June options expire today, and there are 30 days before the July options expire and 65 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 0.2% from the prior close. During the day SPY traversed 1.1% high to low in a net move down of 0.1%. Friday's extremes: Open $112.28, high $112.33, low $111.05, close $112.14. SPY closed entirely within the DeMark pivots. The next DeMark pivots are $110.96-$112.24. In total, 2.9 billion shares were traded on the three major U.S. stock exchanges, down 4.5% from the prior trading day. Econ reports: There are no economic reports scheduled for release. All attention is focused on the Quadruple Witching Day, when four major classes of financial derivative expire: stock index futures and options, and stock options and futures. You've got to wonder: If traders had picked a different name for such days, which happen on the third Friday of the last month of each quarter (March, June, September and December), would they hold such drama and terror? I mean, Quadruple Winners Day or the Four Friendly Farewells Day -- surely all traders would grin happily and take a long lunch with lots of alcohol than they do now, as they shake and shiver in dread at the prospect of a Quadruple Witching Day. | 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 July covered calls, iron condors, butterflies, and diagonal, calendar and vertical spreads. Also, August single calls or puts. Shares, of course, are good anytime.
Good trading!
OK. The credit bubble burst. Housing, burst. Shockwaves reverberated. Markets collapsed. What lies ahead as we remerge from the wreckage.
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