There are five trading days left before April options expire, 40 the May and 68 the June.
On the jump, market stats, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session up 0.7% from the prior close. During the day SPY traversed 0.7% low to high in a net move up.
Today's extremes: Open $119.02, high $119.60, low $118.80, close $119.55.
SPY stayed within the DeMark pivot points, closing right at the top of the range. The next DeMark pivots are $119.18/$119.98.
In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, down 300 million from the prior day.
Mediawatch: Leah Schnurr at Reuters focuses on rising prices in the energy sector and on rising wholesale inventories to explain the market's buoyancy. (Stocks were "buoyed"; I think this means they didn't go down, but didn't necessarily go up.) A new name on the AP roster, paired with a familiar one. Stephen Bernand and Ieva M. Augstums wrote for AP that stocks went up because people were feeling better about Greece. Stocks didn't go up by very much, however, so they must not have felt too good. The Greeks came into the narrative, yet again, because of speculation, yet again, that the euro-zone countries would bail out the Grecian economy. But isn't it obvious that they will? Has anyone in their right mind ever thought that the Europeans would let Greece, and therefore the euro, and therefore the idea of a united European economy, go down the drain? Just asking. | Market analyst Kenneth Posner creates a new framework for managing extreme risk based on lessons learned in the recent collapse of capitalist finance. |
Econ report:
The U.S. Treasury releases its monthly budget at 2 p.m. This shows how great the government's deficit is, and that suggests how much it will have to borrow. The greater the borrowing, the greater the supply of bonds, and as always if supply outstrips demand in a perfect market, the price goes down (interest rates go up).
My portfolio consists of . . .
April expiry:
- MCO, covered call, -c29
- BBY, bull call spread, c44/-c45
Dividend shares: AOD, JNK, NLY
Zombie shares: PALM.
Good trading!
New to private trading? Here's a look at How to Become a Private Trader.
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