or to be more accurate, less paper losses.

The opportunity to sell calls on uncovered positions is really all that I would like to see at this point as a means of generating additional income without having to dip into cash reserves.

Without a fundamental basis to believe that economic growth awaits or some other catalyst is out there, it’s hard to justify spending much money, especially after the run higher in the past 3 weeks.

With the S&P 500 opening the week at 2000, it’s only 5.5% below its all time high, but the run higher has been too swift to feel comfortable about.

While next week has an FOMC Statement release and a Chairman’s press conference, there’s nothing of much significance this week to really move markets.

That is, unless, oil still holds court.

Futures are pointing to a slightly lower open to begin the week.

With another week of having a lot of ex-dividend positions I don’t feel the need to spend money, but I’d still like to generate some more income, so I’ll be looking for the opportunity to do so, as 2016 has been an incredibly quiet year so far for any new positions to have been opened.

Maybe this week will mark a change, but I’m not convinced of that.

I’d be happy to have repeats of any of the last 3 weeks when I barely lifted a finger to pound out a buy or sell order.

.

.

Daily Market Update – March 4, 2016 (9:00 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:  none

Rollovers:  none

Expirations:  none

The following were ex-dividend this week: HAL (2/29 $0.18), MOS (3/1 $0.28), ANF (3/2 $0.20), BAC (3/2 $0.05), COH (3/2 $0.34), HFC (3/2 $0.33), WY (3/4 $0.31)

The following will be ex-dividend next week:  HPE (3/7 $0.06), HPQ (3/7 $0.12), KSS (3/7 $0.50), NEM (3/8 $0.03), GM (3/9 $0.38), M (3/11 $0.36)

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

.

.

Daily Market Update – March 3, 2016 (Close)

Yesterday was another in a series of pretty satisfying days. So was today.

The market didn’t move in very much of a range either of these two past days, but if you were one of those poor souls that still has positions in some beaten down commodities, it was a two day period day that saw some large percentage gains.

Even though those large gains come nothing close to offsetting a year’s worth of losses, it felt good to see them helping an overall portfolio continue to outperform for 2016 and by an increasing margin.

Still, it doesn’t begin to make up for the paper losses.

What fascinates me is that the gains in 2 of those companies, Chesapeake Energy and Cliffs Natural Resources come after the deaths of 2 very important people in their histories.

It makes you wonder who died at Transocean.

The really unexpected passing of the founder of Chesapeake Energy yesterday, just a day after his Federal indictment was a real shocker, but the shares were well higher long before that news broke. Today they were much higher.

Much.

In the case of Cliffs Natural Resources that climb had come after the news.

Both are coincidental, I suppose, as lots of beaten down positions in energy and commodities did well yesterday as the rest of the market just sort of languished in indecision.

We’ll see if that pattern continues as the market seemed to not care too much about what oil was doing and failed to follow it lower and really didn’t follow it too much when it reversed course.

This morning oil was mildly lower and so was the market, but intra-day swings are more and more commonplace in both markets.

Today the intra-day moves were mild, but they were still in lockstep.

Unless something explosive was to happen somewhere today, I imagined it would be just another day of watching.

It was.

Tomorrow could be that explosive day, but I’m beginning to think that may not be the case, regardless of how the numbers may actually look.

Maybe we’re just ready to finally accept the possibility that the economy may be actually getting better enough to want to manage growth.

How nice that would be for everyone.

.

.

Daily Market Update – March 3, 2016 (9:00 AM)

Yesterday was another in a series of pretty satisfying days

The market didn’t move in very much of a range, but if you were one of those poor souls that has positions in some beaten down commodities, it was a day that saw some large percentage gains.

Even though those large gains come nothing close to offsetting a year’s worth of losses, it felt good to see them helping an overall portfolio continue to outperform for 2016 and by an increasing margin.

Still, it doesn’t begin to make up for the paper losses.

What fascinates me is that the gains in 2 of those companies, CHesapeake Energy and Cliffs Natural Resources come after the deaths of 2 very important people in their histories.

The really unexpected passing of the founder of Chesapeake Energy yesterday, just a day after his Federal indictment was a real shocker, but the shares were well higher long before that news broke.

In the case of Cliffs Natural Resources that climb has come after the news.

Both are coincidental, I suppose, as lots of beaten down positions in energy and commodities did well yesterday as the rest of the market just sort of languished in indecision.

We’ll see if that pattern continues as the market seemed to not care too much about what oil was doing and failed to follow it lower and really didn’t follow it too much when it reversed course.

This morning oil is mildly lower and so is the market, but intra-day swings are more and more commonplace in both markets.

Unless something explosive happens somewhere, I imagine it will be just another day of watching.

.

.

Daily Market Update – March 2, 2016 (Close)

Yesterday was a pretty satisfying day.

With a 300 point gain continuing the advance and swift turn around from a dismal start to 2016, we’re in a better position to withstand any pressure that could come on Friday as the next Employment Situation Report is released.

Yesterday also marked a sudden turnaround for those that focused on how the S&P 500 had dipped below its 50 day moving average, even though it had only gone above its 50 dma the day or two before.

This morning, even as oil was trading significantly lower, the market didn’t seem to be following.

While it’s not higher, it isn’t as low as oil would have taken it just a few days ago.

By the same token, when oil reversed itself later in the morning, it’s not like the market really caught on fire, but it did move from its low to close at hits high, although the range was very tight by recent standards.

Yesterday I was happy to have sold some calls on another uncovered position and simply watching my portfolio’s bottom line grow. I would have liked to have done more of the same today.

Today I was just happy to see some large gains in the exact positions did have a lot to gain to to just get back to even.

While some of those positions may have a long way to go higher, including Chesapeake Energy, who strange saga of its founder may have ended today with his death in a single car crash the day after his federal indictment.

I still continue to prefer seeing some consolidation and base formation at this point and don’t get terribly excited about missing those 300 point gains, although I’ll keep welcoming the gains in the downtrodden, which also includes Cliffs Natural, whose new CEO, who had won last years proxy fight, also happened to die this past week.

While the last 2 weeks have been good ones for the living, the preponderant theme has been that large advances have been offset by even larger moves lower.’

Maybe there’s reason to think that the theme is now changing, but it may take a little bit more evidence.

Today’s suggestion of taking some rest would be a good first step toward making an assault on 2015’s highs.

Again, I wouldn’t mind being relatively passive, at least as far as it came to opening new positions, if I could add to the list of covered positions.

Not only would that help overall return, but as I look as some of the positions that are in recovery, as they approach their purchase prices, the accumulated premiums and dividends are putting most well above the performance of the S&P 500 for the respective holding periods.

That’s nice, but for my temperament, those holding periods have been far too long and there have been other missed premium income opportunities in the effort to ride out those prolonged declines.

Ultimately, when those positions settle out, I’ll probably be happy, but not yet.

Getting closer, but not yet.

.

.

Daily Market Update – March 2, 2016 (7:30 AM)

Yesterday was a pretty satisfying day.

With a 300 point gain continuing the advance and swift turn around from a dismal start to 2016, we’re in a better position to withstand any pressure that could come on Friday as the next Employment Situation Report is released.

Yesterday also marked a sudden turnaround for those that focused on how the S&P 500 had dipped below its 50 day moving average, even though it had only gone above its 50 dma the day or two before.

This morning, even as oil is trading significantly lower, the market doesn’t seem to be following.

While it’s not higher, it isn’t as low as oil would have taken it just a few days ago.

I was happy to have sold some calls on another uncovered position and simply watching my portfolio’s bottom line grow.

I continue to prefer seeing some consolidation and base formation at this point and don’t get terribly excited about missing those 300 point gains.

While the last 2 weeks have been good ones, the preponderant theme has been that large advances have been offset by even larger moves lower.’

Maybe there’s reason to think that the theme is now changing, but it may take a little bit more evidence.

Today’s suggestion of taking some rest would be a good first step toward making an assault on 2015’s highs.

Again, I wouldn’t mind being relatively passive, at least as far as it came to opening new positions, if I could add to the list of covered positions.

Not only would that help overall return, but as I look as some of the positions that are in recovery, as they approach their purchase prices, the accumulated premiums and dividends are putting most well above the performance of the S&P 500 for the respective holding periods.

That’s nice, but for my temperament, those holding periods have been far too long and there have been other missed premium income opportunities in the effort to ride out those prolonged declines.

Ultimately, when those positions settle out, I’ll probably be happy, but not yet.

Getting closer, but not yet.

.

.

Daily Market Update – March 1, 2016 (Close)

While I expected that at some point the stock market would come to its senses and realize that it shouldn’t be reflexively following the path of oil, I don’t particularly want that realization to come until stocks have had a chance to make up for their earlier stupid decision to follow oil much lower.

Yesterday was an example of their deciding to go in opposite directions, but it was an unfortunate decision for stocks.

Oil turned around nicely yesterday and stocks went the other way.

This morning it seemed as if the irrational relationship was back, although just like yesterday, the futures reflected only the early birds and their ability to forecast any given 6 1/2 hours after the opening bell rings, is pretty weak.

This morning both oil and stocks were higher, as some were beginning to take note that the S&P 500 sunk below an important technical line yesterday. The general feeling is that sinking below that line was a sign of heading even lower.

What they didn’t mention is that it only went above that 50 day moving average a session or two earlier after a prolonged period below. By the same token, poking above that line is considered a bullish sign.

Perspective is pretty important sometimes and that perspective was totally ignored for the benefit of those not actually bothering to look and charts.

For those who believe in the infallible nature of charts, the rule is pretty simple. Hitting the 50 day moving average from above is a bearish sign and hitting it from below on the climb higher is a very bullish signal.

Maybe I missed it, but I didn’t hear those chart bulls come out and sing the praises of their charts a few days ago.

That may be because there still may be some good reason for caution, rather than sending out the bullish call that was based on a technical factor.

Especially in hindsight when it’s clear just how quickly that technical factor can disappear.

Or re-appear, as it could and did today, as the market closed well above that 50 dma.

I was still be watching today and kept an eye on all of this week’s possible trades, but the moves continued too strongly to have considered an entry, as they went higher early in the day along with the market and never really gave anything back when the market did.

I wouldn’t have minded either some weakness or stability in those positions today, just as I’d like the same for the market for the rest of the week.

That could be a tall order as the Employment Situation Report is scheduled and anything goes once that’s released.

For the most part, with the uncertainty of the reaction of traders to any kind of news, I think that I would rather not be very aggressive at putting any cash to work.

I was happy enough to sell some calls and see the bottom line improve nicely again

.

.

Daily Market Update – March 1, 2016 (7:30 AM)

While I expected that at some point the stock market would come to its senses and realize that it shouldn’t be reflexively following the path of oil, I don’t particularly want that realization to come until stocks have had a chance to make up for their earlier stupid decision to follow oil much lower.

Yesterday was an example of their deciding to go in opposite directions, but it was an unfortunate decision for stocks.

Oil turned around nicely yesterday and stocks went the other way.

This morning it seems as if the irrational relationship is back, although just like yesterday, the futures reflect only the early birds and their ability to forecast any given 6 1/2 hours after the opening bell rings, is pretty weak.

This morning both oil and stocks are higher, as some were beginning to take note that the S&P 500 sunk below an important technical line yesterday.

What they didn’t mention is that it only went above that 50 day moving average a session or two earlier after a prolonged period below.

Perspective is pretty important sometimes and that perspective was totally ignored for the benefit of those not actually bothering to look and charts.

For those who believe in the infallible nature of charts, hitting the 50 day moving average from above is a bearish sign and hitting it from below on the climb higher is a very bullish signal.

Maybe I missed it, but I didn’t hear those chart bulls come out and sing the praises of their charts a few days ago.

That may be because there still may be some good reason for caution, rather than sending out the bullish call that was based on a technical factor.

Especially in hindsight when it’s clear just how quickly that technical factor can disappear.

Or re-appear, as it could today.

I’ll still be watching today and keeping an eye on all of this week’s possible trades, most of which were too strong yesterday to have considered an entry, as they went higher early in the day along with the market and never really gave anything back when the market did.

I wouldn’t mind either some weakness or stability in those positions today, just as I’d like the same for the market for the rest of the week.

That could be a tall order as the Employment Situation Report is scheduled and anything goes once that’s released.

For the most part, with the uncertainty of the reaction of traders to any kind of news, I think that I would rather not be very aggressive at putting any cash to work.

.

.

Daily Market Update – February 29, 2016 (Close)

This week seemed to be starting like so many weeks of late, except that the less than effusive bad news around the world doesn’t seem to be taking hold here this morning.

Foreign stock markets were lower, as was oil.

While that was the case early this morning, the US stock market futures had turned around from their lows during the early trading in the session and were getting ready to start the day at the flat line.

Then a funny, or maybe not so funny thing happened.

Or didn’t happen.

Oil reversed itself and actually enrt on to finish the day 3% higher, but the US stock market didn’t follow and instead lost 0.8% on the day.

That’s something that might be noteworthy, but let’s hope not.

There’s not too much else of note this week other than the week ending Employment Situation Report and maybe some more gyrations for the price of oil, as some cautious bulls are coming out of hiding and predicting significant gains by the end of the year.

On the surface that would seem like good news, but I wonder if the market would actually feel that way if they started seeing some tangible increases in prices, not just for oil but also for those products that rely on oil.

That might result in more days like today. That’s something that I’ve been fretting about for a few weeks. That would be the worst of all worlds.

The market going lower following oil and then going lower as oil rises.

As with most market gains, I prefer that they come slowly and methodically, so I’m not really hoping for any kind of drastic move higher this week.

With a little money in hand I could per persuaded to use some of it to open new positions this week, but I’m going to remain cautious. 

Today may have been a good day to sit on the sidelines, seeing how the day really did deteriorate.

While the tenor of February has been very good for the last two weeks, just as last Friday’s GDP could have been a major mover in either direction, the same holds true for this week’s Employment Situation Report.

As has been the case of late, I would like to see the market move higher, but more so that I can get some more opportunity to get some calls sold on currently uncovered positions.

That has been a very, very slow and arduous process, but it does feel good each time something that has been sitting for far too long as an unproductive member of my portfolio actually does something worthwhile.

With lots of ex-dividend positions this week I don’t have quite the compelling need to make trades, but I wouldn’t run away from the opportunity either, particularly as there are no positions that could be potentially rolled over this week. 

Maybe tomorrow, but I think that my caution continues.

.

.

Daily Market Update – February 29, 2016 (9:00 AM)

This week seems to be starting like so many weeks of late, except that the less than effusive bad news around the world doesn’t seem to be taking hold here this morning.

Foreign stock markets are lower, as is oil.

While that’s the case the US stock market futures have turned around from their lows during the early trading in the session and were getting ready to start the day at the flat line.

There’s not too much of note this week other than the week ending Employment Situation Report and maybe some more gyrations for the price of oil, as some cautious bulls are coming out of hiding and predicting significant gains by the end of the year.

On the surface that would seem like good news, but I wonder if the market would actually feel that way if they started seeing some tangible increases in prices, not just for oil but also for those products that rely on oil.

As with most gains, I prefer that they come slowly and methodically, so I’m not really hoping for any kind of drastic move higher this week.

With a little money in hand I could per persuaded to use some of it to open new positions this week, but I’m going to remain cautious.

While the tenor of February has been very good for the last two weeks, just as last Friday’s GDP could have been a major mover in either direction, the same holds true for this week’s Employment Situation Report.

As has been the case of late, I would like to see the market move higher, but more so that I can get some more opportunity to get some calls sold on currently uncovered positions.

That has been a very, very slow and arduous process, but it does feel good each time something that has been sitting for far too long as an unproductive member of my portfolio actually does something worthwhile.

With lots of ex-dividend positions this week I don’t have quite the compelling need to make trades, but I wouldn’t run away from the opportunity either, particularly as there are no positions that could be potentially rolled over this week. 

.

.

Daily Market Update – February 29, 2016 (9:00 AM)

This week seems to be starting like so many weeks of late, except that the less than effusive bad news around the world doesn’t seem to be taking hold here this morning.

Foreign stock markets are lower, as is oil.

While that’s the case the US stock market futures have turned around from their lows during the early trading in the session and were getting ready to start the day at the flat line.

There’s not too much of note this week other than the week ending Employment Situation Report and maybe some more gyrations for the price of oil, as some cautious bulls are coming out of hiding and predicting significant gains by the end of the year.

On the surface that would seem like good news, but I wonder if the market would actually feel that way if they started seeing some tangible increases in prices, not just for oil but also for those products that rely on oil.

As with most gains, I prefer that they come slowly and methodically, so I’m not really hoping for any kind of drastic move higher this week.

With a little money in hand I could per persuaded to use some of it to open new positions this week, but I’m going to remain cautious.

While the tenor of February has been very good for the last two weeks, just as last Friday’s GDP could have been a major mover in either direction, the same holds true for this week’s Employment Situation Report.

As has been the case of late, I would like to see the market move higher, but more so that I can get some more opportunity to get some calls sold on currently uncovered positions.

That has been a very, very slow and arduous process, but it does feel good each time something that has been sitting for far too long as an unproductive member of my portfolio actually does something worthwhile.

With lots of ex-dividend positions this week I don’t have quite the compelling need to make trades, but I wouldn’t run away from the opportunity either, particularly as there are no positions that could be potentially rolled over this week. 

.

.

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

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

The following trade outcomes are possible today:

Assignments:   none

Rollovers:  none

Expirations:  none

The following were ex-dividend this week:  none

The following will be ex-dividend next week:  ANF (3/2 $0.20), BAC (3/2 $0.05), COH (3/2 $0.34), HAL (2/29 $0.18), HFC (3/2 $0.33), MOS (3/1 $0.28), WY (3/4 $0.31)

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

.

.

Daily Market Update – February 25, 2016 (Close)

Yesterday’s turnaround was great, but it was also disturbing and today’s was also great and also disturbing.

But great, too.

It was just more of the stock market blindly following oil.

As oil was sharply lower yesterday morning, so, too, was the stock market. It was threatening to make it 300 points lower at one point in the late morning.

But when oil moved higher, the stock market reversed course and recovered all of that loss and more.

So that wasn’t so good unless you care about your bottom line, so I guess I won’t complain.

Today was more of the same, except that the market was never really down much on the day, but when oil bounced back from being 2% lower, only to see it end 3% higher, stocks followed suit.

If you’re keeping track, it was just another one of those 200 point gain days.

But what left me even more confused as this morning was about to begin was that as a double blow was facing the stock market’s futures traders as Shanghai was about 7% lower and oil was again lower, stocks were basically unchanged, maybe even a bit higher in the early part of futures trading.

With hints that there could finally be a disassociation between stocks and oil then becoming false within a day, it’s hard to have any idea of what any of these things mean.

Things mean even less now,

Tomorrow, with the GDP Report being released, another factor can possibly get thrown into the equation to either soothe, confuse or frighten.

That factor is going to be interest rates.

If the GDP seems to show that the consumer is awakening, when coupled with last week’s CPI, there could be reason for another small interest rate increase when the FOMC meets in a few weeks.

If the initial response to that idea is fear, I don’t think I want to be watching things if, coincidentally oil and Shanghai again decide to go much lower in tandem tomorrow.

With the large loss on Tuesday and the reversal yesterday, I just would be very happy to see some of the confusion take a rest and see some of that consolidation, even if only for a few days or even if only lasting a week.

A little of that consolidation, while volatility induced premiums are still at decent levels, would make it much easier to invest parked cash on a short term basis.

With nothing to expire this week and with no new positions opened, while I do want to see that stability, at the moment I wouldn’t mind some more unbridled and unjustified enthusiasm, though.

I don’t mind seeing the bottom line increase, but would be much happier if that increase also brought some trades along with it to create a cushion, ideally an additive one, to whatever the broader market is doing.

So far this week has a nice cushion already, but I would love to get that cushion even bigger and really back on track to more consistently have relative out-performance, but it generally takes trading to do so and not passivity.

Today saw no consolidation, but at least there was that solitary opportunity to sell some calls and maybe more to come if the market keeps acting irrationally.

.

.

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

Yesterday’s turnaround was great, but it was also disturbing.

It was just more of the stock market blindly following oil.

As oil was sharply lower in the morning, so, too, was the stock market. It was threatening to make it 300 points lower at one point in the late morning.

But when oil moved higher, the stock market reversed course and recovered all of that loss and more.

So that wasn’t so good unless you care about your bottom line, so I guess I won’t complain.

But that now leaves us even more confused this morning as a double blow is facing the stock market’s futures traders as Shanghai was about 7% lower and oil is again lower this morning and stocks are basically unchanged, maybe even a bit higher in the early part of futures trading.

With hints that there could finally be a disssociation between stocks and oil then becoming false within a day, it’s hard to have any idea of what any of these things mean.

Tomorrow, with the GDP Report being released, another factor can possibly get thrown into the equation to either soothe, confuse or frighten.

That factor is going to be interest rates.

If the GDP seems to show that the consumer is awakening, when coupled with last week’s CPI, there could be reason for another small interest rate increase when the FOMC meets in a few weeks.

If the initial response to that idea is fear, I don’t think I want to be watching things if, coincidentally oil and Shanghai again decide to go much lower in tandem tomorrow.

With the large loss on Tuesday and the reversal yesterday, I just would be very happy to see some of the confusion take a rest and see some of that consolidation, even if only for a few days or even if only lasting a week.

A little of that consolidation, while volatility induced premiums are still at decent levels, would make it much easier to invest parked cash on a short term basis.

With nothing to expire this week and with no new positions opened, while I do want to see that stability, at the moment I wouldn’t mind some more unbridled and unjustified enthusiasm, though.

I don’t mind seeing the bottom line increase, but would be much happier if that increase also brought some trades along with it to create a cushion, ideally an additive one, to whatever the broader market is doing.

So far this week has a nice cushion already, but I would love to get that cushion even bigger and really back on track to more consistently have relative out-performance, but it generally takes trading to do so and not passivity.

.

.

Daily Market Update – February 24, 2016 (Close)

Everyone knows that at some point things are going to change.

Ar some point oil is going to start moving consistently higher.

Also, at some point, the market will stop following oil.

At least it will stop following in the same direction.

The questions are when all of this happens and particularly when does the stock  disassociate itself from its direct relationship to oil?

Hopefully, the answer to that last question is that the stock market makes that disassociation fairly late after oil has started its reversal.

For all anyone knows, today may have marked the reversal in oil as oil reversed its sharp decline and itself closed higher on the day and the market did precisely the same in very impressive fashion.

But if the stock market comes to the realization that an increase in the price of oil is bad for growing consumer participation then we end up with the worst of all worlds.

That would mean that the market followed oil lower and at some point started going lower as oil went higher.

This morning, though, it looked as if the world that we’ve come to know was still intact.

Just as yesterday oil futures carried the market sharply lower, this morning oil futures were again carrying the market sharply lower.

If the early futures trading in oil had held, it would have marked a 2 day decline of nearly 10%. Fortunately, while oil and stocks have been traveling in the same direction for far too long, the magnitudes haven’t been in a one to one relationship.

That mid-day reversal helped both oil and stocks a lot.

After today it looks even more as if this week is going to end up being a very, very quiet one.

Hopes that I had on Monday of being able to sell some calls this week on uncovered positions are getting less and less likely of becoming reality, although the action this afternoon still gives some hope.

But with a little bit of cash in hand, I still don’t feel compelled to put it to work in what appear to be bargains.

At least not until there’s real reason to believe that those bargains are going to be transitory.

The previous week’s worth of gains has by far been the best for the past 3 months, but even weekly options couldn’t have withstood the pressures of the market’s need to return those mid-week gains.

So, for now, it’s more sitting and waiting for some evidence that there is a reason to feel some sense of optimism.

There don’t appear to be any catalysts awaiting, but we also need to get rid of some over hangs, like the fear of another interest rate increase.

Maybe Friday’s GDP release will help us move on.

But I doubt that will be the case so quickly.

.

.