Friday, June 3, 2011

6/6 Almanac

On Monday, June 6: No econ reports.

There are 12 trading days before the June options expire, 40 the July, 75 the August and 103 the September.

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


Blue chip stocks (SPY) closed the latest regular session down 1% from the prior close. During the day SPY traversed 1% in a net move up of 0.2%.

The day's extremes: Open $130.15, high $131.42, low $130.08, close $130.42.

SPY closed below the DeMark pivots after trading within their range. The next DeMark pivots are $130.25-$131.59.

In total, 2.9 billion shares were traded on the three major U.S. stock exchanges, 2% fewer than on the prior trading day.

Five-year bond yields imply inflation at 2.10%, one basis point higher than the prior trading day.

Econ reports:

There are no econ reports schuled for release on Monday.

Treasury auctions 3- and 6-month bills at 11:30 a.m., announces 4-week bill funding requirements at 11 a.m. and reports on Treasury STRIPS activities at 3 p.m.

Three Fedsters speaking, including the big cheese:

Fed Chairman Ben Bernanke addresses a meeting of the International Monetary Council at 3:45 p.m. Eastern. Think lots of high-powered bankers in really expensive suits.

Two lesser but still powerful Fedsters, Dallas Fed Pres. Richard Fisher and Philadelphia Fed Pres. Charles Plosser, will appear in other venues. Both are voting members of the Federal Open Market Committee, which holds the power of inflation or deflation over us all.

Fisher's resume shows institutional ties to former Secretary of State Henry Kissinger’s strategic advisory firm, the private bank Brown Brothers Harriman Inc., and his own money management firm.

Plosser has past institutional ties to Chase Manhattan Bank, Eastman Kodak Co., Wyatt Co., ViaHealth Inc., RGS Energy Group Inc. and Chase Manhattan Bank, all in consulting or advisory capacities. He also co-chaired the Shadow Open Market Committee, which second-guessed the Fed’s monetary policy.

All three men were appointed by President George W. Bush.

The Federal Reserve maintains an archive, where it posts transcripts of speeches and testimony within a few days of the event.

The week, in terms of econ reports at least, limps along until Thursday, when the government releases two potentially major market movers: International trade and weekly jobless claims.

Trading Calendar:

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

Enjoy the weekend!

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