Monday, September 12, 2011

9/13 Almanac

On Tuesday, Sept. 13: Import/export prices, Treasury budget.

There are four trading days before the September options expire, 39 the October, 67 the November and 95 the December.

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


Blue chip stocks (SPY) closed the latest regular session up 0.7% from the prior close. During the day SPY traversed 2.4% in a net move up of 1.9%.

The day's extremes: Open $114.47, high $116.76, low $114.05, close $116.67.

SPY traded entirely below the DeMark pivots. The next DeMark pivots are $115.36-$118.07.

In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, 3% fewer than on the prior trading day.

Five-year bond yields imply inflation at 1.71%, three basis points lower than the prior trading day.

Econ reports:

The Labor Dept. releases import and export prices at 8:30 a.m. Eastern, and the Treasury provides politically sensitive budget deficit numbers at 2 p.m. The reports have at times had some market impact, but they aren't in the top tier of market movers.

Also out, the National Federal of Independent Businesses optimism index at 7:30 a.m., and retail reports from ICSC-Goldman and Redbook at 7:45 a.m. and 8:55 a.m., respectively.

(Just in passing: There are two classes of people whom I have never seen display great optimism: Farmers, and small-business owners. Given their market vulnerabilities and lack of resources, I would say they had good reason for pessimism.)

Treasury auctions 4-week bills at 11:30 a.m. and 10-year notes at 1 p.m.

No Fedsters are at the podium.

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.

Good trading!

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