There are 26 days before the last trading day for May options, 54 the June and 82 the July.
On the jump, market stats, mediawatch, rules, econ reports, portfolio and a good book...
Stats
Blue chip stocks (SPY) closed the latest regular session up 0.7% from the prior close. During the day SPY traversed 1% low to high in a net move up intraday of 0.7%.
Today's extremes: Open $120.94, high $121.86, low $120.63, close $121.81.
SPY traded entirely within the range of the DeMark pivots. The next DeMark pivots are $121.22/$122.45.
In total, 3.6 billion shares were traded on the three major U.S. stock exchanges, down 400 million from the prior trading day.
Mediawatch The best headline of the day, "Stocks Mixed as Investors Digest Housing," from TheStreet.com, provided images of ravenous investors swarming through neighborhoods like locusts, devouring roofs and siding. Attack of the zombie traders! Thanks, Sung Moss, for a happy Friday image. Stephen Bernard at AP whupped up a tasty batter today: Take new home sales, stir in mixed earnings, add a dash of worrisome Greek debtors, mix well. Meanwhile, Leah Schnurr at Reuters highlighted pharmacies, up on happy talk by Merck about healthcare reform costs, and energy, up on higher oil prices. Kind of narrow, but OK. | Technical analyst Martin Pring reveals the secrets of the craft. No trader should be without this book. |
Econ reports: None!
My Holdings
By my rules, at this point in the cycle I can trade May covered calls. Also, diagonal, butterfly, vertical and calendar spreads. And also, July single calls or puts. Shares, of course, are good anytime.
May expiry:
- BBY, bull call spread, c44/-c45
- EEM bear put spread, -p43/p44
- GE, bull call spread, c18/-c19
- QQQQ, bull call spread, c49/-c50
Dividend shares: AOD, JNK, NLY
Special situation: PALM
Zombie shares: MCO
Good trading!
New to private trading? Here's a look at How to Become a Private Trader.
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