Thursday, October 21, 2010

10/22 Almanac

On Friday, Oct. 22: No econ reports. G20 finance ministers meet.

There are 29 days before the November options expire, 57 the December and 92 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 1.6% in a net move down of 0.2%.

The day's extremes: Open $118.40, high $119.09, low $117.21, close $118.13.

SPY closed within the DeMark pivots after trading above and below their range. 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, about the same as the prior trading day.

Econ reports:

No econ reports, Treasury auction announcements, speeches -- nothing. The G20 finance ministers and heads of central banks are meeting in Korea, and they very well could commit market-moving news.

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.

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

Good trading!

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