OK – we did a very extensive virtual portfolio review and I'm miles behind so this will be super quick:
I AM SO GLAD WE HAVE A DOW STRANGLE!
Who know what the heck is going to happen today? The GDP came in better than expected, the ADP jobs report looked strong, oil is calming down and the pre-markets are popping (but still not back to yesterday's open).
I wrote a couple of very long comments this morning under yesterday's post and I strongly advise people read it as they discuss rolling in detail as well as overall strategy, I always say I will turn them into articles but I never do so thank goodness for K1's project where we will hopefully salvage some of these!
The Fed absolutely should NOT cut rates today, the economy grew at 3.9% EVEN THOUGH housing was collapsing. All a rate cut will do is stoke inflation and IT IS THEIR MANDATE TO FIGHT INFLATION, NOT LINE SPECULATOR'S PROFITS! A rate cut is still considered "in the bag" on the futures market as the governors are under enormous political pressure to deliver a good market into next week's elections.
All I can say about today is that I took my naked positions off the table yesterday and moved closer to cash. I'm sure we'll find something fun to play tomorrow…
