There are 22 days before the June options expire, 50 the July and 85 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 up 2.1% from the prior close. During the day SPY traversed 1.9% low to high in a net move up of 1.4%. Thursday's extremes: Open $109.19, high $110.80, low $108.78, close $110.76. SPY traded entirely above the DeMark pivots. The next DeMark pivots are $109.77-$111.78. In total, 3.7 billion shares were traded on the three major U.S. stock exchanges, down 24% from the prior day. Econ reports: Personal income and expenditures are out at 8:30 a.m. Eastern. This is a major report, because it shows disposable income. Yours and mine and everyone else's. If we've got excess income, we're more likely to spend. If we don't, these days, we're not too likely to borrow and most likely will just not spend and eat lots of pork and beans and canned tuna. Bad for business. Bad for the economy. Bad for the bourgeoisie, the petit bourgeoisie, and therefore, the protelateriat. Not to mention is the lumpen proletariat. There, is there any Marxist class that I've missed? (I live in Portland, Oregon, where today a local weekly newspaper asked, "What's the difference between Portland and Moscow?" Answer: "Portland still has socialists.") (Hence the obsession, perfectly natural if one lives in the People's Republic of Portland, where even the pitter-patter of the incessant rain seems to sing The Internationale.) The consumer sentiment report is out at 9:55 a.m. Are we confident enough to spent our way back to prosperity? | Everything you need to know about the economic indicators that drive the markets. From the staff of The Economist. |
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. Also, July verticals. 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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