There are 15 days before the last trading day for May options, 43 the June and 71 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 3.32% from the prior close. During the day SPY traversed 10.3% high to low in a net move down of 2.3%.
Today's extremes: Open $116.26, high $117, low $105, close $112.94.
SPY closed below the DeMark pivots. The next DeMark pivots are $102.97/$114.97.
In total, 7 billion shares were traded on the three major U.S. stock exchanges, 2.5 billion more than in the prior trading day.
Econ reports:
The unemployment report will be out at 8:30 a.m. Eastern, the most important econ report of the week. Traders look at the number of jobs created as a clue to how the economic recovery is going. If businesses are highering people back, then they must expect greater demand. That'll all be reflected here.
Consumer credit will be released at 3 p.m. Eastern. Are we putting more on our credit cards, or less?
Also, the Philadelphia Fed Pres. Charles Plosser dicusses the economic outlook in a speech at 11:30 a.m. A big market mover? I'll bet not.
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.
Today on Private Trader
- Stocks Watchlist
- Forex Watchlist
- Today's Scan
- ABT Watch
- CIEN Watch
- FNM Watch
- Forex
- Morningline: Stocks and Bonds
- Morningline: Other Indicators
- Morningline: Holdings
- Almanac
New to private trading? Here's a look at How to Become a Private Trader.
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