5/16 Almanac

On Monday, May 16: Global capital, housing market

There are five days before May options expire, 33 the June, 61 the July and 96 the August.

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


Stats

Blue chip stocks (SPY) closed the latest regular session down 0.8% from the prior close. During the day SPY traversed 1.3% in a net move down of 0.8%.

The day's extremes: Open $135.15, high $135.34, low $133.56, close $134.04.

SPY closed within the DeMark pivots after trading above their range. The next DeMark pivots are $132.91-$134.69.

In total, 2.8 billion shares were traded on the three major U.S. stock exchanges, 11% fewer than on the prior trading day.

Five-year bond yields imply inflation at 2.20%, six basis points lower than the prior trading day.


Econ reports:

Dawn breaks with a report by the New York Federal Reserve Bank on manufacturing in New York, and since as goes New York, so goes the nation (at least in the eyes of New Yorkers), it is considered a possible market mover, although not a major one. Out at 8:30 a.m. Eastern

The Treasury Department follows at 9 a.m. with the international capital report -- how much they over there are investing in us right here, and vice versa.

And the Home Builders release their housing market index at 10 a.m.

Treasury auctions 3- and 6-month bills at 11:30 a.m., and announces future auction plans for 4-week bills at 11 a.m.

Nary a Fedster in sight. Previous sightings of the rare plumed and bald central banker are tracked by the Federal Reserve in an archive, where it posts transcripts of speeches and testimony within a few days of the event.

Later in the week, look for housing starts and industrial production on Tuesday, the Federal Reserve's monetary policy committee minutes on Wednesday, jobless claims, existing home sales and the Philly Fed survey (as goes Philadelphia, so goes the nation?) on Thursday, and an entirely empty econ day on Friday. A good day for traders to medidate on nothingness.


Trading Calendar:

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


Enjoy the weekend!