Friday, February 18, 2011

2/22 Almanac

U.S. markets will be closed on Monday, Feb. 21, for Presidents Day.

On Tuesday, Feb. 22: Consumer confidence.

There are 25 days before March options expire, 53 the April and 88 the May.

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 0.1%.

The day's extremes: Open $134.37, high $134.69, low $134.06, close $134.53.

SPY traded entirely within the DeMark pivots. The next DeMark pivots are $134.30-$134.93.

In total, 3.3 billion shares were traded on the three major U.S. stock exchange, 15% more than on the prior trading day.

Five-year bond yields imply inflation at 2.44%, eight basis points more than on the prior trading day.

Econ reports:

There are no economic reports on Monday, a market holiday.

On Tuesday, the Conference Board releases its monthly consumer confidence survey at 10 a.m. Eastern. With everyone on tenterhooks about whether Americans will happily resume shopping till they're dropping, it can sometimes be a market-mover.

The Standard & Poors/Case-Shiller home price index will be released at 9 a.m., and the State Street investor confidence index at 10 a.m.

Treasury auctions three-month and six-month bills at 11:30 a.m., and two-year notes at 1 p.m.

Minneapolis Fed Pres. Narayana Kocherlakota gives a speech. He is a voting member of the Federal Open Market Committee.

The Federal Reserve often posts transcripts of speeches and testimony within a few days of the event.

Later in the week, look for existing home sales on Wednesday; new home sales, durable goods and weekly jobless claims on Thursday, and the gross domestic production on Friday.

Trading Calendar:

By my rules, at this point in the cycle I can trade March vertical, diagonal, butterfly and calendar spreads, iron condors and covered calls. Also, May or later straddles, calls and puts. And of course, shares are good at any time.

Enjoy the holiday!

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