There are 9 days before the last trading day for May options, 37 the June and 65 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 1.4% from the prior close. During the day SPY traversed 1.32% low to high in a net move up of 1%.
Today's extremes: Open $116.29, high $117.62, low $116.09, close $117.45.
SPY traded entirely within the DeMark pivots. The next DeMark pivots are $116.77-$118.30.
In total, 3.5 billion shares were traded on the three major U.S. stock exchanges, 400 million fewer than in the prior trading day.
Econ reports:
The weekly jobless claims report will be out at 8:30 a.m. Eastern, and natural gas inventories at 10:30 a.m. Yawn.
Also, at 4:30 p.m., the Fed balance sheet and the money supply. Double yawn.
Talking Fedheads: Chair Ben Bernanke at 12:30 p.m., Vice Chair Donald Kohn at 9 a.m., Minnapolis Fed Pres Narayana Kocherlakota at Noon, and Dallas Fed Pres Richard Fisher at 1:15 p.m. All times Eastern.
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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