Monday, November 22, 2010

11/23 Almanac

On Tuesday, Nov. 23: GDP and existing home sales.

There are 25 days before the December options expire, 60 the January and 88 the February.

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 up of 0.4%.

The day's extremes: Open $119.69, high $120.24, low $118.77, close $120.19.

SPY traded below below the DeMark pivots before closing within their range. The next DeMark pivots are $119.48-$120.95.

In total, 2.6 billion shares were traded on the three major U.S. stock exchange, 11% fewer than on the prior trading day.

Five-year bond yields imply inflation at 1.70%, down 1 basis point from the prior trading day.

Econ reports:

The government takes a second look at third-quarter gross domestic product, at 8:30 a.m. Eastern. The final figures for the quarter will be released in December. GDP is the broadest measure of economic activity. In some countries (although not the U.S.) it is the sole measure used to determine whether or not the economy is in a recession.

GDP can move markets, if it comes in outside of the consensus.

The other market-mover of the day is existing home sales, at 10 a.m. This tracks the biggest pool of housing in the country -- "existing" means "not new" in this context. It is the key measure of housing industry health, and can move markets.

The Federal Open Market Committee releases minutes of the Nov. 3 meeting. The report sheds light on the thinking that lies behind Fed thinking.

Small fry: ICSC-Goldman store sales at 7:45 a.m., corporate profits at 8:30 a.m. and Redbook retail at 8:55 a.m.

All markets are closed Thursday for Thanksgiving.

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 or February 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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