There are 3 days before the last trading day for May options, 31 the June and 59 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 1.4% from the prior close. During the day SPY traversed 2.8% high to low in a net move down of 2.2%.
Today's extremes: Open $114.88, high $115.22, low $112.03, close $112.40.
SPY closed within the DeMark pivots and traded above them for part of the day. The next DeMark pivots are $110.62-$113.81.
In total, 3.9 billion shares were traded on the three major U.S. stock exchanges, 100 million more than on the prior trading day.
Econ reports:
The consumer price index -- the principal measure of inflation -- will be out a 8:30 a.m. Eastern. This is often a market mover because of what it suggests about the Federal Open Market Committee's future policies on interest rates. Rising inflation suggests higher rates ahead as the Fed tries to halt the erosion in the value of capital.
The FOMC will release the minutes of its last meeting at 2 p.m.
The weekly petroleum inventories will be released at 10:30 a.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.
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.
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