Wednesday, May 25, 2011

5/26 Almanac

On Thursday, May 26: GDP, jobless claims.

There are 23 trading days before the June options expire, 51 the July, 86 the August and 114 the September.

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 1.2% in a net move up of 0.7%.

The day's extremes: Open $131.42, high $132.94, low $131.38, close $132.39.

SPY closed above the DeMark pivots after trading within their range. The next DeMark pivots are $131.89-$133.45.

In total, 2.8 billion shares were traded on the three major U.S. stock exchanges, 2% more than on the prior trading day.

Five-year bond yields imply inflation at 2.12%, unchanged from the prior trading day.

Econ reports:

The Commerce Department takes a second stab at the 1st quarter gross domestic product figures at 8:30 a.m. Eastern. A month ago the advance numbers showed GDP up 1.8%. Thursday's release is the preliminary figures.

If the advance-preliminary-final terminology seems less than straightforward, then remember that the Commerce Department, like all federal agencies, does nothing without carefully thinking it through via consideration by a series of committees composed of really smart people. You do realize that, yes?

Also out, weekly jobless claims and the Commerce Department's corporate profits report, both at 8:30 a.m., and the natural gas report at 10:30 a.m.

The Federal Reserve releases its balance sheet and money supply report at 4:30 p.m.

Treasury auctions 7-year notes at 1 p.m. and announces funding needs for 3- and 6-month and 52-week bills at 11 a.m.

No opining Fedsters decorate the calendar for Thursday.

The Federal Reserve 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 September or later straddles, strangles, calls and puts. And of course, shares are good at any time.

Good trading!

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