5/17 Almanac

On Tuesday, May 17: Housing starts, industrial production.

There are four days before May options expire, 32 the June, 60 the July and 95 the August.

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


Stats

Blue chip stocks (SPY) closed the latest regular session down 0.6% from the prior close. During the day SPY traversed 1.2% in a net move down of 0.3%.

The day's extremes: Open $133.56, high $134.61, low $133.28, close $133.19.

SPY traded entirely within the DeMark pivots. The next DeMark pivots are $132.26-$133.90.

In total, 2.9 billion shares were traded on the three major U.S. stock exchanges, 4% more than on the prior trading day.

Five-year bond yields imply inflation at 2.16%, four basis points lower than the prior trading day.


Econ reports:

The Commerce and Housing & Urban Development departments report on housing starts at 8:30 a.m. Eastern This is a big deal if you believe, as most who follow this stuff do, that the impact of housing rippling through the economy makes it a powerhouse of growth. Of course, if you don't believe that, then it's just, well, hooray for the builders.

The Federal Reserve reports on industrial production at 9:15 a.m. Sometimes a market-mover.

Two weekly retail reports will be released: ICSC-Goldman at 7:45 a.m., and Redbook at 8:55 a.m.

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

No Fedster appearances are on the calendar. The Fed maintains an archive, where it 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 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.


Good trading!