Thursday, October 7, 2010

10/8 Almanac

On Friday, Oct. 8: Employment and unemployment.

There are 8 days before the October options expire, 43 the November and 71 the December.

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


Blue chip stocks (SPY) closed the latest regular session down 0.1% from the prior close. During the day SPY traversed 1.2% in a net move down of 0.5%.

The day's extremes: Open $116.50, high $116.53, low $115.19, close $115.89.

SPY traded entirely within the DeMark pivots. The next DeMark pivots are $114.87-$116.21.

In total, 2.7 billion shares were traded on the three major U.S. stock exchanges, 0.1% fewer than the prior trading day.

Econ reports:

The monthly jobs report will be released at 8:30 a.m. Eastern. These days, it almost always has a market impact, although not necessarily long-term. After all, a key question for us all these days is whether a recovery without jobs in fact counts as a recovery.

The important number is how many jobs were added (or, lost?).

The flashy headline grabber is the unemployment rate, currently at 9.5%. This is the number that the Repubs are using to make political hay.

Also out, wholesale trade, at 10 a.m.

Trading Calendar:

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

What I'm looking for:
  • LVS: A reversal of the current decline by Monday. A break below the 20-day moving average suggests an exit. Analysis.
Other Watchlist stocks:
  • Bull: CMG, ENP, MO.
  • Income: AOD, NLY.

Good trading!

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