Traders are probably reluctant to carry large positions into the long weekend and for good reason. Europe will be trading on Monday even though our markets will be closed. There is potential for a very large gap when we return on Tuesday either way. My best guess is that Europe trades just fine.
While I am positioned long, I made some sales yesterday of stocks I bought when the market was melting down earlier in the week. In addition, I sold some covered calls. No matter what happens when we return on Tuesday I will be able to manage.
Today is a tough call as it is the last day of the month and there is no business like monkey business. There is a little more call buying than I would like to see given that the market is trading slightly lower. I am signing off for the weekend unless something big happens between now and the close. Have a great weekend.