DPR Update – Tuesday May 2nd, 2017

DPR Update:  Hold the position, nothing to do

I thought today’s quote was apt as its Apple earnings day after the bell.  For those interested in the rather regretful sale of Ronald Wayne’s shares in Apple, (gotta feel for the guy!!) here is a little more on the subject:

https://en.wikipedia.org/wiki/Ronald_Wayne

The market seems to be chopping around searching for a catalyst.  It’s early in the week and we have oil inventories and the ISM non-manufacturing reports tomorrow.  But the big risk event is the Fed meeting that concludes tomorrow with a statement at 2pm.  Will there be another possible, yet unlikely rate increase?  We’ll see.

Apart from those events/reports the risk in of the geo-political nature.  Although, it was reported today that Trump and Putin had a “very good” call around ending the violence and suffering in Syria.  Let’s hope they can figure it out.

Also, outwith the sabre rattling from Kim Jong-un’s administration, no news is good news on the powder keg that is North Korea.  However, there was protests in the streets of South Korea regarding the now operational missile defense system implemented by US soldiers.  As well as strong words against it from China.  This situation is getting stickier by the day.

The trade continues to do well and hopefully will get a further spike tomorrow.  Once again it closed higher than yesterday’s close.

Have a great night,

John