Friday, May 21, 2010

5/24 Almanac

On Monday, May 24: Existing home sales.

There are 26 days before the June options expire, 54 the July and 89 the August.

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 1.5% from the prior close. During the day SPY traversed 3.8% low to high in a net move up of 3%.

Thursday's extremes: Open $105.91, high $109.38, low $105.36, close $109.12.

SPY closed above the DeMark pivots and traded below them for part of the day. The next DeMark pivots are $107.24-$111.26.

In total, 5.4 billion shares were traded on the three major U.S. stock exchanges, 1.2 billion more than on the prior trading day.


Econ reports:

The monthly existing home sales report will be out at 10 a.m. Eastern. The higher the sales, the greater confidence people have, since it takes a great deal of confidence to commit to such a major purchase.


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.


Enjoy the weekend.



The Investor's Guide to Active Asset Allocation: Using Technical Analysis and ETFs to Trade the Markets
Martin Pring's detailed deconstruction of the economic cycle: What sorts stocks to look for at each stage of the recovery. A masterful analysis.






The Investor's Guide to Active Asset Allocation: Using Technical Analysis and ETFs to Trade the Markets
Martin Pring's detailed deconstruction of the economic cycle: What sorts stocks to look for at each stage of the recovery. A masterful analysis.



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.

No comments:

Post a Comment