There are 10 days before the last trading day for May options, 38 the June and 66 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 down 0.3% from the prior close. During the day SPY traversed 2.1% high to low in a net move down of 0.7%.
Today's extremes: Open $115.07, high $117.36, low $114.91, close $115.83.
SPY traded both above and below the DeMark pivots before closing within their range. The next DeMark pivots are $115.37-$117.82.
In total, 3.9 billion shares were traded on the three major U.S. stock exchanges, 700 million fewer than in the prior trading day.
Econ reports:
The international trade report will be released at 8:30 a.m. Estern. Are we selling more abroad than we're buying? Bet not.
Weekly petroleum inventories will be out at 10:30 a.m.
Talking Fedheads: Boston Fed Pres Eric Rosengren at 10:15 a.m. and St. Louis Fed Pres. James Bullard at 1:15 p.m.
Rules:
By my rules, at this point in the cycle I can trade June covered calls, iron condors, and butterfly, calendar, diagonal and vertical spreads. Also, July single calls or puts. Shares, of course, are good anytime.
My Holdings
May expiry:
- CIEN, bull call spread, c18/-c19
- GE, bull call spread, c18/-c19
- QQQQ, bull call spread, c49/-c50
- UNP, bull call spread, c75/-c80
Dividend shares: AOD, JNK, NLY
Special situation: PALM
Zombie shares: MCO
Good trading!
Martin Pring's detailed deconstruction of the economic cycle: What sorts stocks to look for at each stage of the recovery. A masterful analysis.
Martin Pring's detailed deconstruction of the economic cycle: What sorts stocks to look for at each stage of the recovery. A masterful analysis.
Skynet Panic of May 6
Panic Looks Like This
Skynet Panic Poisons Technical Tools
New to Private Trader? Check out the Reader's Guide
New to private trading? Here's a look at How to Become a Private Trader.
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