Last week
| Week ending | Open | High | Low | Close | Volume (million) |
|---|---|---|---|---|---|
| Sept. 16, 2016 | 2115.25 | 2156.00 | 2100.25 | 2130.50 | 17.0 |
| Sept. 23, 2016 | 2132.50 | 2172.75 | 2126.25 | 2157.50 | 8.3 |
Commentary for last week
The Fed shied away from raising the benchmark interest rate yet again, as we have been saying for months they would. A rate increase this close to the US elections would be seen as a purely political action, and the Fed, as we all know, is strictly apolitical.
After the Fed Chair’s press conference Wednesday afternoon the SP500 index moved back above its momentum support zone. But on Friday the index started to move back down to fill in some of the air pockets. So far that back-fill move is only half completed
Last week’s trades
ESZ6 Sept. 23, 2016. 60-minute bars.
There was little profit made trading options last week. The market slept through the first three days inside a 15-point range, waiting for the FOMC announcement Wednesday afternoon.
When it came there was a nice rally, but not nice enough to generate the kind of irrational exuberance that produces big option premiums.
Nat’s trigger wasn’t touched until the overnight market Thursday and there wasn’t enough time premium left to make the trade worthwhile. The market stayed well below her first strike price so there was no risk of loss, but not much hope of profit.