Thursday, September 22, 2011

9/23 Almanac

On Friday, Sept. 23: No econ reports.

There are 29 trading days before the October options expire, 57 the November, 85 the December and 120 the January.

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


Blue chip stocks (SPY) closed the latest regular session down 3.2% from the prior close. During the day SPY traversed 2.6% in a net move down of 0.3%.

The day's extremes: Open $113.25, high $114.21, low $111.30, close $112.86.

SPY traded entirely below the DeMark pivots. The next DeMark pivots are $110.63-$113.54.

In total, 4.6 billion shares were traded on the three major U.S. stock exchanges, 21% more than on the prior trading day.

Five-year bond yields imply inflation at 1.50%, 19 basis points lower than the prior trading day.

Econ reports:

No reports on the state of the economy are scheduled for release.

Two Fedsters are at the podium.

New York Fed Pres. William Dudley has a vote in setting monetary policy. In recent meetings, he voted with the majority in favor of further monetary easing. Dudley took office under President Barack Obama. His resume shows institutional ties to Goldman Sachs and the Congressional Budget Office under Presidents Bill Clinton and George W. Bush.

San Francisco Fed Pres John Williams, an alternate member of monetary committee, took office under President Barack Obama. He came up through the Fed system.

The Federal Reserve maintains an archive of speeches and testimony.

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 January or later straddles, strangles, calls and puts. And of course, shares are good at any time.

Good trading!

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