Thursday, April 28, 2011

4/29 Almanac

On Friday, April 29: Wotcha made, wotcha spent, wotcha saved. Oh, and a coupla kids are getting hitched in Merry Old E.

There are 22 days before May options expire, 50 the June, 78 the July and 113 the August.

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


Blue chip stocks (SPY) closed the latest regular session up 0.3% from the prior close. During the day SPY traversed 0.4% in a net move up of 0.5%.

The day's extremes: Open $135.43, high $136.01, low $135.41, close $136.11.

SPY traded entirely within the DeMark pivots. The next DeMark pivots are $135.76-$136.36.

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

Five-year bond yields imply inflation at 2.46%, seven basis points higher than the prior trading day.

Econ reports:

Commerce releases stats on personal income and outlays, and subtract the latter from the former, and you get the savings. A pretty good measure of consumer confidence and financial stress, in my book. Out at 8:30 a.m. Eastern. Sometimes a market mover.

Also out, the employment cost index -- that's wages and benefits -- at 8:30 a.m., and the Chicago purchasing managers index at 9:45 a.m. As goes Chicagoland, so goes the nation.

The employment cost index asks: What do you, Dear Worker, cost your boss? Think about it: Are you worth it in your boss's eyes. Then be afraid. Be very afraid.

And there's more: The University of Michigan/Reuters consumer sentiment index at 9:55 a.m. and farm prices at 3 p.m.

Fed Chairman Ben Bernanke gives a speech at a conference.

The Federal Reserve maintains an archive where it posts transcripts of speeches and testimony within a few days of the event.

Trading Calendar:

A change in the rules for straddles, strangles and simple long calls and puts: I've pushed the minimum time out from 60 days to 90 days. So...

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 August or later straddles, strangles, calls and puts. And of course, shares are good at any time.

Good trading!

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