Wednesday, June 23, 2010

6/24 Almanac

On Thursday, June 24: Durable goods, jobless claims

There are 23 days before the July options expire, 58 the August and 86 the September.

On the jump, market stats, econ reports, trading calendar and a good book...


Stats

Blue chip stocks (SPY) closed the latest regular session down 0.3% from the prior close. During the day SPY traversed 1.4% high to low in a net move down of 0.4%.

Friday's extremes: Open $109.64, high $110.03, low $108.48, close $109.23.

SPY traded entirely within the DeMark pivots. The next DeMark pivots are $108.08-$109.63.

In total, 3 billion shares were traded on the three major U.S. stock exchanges, down 0.3% from the prior trading day.

Econ reports:

Durable good orders will be reported at 8:30 a.m. Eastern. "Durable goods" is econspeak for "big stuff that lasts a long time and costs a bundle". To dump a bunch of money on a big-ticket item, people need to have faith in their personal economy -- that the money will keep on flowing. So its a measure of one aspect of consumer optimism.

The weekly jobless claims will be reported at 8:30 a.m., and natural gas inventories at 10:30 a.m.

The day ends at 4:30 p.m. with the Fed balance sheet and the money supply.


Everything you need to know about the economic indicators that drive the markets. From the staff of The Economist.


Trading Calendar:

By my rules, at this point in the cycle I can trade July covered calls, iron condors, butterflies, and diagonal, calendar and vertical spreads. Also, September single calls or puts. Shares, of course, are good anytime.


Good trading!


The Great Reflation: How Investors Can Profit From the New World of Money
OK. The credit bubble burst. Housing, burst. Shockwaves reverberated. Markets collapsed. What lies ahead as we remerge from the wreckage.



New to Private Trader? Check out the Reader's Guide
New to private trading? Here's a look at How to Become a Private Trader.

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