There are 11 trading days left before April options expire, 46 the May and 74 the June.
On the jump, market stats, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $117.76, up 0.6% from the prior close. During the day SPY traversed 0.8% low to high in a net move up.
Today's extremes: Open $118.25, high $118.84, low $117.92, close $118.76.
SPY closed above today's DeMark pivot points. The next DeMark pivots are $118.34/$119.26.
In total, 2.9 billion shares were traded on the three major U.S. stock exchanges, down 300 million from the prior day.
Mediawatch: The Narrative is that traders expect the market to improve, so they're bidding stocks higher. Stephan Bernard and Tim Paradis at AP focused on the economic reports. Rodrigo Campos at Reuters led with energy shares and trader psychology but by the second graf was in sync with AP. I can't quarrel with either approach, although I find neither to be very helpful. | A veteran of the markets, writing with the serious trader in mind, details a proven approach to analyzing market behavior, identifying profitable trade setups, and executing and managing trades–from entry to exit. |
Econ report:
The Federal Open Market Committee -- the people who set short-term interest rates -- release the minutes of their last meeting. This gets interesting in times of transition, when the Fed is figuring out whether or not to tighten credit, and when.
My rules allow trades vertical and calendar spreads, and in in unhedged call and put option purchases that expire in June or later. No diagonals or iron condors yet.
My portfolio consists of . . .
April expiry:
- MCO, covered call, -c29
Zombie shares: PALM.
Good trading!
New to private trading? Here's a look at How to Become a Private Trader.
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