There are 17 days before the last trading day for May options, 45 the June and 73 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 2.4% from the prior close. During the day SPY traversed 1.8% high to low in a net move down of 1.3%.
Today's extremes: Open $119.01, high $119.03, low $116.92, close $117.52.
SPY traded entirely below the range of the DeMark pivots. The next DeMark pivots are $116.17/$118.28.
In total, 4.6 billion shares were traded on the three major U.S. stock exchanges, 200 million than in the prior trading day.
Econ reports:
The payroll processing company ADP will release it's employment report at 8:15 a.m. Eastern. This serves as a sneak preview for the real deal out from the government on Friday.
Petroleum inventories are out at 10:30 a.m., no doubt with extra impact given today's sharp price decline in crude.
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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