Wednesday, June 15, 2011

6/16 Almanac

On Thursday, June 16: Housing starts, jobless claims, Philly survey

There are two trading days before the June options expire, 30 the July, 65 the August and 93 the September.

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


Blue chip stocks (SPY) closed the latest regular session down 1.8% from the prior close. During the day SPY traversed 2.0% in a net move down of 1.0%.

The day's extremes: Open $128.24, high $129.30, low $126.68, close $127.02.

SPY closed below the DeMark pivots after trading within their range. The next DeMark pivots are $125.54-$128.16.

In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, 19% more than on the prior trading day.

Five-year bond yields imply inflation at 2.06%, five basis points lower than the prior trading day.

Econ reports:

Three potentially big market movers: Housing starts and weekly jobless claims, both at 8:30 a.m. Eastern, and the Philadelphia Federal Reserve Bank's survey of economic conditions, with a focus on manufacturing, at 10 a.m.

Also out, the trade balance report at 8:30 a.m., natural gas at 10:30 a.m., and the Federal Reserve's balance sheet and money supply numbers at 4:30 p.m.

Treasury announces funding requirements for 3- and 6-month bills and 30-year TIPS (inflation indexed bonds) at 11 a.m.

Dallas Fed Pres. Richard Fisher, a voting member of the policy-setting Federal Open Market Committee, makes a public appearance. He took office under President George W. Bush. His 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.

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 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.

Good trading!

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