Blue chip stocks (SPY) closed the latest regular session at $116.84, down 0.5% from the prior close.
SPY closed within today's DeMark pivot points but traded below for awhile by $1.32. The next DeMark pivots are $115.29/$117.14.
In total, 3.3 billion shares were traded on the three major U.S. stock exchanges, unchanged from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Mediawatch: The Narrative has stocks falling because Portugal's debt was downgraded, as market writers from both AP and Reuters prove they can't read a stock market chart. SPY is trading 0.3% below Tuesday's close, an insignificant change, and at this moment about 8¢ above it's Wednesday open. the price level is within the range of trading for the past week, before the debt downgrade. AP's embarrassment, and Reuters'. Seriously, not to be dogmatic, but the only way to understand market movements is to track breakouts and breakdowns from trading ranges. The market today did nothing except breakdance, in place. Econ reports:
| What would it be like to open your accounts and never have any ugly surprises. Financial strategist Pamela Yellen tells how to get your money on the good news track. |
Fed Chairman Ben Bernanke testifies on the Hill about the Fed's exit strategy from easy credit to a tightening in staunch inflation.
Let the good times roll! say I.
My rules allow trades in April covered calls, iron condors and butterfly, calendar, diagonal and vertical spreads. I allow myself to trade unhedged call and put option purchases that expire in June or later.
My portfolio consists of . . .
April expiry:
Zombie shares: PALM.
Good trading!
New to private trading? Here's a look at How to Become a Private Trader.
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