There are 17 days before the November options expire, 45 the December and 80 the January.
On the jump, market stats, econ reports, and the trading calendar . . .
Stats
Blue chip stocks (SPY) closed the latest regular session up 0.8% from the prior close. During the day SPY traversed 0.6% in a net move up of 0.05% (6¢).
The day's extremes: Open $119.42, high $119.75, low $119.10, close $118.48.
SPY closed within the DeMark pivots after trading above their range. The next DeMark pivots are $119.29-$119.04.
In total, 2.8 billion shares were traded on the three major U.S. stock exchange, 2% fewer than on the prior trading day.
Five-year bond yields imply inflation at 1.61%.
Econ reports:
The Federal Open Market Committee caps a two-day meeting with an announcement in which they are expected to outline the next phase of their efforts to promote economic recovery. At 2:15 p.m. Eastern.
Stock, bond and currency markets have been roiling a bit in anticipation of the announcement, so expect a quick and emotional market response on the intra-day chart before traders do a serious assessment of the implications.
Other occasional market-movers: A sneak peak at employment from the payroll company ADP at 8:15 a.m. and petroleum inventories at 10:30 a.m.
Small fry: Mortgage applications at 7 p.m., job cuts at 7:30 a.m., Treasury refunding announcement at 9 a.m., factory orders at 10 a.m.
Treasury announces auction results for the 3-year and 10-year notes and the 30-year bonds at 9 a.m.
Trading Calendar:
By my rules, at this point in the cycle I can trade December vertical and calendar spreads, and trade January straddles, calls and puts. And of course, shares are good at any time.
What I'm looking for:
- Monitoring existing positions.
Watchlist stocks:
- Bull: CMG, ENP, IDCC, LVS, MO.
- Income: AOD, MRF, NLY.
Good trading!
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