Friday, September 9, 2011

9/12 Almanac

On Monday, Sept. 12: No econ reports. A dissident Fedster speaks.

There are five trading days before the September options expire, 40 the October, 68 the November and 96 the December.

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


Blue chip stocks (SPY) closed the latest regular session down 2.6% from the prior close. During the day SPY traversed 2.8% in a net move down of 1.5%.

The day's extremes: Open $117.68, high $118.60, low $115.28, close $115.92.

SPY closed below the DeMark pivots after trading within their range. The next DeMark pivots are $117.82-$119.99.

In total, 3.2 billion shares were traded on the three major U.S. stock exchanges, 10% more than on the prior trading day.

Five-year bond yields imply inflation at 1.74%, four basis points lower than the prior trading day.

Econ reports:

There are no economics reports scheduled for release on Monday.

Treasury auctions 3- and 6-month bills at 11:30 a.m. Eastern and 3-year notes at 1 p.m., and announces funding requirements for 4-week bills at 11 a.m.

Dallas Fed Pres. Richard Fisher gives a speech after the U.S. stock and bond markets close to the National Conference of Business Economics.

Fisher, who has a vote in setting monetary policy, dissented in the August Federal Open Market Committee vote to hold interest rates low through at least mid-2013.

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 of speeches and testimony.

Later in the week, look for the producer price index and retail sales on Wednesday, and the consumer price index, jobless claims, industrial production and the Philadelphia Fed survey on Thursday.

Trading Calendar:

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

Enjoy the weekend!

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