Monday, March 21, 2011

3/22 Almanac

On Tuesday, March 22: FHFA house price index.

There are 25 days before April options expire, 60 the May and 88 the June.

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


Blue chip stocks (SPY) closed the latest regular session up 1.6% from the prior close. During the day SPY traversed 0.6% in a net move up of 0.3%.

The day's extremes: Open $129.35, high $130.01, low $129.20, close $129.74.

SPY traded entirely above the DeMark pivots. The next DeMark pivots are $129.47-$130.28.

In total, 2.7 billion shares were traded on the three major U.S. stock exchange, 3% more than on the prior trading day.

Five-year bond yields imply inflation at 2.69%, unchanged from the prior trading day.

Econ reports:

No real market-movers on the roster.

The Federal Housing Finance Agency releases its house price index at 10 a.m. Eastern. This report uses data from Fannie and Freddie (Mae and Mac) to track prices of single-family housing using loans valued within the limits prescribed for the two government-sponsored enterprises.

That loan limit sets a ceiling on the value of the housing tracked. So the data isn't really pulled from the full universe of the single-family housing market.

Also, two weekly retail reports will be out: ICSC-Goldman store sales at 7:45 a.m. and the Redbook report at 8:55 a.m..

Treasury auctions 4-week bills at 11:30 a.m.

Dallas Fed Pres. Richard Fisher gives a speech in Germany and Cleveland Fed Pres. Susan Pianalto gives one too, but in Akron. Fisher has the better junket. He's a voting member of the Federal Open Market Committee, which sets monetary policy. Pianalto is an alternate member, meaning she doesn't have a vote.

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

Trading Calendar:

By my rules, at this point in the cycle I can trade April diagonal, butterfly, vertical 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.

Good trading!

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