Tuesday, June 28, 2011

6/29 Almanac

On Wednesday, June 29: Pending home sales, crude inventories

There are 17 trading days before the July options expire, 52 the August, 80 the September and 115 the October.

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


Blue chip stocks (SPY) closed the latest regular session up 1.3% from the prior close. During the day SPY traversed 1.1% in a net move up of 0.9%.

The day's extremes: Open $128.45, high $129.63, low $128.27, close $129.61.

SPY closed above the DeMark pivots after trading within their range. The next DeMark pivots are $128.94-$130.30.

In total, 2.5 billion shares were traded on the three major U.S. stock exchanges, barely changed from the prior trading day.

Five-year bond yields imply inflation at 1.93%, five basis points higher than the prior trading day.

Econ reports:

The Realtors report on pending home sales -- contracted, not closed -- at 10 a.m. Eastern. It's a leading indicator for sales of homes that aren't brand new, which is the bigger shares of the market.

Petroleum inventories will be released at 10:30 a.m.

Both can on occasion move markets; a petroleum report surprise, of course, has large impact on the energy sector.

Also out: the Mortgage Bankers on home purchase applications at 7 a.m., and farm prices at 3 p.m.

Treasury auctions 7-year notes at 1 p.m.

Federal Reserve Gov. Sarah Bloom Raskin, who has a vote in setting monetary policy, gives a speech. Appointed by President Barack Obama, she had institutional ties to Maryland state government and the Conference of State Bank Supervisors and Promontory Financial Group LLC.

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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