There are 26 days before the November options expire, 54 the December and 89 the January.
On the jump, market stats, econ reports, and the trading calendar . . .
Blue chip stocks (SPY) closed the latest regular session up 0.2% from the prior close. During the day SPY traversed 0.5% in a net move up of 0.06% (7¢).
The day's extremes: Open $118.31, high $118.53, low $118.00, close $118.38.
SPY traded entirely within the DeMark pivots after trading above and below their range. The next DeMark pivots are $118.10-$118.72.
In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, about the same as the prior trading day.
Most homes sold have been around for awhile. They're not new. So although the Realtors Association's existing home sales report sounds like a philosophical problem (what is a non-existing home, really?), it is in fact a primo gauge of consumer confidence, future hopes, the role of the dollar, the state of jobs market, and the willingness of finance to actually (gasp!) lend money. Out at 9:15 a.m. Eastern, it often moves the markets.
Later in the week: Durable goods on Wednesday, and the GDP 2nd quarter advance figures, the first peek at Q2, on Friday.
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 January 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.
- Bull: CMG, ENP, IDCC, LVS, MO.
- Income: AOD, MRF, NLY.
Enjoy the weekend!