Market Update for May 5th, 2016

by Jeff on May 5, 2016

magenta_shadow_iconJobs! Jobs! Jobs! That’s what I have been preaching for many years – and you know it if you have followed me for any length of time. The trade agreements that were put together by lobbyist and big business, moved our manufacturing to the third world. That is what destroyed the middle class here and that is the only answer to bringing it back. Not lower taxes or $15/hr!

In the absence of the middle class, the Fed has been artificially propping up the economy but the foundation is starting to crack. Without disposable income, there is no money to buy stuff! Besides, once you have a leased smart phone and a leased BMW, what else could you want? Oh, I know – free college! Oh please!

Okay, I’ll get off my pulpit. But keep in mind we have a decision to make this fall.

With the recent pullback, my RUT Iron Condor is moving into the profit zone for May expiration. I can tell you that it has been a nail-biter over the last few weeks, but I’m not out of the woods yet and patience may end up paying off. I need to pull a profit of $2,300 in order to get my gains back for the year.

5-5-2016 4-10-20 PM

The simulated Covered Call on Ford (F) is doing just great! No plans to do anything there.

My actual Covered Call on GLD may need an adjustment since it’s ITM, but not right now. I’ll wait until I collect more theta before rolling it.

Click here to watch the video

Click here to watch the video

That’s it for now. Happy Trading


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