Tuesday, November 9, 2010

11/10 Almanac

On Wednesday, Nov. 10: International trade, jobless claims.

There are 10 days before the November options expire, 38 the December and 73 the January.

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


Blue chip stocks (SPY) closed the latest regular session down 0.7% from the prior close. During the day SPY traversed 1.5% in a net move down of 1.5%.

The day's extremes: Open $122.82, high $122.95, low $121.12, close $121.61.

SPY traded above the DeMark pivots before closing below their range. The next DeMark pivots are $120.45-$122.28.

In total, 3.2 billion shares were traded on the three major U.S. stock exchange, 33% more than on the prior trading day.

Five-year bond yields imply inflation at 1.7%.

Econ reports:

The nation's balance of international trade will be released at 8:30 a.m. Eastern. With the globe's top economies threatening currency or trade conflict to protect their markets, th is is a key economic indicator. A lesser followed trade report, import and export prices, is also out at 8:30 a.m.

Weekly jobless claims will be released at 8:30 a.m. It is sometimes a market-mover, as traders try to figure out when the business recovery will prompt the jobs recovery it needs to survive.

Other reports: Natural gas and petroleum inventories at 10:30 a.m. and 11 a.m., respectively. Both are important for the energy sector. The mortgage bankers purchase applications report, a leading indicator for housing, out at 7 a.m. The Treasury budget will be released at 1 p.m.

Treasury will release results of auctions for short-term government debt at 11 a.m. It will cover the 3-month, 6-month and 52-week T-bills.

Note that Thursday is a Veterans Day, a government holiday, but not a holiday for the stock, options and futures markets.

Trading Calendar:

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

What I'm looking for:

Click here for stocks on my watchlists.

Good trading!

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