Monday, June 27, 2011

6/28 Almanac

On Tuesday, June 28: Metro home prices, consumer confidence.

There are 18 trading days before the July options expire, 53 the August, 81 the September and 116 the October.

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


Blue chip stocks (SPY) closed the latest regular session up 0.9% from the prior close. During the day SPY traversed 1.4% in a net move down of 0.8%.

The day's extremes: Open $126.89, high $128.43, low $126.64, close $127.94.

SPY closed above the DeMark pivots after trading within their range. The next DeMark pivots are $127.29-$129.08.

In total, 2.5 billion shares were traded on the three major U.S. stock exchanges, 41% fewer than on the prior trading day.

Five-year bond yields imply inflation at 1.88%, two basis points higher than the prior trading day.

Econ reports:

The S&P Case Shiller home price index is out at 9 a.m. Eastern. Unlike other real-estate indexes, this one recognizes that all housing markets are local, providing figures for 20 metropolitan areas.

The Conference Board issues its consumer confidence report at 10 a.m.

Both of those reports can, on occasion, move markets, although they're second-tier on the seismic scale.

Also out: Two weekly retail reports: ICSC-Goldman at 7:45 a.m. and Redbook at 8:55 a.m., and the State Street investor confidence index, at 10 a.m.

Treasury auctions 4- and 52-week bonds at 11:30 a.m., and 5-year notes at 1 p.m.

No Fedsters on the docket. However, I highly recommend Kansas City Fed Pres. Hoenig's remarks on banking reform, delivered on Monday, and especially the Q&A that followed. The event is available on C-SPAN.

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

Good trading!

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