There are 23 days before the June options expire, 51 the July and 86 the August.
On the jump, market stats, econ reports, trading calendar and a good book...
Stats
Blue chip stocks (SPY) closed the latest regular session down 0.6% from the prior close. During the day SPY traversed 2.6% high to low in a net move down of 1.2%. Thursday's extremes: Open $108.48, high $109.47, low $106.65, close $107.17. SPY traded entirely within the DeMark pivots. The next DeMark pivots are $105.50-$108.32. In total, 4.9 billion shares were traded on the three major U.S. stock exchanges, up 200,000 from the prior day. Econ reports: The Big Dude of all econ reports, gross domestic product, will be released at 8:30 a.m. Eastern. It attempts to measure the value of all goods and services produced by the American economy. In hard economic times, it takes on added significance as one way of measuring the continuation or end of a recession. Also at 8:30, the weekly jobless claims. While GDP is a stately ocean liner coming out once a quarter, the claims are butterfly providing a peek at a small but important part of econ activity: How many newly unemployed people are out there. | Everything you need to know about the economic indicators that drive the markets. From the staff of The Economist. |
Also Thursday, the usual weekly suspects: Natural gas inventories at 10:30 a.m., T-bill announcements at 11 a.m., and the Fed balance sheet and money supply at 4:30 p.m.
Fedheads: St. Louis Fed Pres. James Bullard speaks at 2:30 p.m. to a Swedish econ conference in Stockholm, ya.
Trading Calendar:
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, August 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.
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