There are 18 days before the last trading day for May options, 46 the June and 74 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 1.3% from the prior close. During the day SPY traversed 1.2% low to high in a net move up of 0.8%.
Today's extremes: Open $119.38, high $120.68, low $119.20, close $120.35.
SPY closed above the range of the DeMark pivots. The next DeMark pivots are $119.78/$121.26.
In total, 4.4 billion shares were traded on the three major U.S. stock exchanges, 900 million than in the prior trading day.
Econ reports:
The Realtors will release the pending home sales report at 10 a.m. Eastern. This shows the number of existing homes where there's a contract but it hasn't closed yet. This is intended to be a leading indicator of where completed home sales will be.
Rules:
By my rules, at this point in the cycle I can trade June calendar and vertical spreads, and 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: 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.
New to private trading? Here's a look at How to Become a Private Trader.
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