There are 16 days before the July options expire, 51 the August and 79 the September.
On the jump, market stats, econ reports, trading calendar and a good book...
Stats
Blue chip stocks (SPY) closed the latest regular session down 1% from the prior close. During the day SPY traversed 1.9% high to low in a net move down of 0.7%.
Friday's extremes: Open $103.92, high $104.88, low $102.88, close $103.22.
SPY traded entirely within the DeMark pivots. The next DeMark pivots are $102.05-$104.05.
In total, 3.5 billion shares were traded on the three major U.S. stock exchanges, 18.1% fewer than on the prior trading day.
SPY at a glance:
| trend | adx | psar | pps | macd | macd trend | sto | sto trend | |
|---|---|---|---|---|---|---|---|---|
| SPY $104.21 |
Econ reports:
The Institute for Supply Management at 10 a.m. Eastern releases results of its survey of hundreds of manufacturers. It asks about inventories, new orders, production, supplier deliveries -- many aspects of manufacturing -- and boils it down into an index that historically has proven to have influence over the course of trading.
Also at 10 a.m., the pending home sales index will be released. This is considered to be a leading indicator for the housing market. It tracks transactions in progress: The deal has been agreed to, but it hasn't closed yet.
Also, automakers will report sales at various times throughout the day, the weekly jobless claims report will be out at 8:30 a.m., construction spending will be reported at 10 a.m., and natural gas inventories will bubble up at 10:30 a.m.
Trading Calendar:
By my rules, at this point in the cycle I can trade September single calls or puts, and shares.
A reminder: Monday is market holiday.
Good trading!
OK. The credit bubble burst. Housing, burst. Shockwaves reverberated. Markets collapsed. What lies ahead as we remerge from the wreckage.
Abbreviations:
- psar - Parabolic Stop and Reverse
- adx - Average Directional Index
- pps - Person's Proprietary Signal
- ma20 - 20-day moving average
- macd - Moving Average Convergence-Divergence
- sto - Fast Stochastic
About the glance: The colors indicate the state of each signal.
- trend: Determined by the 5-day moving average, green for up, red for down, yellow for sideways
- adx: orange for above 30-up, blue for 20-down, purple for in the middle. Red is most prone to whipsaws
- psar, pps, macd: green for bull mode, red for bear
- sto: green for overbought, red for oversold, yellow for the neutral zone.
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