There are 23 days before the last trading day for May options, 51 the June and 79 the July.
On the jump, market stats, econ reports, rules, my holdings and a good book...
Stats
Blue chip stocks (SPY) closed the latest regular session up 0.8% from the prior close. During the day SPY traversed 1.2% low to high in a net move up intraday of 0.3%.
Today's extremes: Open $119.05, high $119.68, low $118.27, close $119.38.
SPY traded entirely within the range of the DeMark pivots. The next DeMark pivots are $118.83/$120.24.
In total, 4.1 billion shares were traded on the three major U.S. stock exchanges, 500 million fewer than the prior trading day.
Econ reports:
The weeklies (weaklies?). Jobless claims are out at 8:30 a.m. Eastern, and natural gas inventories at 10:30 a.m.
Plus, at 4:30 p.m., the Federal Reserve balance sheet and the once popular now forlorn money supply report.
Rules:
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.
My Holdings
May expiry:
- BBY, bull call spread, c44/-c45
- CIEN, bull call spread, c18/-c19
- GE, bull call spread, c18/-c19
- QQQQ, bull call spread, c49/-c50
Dividend shares: JNK, NLY
Special situation: PALM
Zombie shares: MCO
Good trading!
Options as a Strategic Investment is a one-stop source of practical information, clearly presented, about the the trader's most important tool for managing risk. This book occupies an important place on my desk.
New to private trading? Here's a look at How to Become a Private Trader.
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