Wednesday, October 20, 2010

10/21 Almanac

On Thursday, Oct. 21: Philadelphia Fed survey, weekly jobless claims.

There are 30 days before the November options expire, 58 the December and 93 the January.

On the jump, market stats, econ reports, and the trading calendar . . .


Blue chip stocks (SPY) closed the latest regular session up 1.0% from the prior close. During the day SPY traversed 1.3% in a net move down of 0.8%.

The day's extremes: Open $116.94, high $118.44, low $116.87, close $117.87.

SPY closed above the DeMark pivots. The next DeMark pivots are $117.37-$118.94.

In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, 7% fewer than the prior trading day.

Econ reports:

The Federal Reserve Bank in Philadelphia does a monthly survey of general manufacturing conditions. The report is out at 10 a.m. Eastern. Sometimes, it can move markets, although not so often.

Weekly jobless claims, which often move markets these days, are out at 8:30 a.m., and my fave, leading indicators, which never move markets, at 10 a.m.

Also, natural gas inventories at 10:30 a.m., the Fed balance sheet and money supply at 4:30 p.m., and a ton of Treasury auction announcements at 11 a.m.

Trading Calendar:

By my rules, at this point in the cycle I can trade November vertical, calendar, diagonal and diagonal spreads, and also iron condors. I can sell November covered calls, and trade December straddles, calls and puts. And of course, shares are good at any time.

What I'm looking for:
  • NLY: A rise above $18.40 or so for re-entry on the bull side. Analysis.
  • IDCC: A break above $30.67 for entry on the bull side. Analysis.

Fast Trading Watchlist stocks:
  • Bull: CMG, ENP, IDCC, LVS, MO.
  • Income: AOD, NLY.

Slow Trading Watchlist stocks:

Good trading!

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