Tuesday, April 19, 2011

4/20 Almanac

On Wednesday, April 20: Existing home sales.

There are 31 days before May options expire, 59 the June and 87 the July.

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


Blue chip stocks (SPY) closed the latest regular session up 0.6% from the prior close. During the day SPY traversed 0.7% in a net move up of 0.4%.

The day's extremes: Open $130.76, high $131.35, low $130.44, close $131.31.

SPY traded traded within the DeMark pivots before closing above their range. The next DeMark pivots are $130.88-$131.79.

In total, 2.6 billion shares were traded on the three major U.S. stock exchanges, 9% fewer than on the prior trading day.

Five-year bond yields imply inflation at 2.8%, three basis points higher than the prior trading day.

Econ reports:

The Realtors report on existing home sales at 10 a.m. Eastern. An existing home is the same as a pre-owned home, a used home, a pre-lived residence. It's an odd term, "existing home". Actually, even new homes exist, or at least that's what the buyer hopes.

Also out, Mortgage Bankers on purchase applications at 7 a.m., a leading indicator for housing, and petroleum inventories at 10:30 a.m.

No Fedsters are scheduled to make public appearances.

For oldies but goodies, look at the Federal Reserve web site, where the central bank often posts transcripts of speeches and testimony within a few days of the event.

All markets are closed on Friday.

Trading Calendar:

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

Good trading!

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