There are 31 days before the November options expire, 59 the December and 94 the January.
On the jump, market stats, econ reports, and the trading calendar . . .
Stats
Blue chip stocks (SPY) closed the latest regular session down 1.6% from the prior close. During the day SPY traversed 1.6% in a net move down of 0.4%.
The day's extremes: Open $117.19, high $117.85, low $116.02, close $116.73.
SPY closed below the DeMark pivots. The next DeMark pivots are $115.46-$117.29.
In total, 3.3 billion shares were traded on the three major U.S. stock exchanges, 22% more than the prior trading day.
Econ reports:
The Federal Reserve releases its eight-times-yearly Beige Book, a region by region report on the state of the economy. Interesting read, although it never moves markets. It's out at 2 p.m. Eastern.
Petroleum inventories are out at 10:30 a.m., and the Mortgage Bankers Association's report on applications for loans to buy homes, a leading indicator, is released at 7 a.m.
All in all, no big.
Trading Calendar:
By my rules, at this point in the cycle I can trade November vertical, calendar, diagonal and diagonal spreads, and also iron condors. I can sell November covered calls, and trade December straddles, calls and puts. And of course, shares are good at any time.
What I'm looking for:
- NLY: A rise above $18.40 or so for re-entry on the bull side. Analysis.
- IDCC: A break above $30.67 for entry on the bull side. Analysis.
Fast Trading Watchlist stocks:
- Bull: CMG, ENP, IDCC, LVS, MO.
- Income: AOD, NLY.
Slow Trading Watchlist stocks:
- D, EEM, GLD, IDCC, JNK, NLY, QQQQ, SPY, USO
Good trading!
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