It looks like the rally is running on fumes at the moment, as market news is drying up. I'm not sure what's left to keep fueling this rally higher as earnings season is winding down. According to an article at Bloomberg, stocks in the S&P are trading at their highest price earnings ratios in over 4 years (must be all that cheap money floating around)! The market is currently looking to the FOMC meeting on Wednesday and Wal-Mart (WMT) earnings end of week.
I picked up some shares in IO and NCS this morning. My call options on MGM and WMT are up, while my calls on AMZN are almost worthless - market sentiment on Amazon seems extremely bearish at the moment for reasons I'm not aware of. I'm still considering picking up some puts for some insurance from a broad decline in the overall market.
Well, another late night for me. Time to hit the sack!
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