Monday, March 28, 2011

3/29 Almanac

On Tuesday, March 29: Consumer confidence.

There are 18 days before April options expire, 53 the May and 81 the June.

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


Blue chip stocks (SPY) closed the latest regular session down 0.2% from the prior close. During the day SPY traversed 0.7% in a net move down of 0.5%.

The day's extremes: Open $131.58, high $131.92, low $131.05, close $130.98.

SPY closed below the DeMark pivots after trading within their range. The next DeMark pivots are $130.47-$131.45.

In total, 2.4 billion shares were traded on the three major U.S. stock exchanges, 6% fewer than on the prior trading day.

Five-year bond yields imply inflation at 2.65%, one basis point higher than the prior trading day.

Econ reports:

The Conference Board, a private organization of business folk, reports on consumer confidence at 10 a.m. Eastern. Simultaneously, Boston's State Street Corp. reports on investor confidence.

Metro area home prices are tracked by the S&P Case-Shiller index, to be released at 9 a.m. This is my favorite of the real-estate reports, since it is local, and that's what all real-estate markets are.

Also out, two weekly retail reports: ICSC-Goldman at 7:45 a.m. and Redbook at 8:55 a.m.

Treasury auctions 4-week bills at 11:30 a.m., and 5-year notes at 1 p.m.

St. Louis Fed Pres. James Bullard gives a speech.

Bullard doesn't have a seat at the table when it comes to monetary policy. He took office under President George W. Bush. He came up through the Fed system.

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

Trading Calendar:

It's that awkward time for verticals and other strategies that benefit from time decay. The April expiration is too near, and the May expiration, too far.

By my rules, at this point in the cycle I can trade June or later straddles, calls and puts. And of course, shares are good at any time.

Good trading!

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