Home sales -- both existing and new -- join big-ticket durables in dominating the week's economic reports.
Tuesday: Existing home sales, by the far the bigger share of the housing market, will be released at 10 a.m. Eastern.
Wednesday: New home sales, also at 10 a.m.
Thursday: Durable goods and weekly jobless claims, both at 8:30 a.m.
Also of note: Petroleum inventories on Wednesday at 10:30 a.m., and the University of Michigan's consumer sentiment index on Friday at 9:55 a.m.
The U.S. markets close early on Friday, at 2 p.m. Eastern, so traders can get a jump on the long Memorial Day weekend.
One member of the Federal Open Market Committee, Atlanta Fed Pres. Dennis Lockhart, is at the podium, speaking on Monday in Tokyo and Tuesday in Hong Kong.
Practical trading:
By my rules, as of Monday I can trade June butterfly and vertical spreads, covered calls and iron condors, and September single options and straddles. The short legs of diagonal and calendar spreads expire in June, and new long positions of those spreads must expire in November or later. Of course, shares are good at any time.
Good trading!
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