Durable goods orders dominate the week's econ reports. The report, out Thursday at 8:30 a.m. Eastern, tracks purchases of big-ticket items, from mini-fridges for your dorm room to Boeing 777 aircraft for your vacation flight to Asia.
Gross domestic product will be reported Friday at 8:30 a.m. But since it's the third time around for these 1st quarter numbers, I don't consider then to be significant to the market (barring a major revision, which is rare).
All in all, it's not a busy week. Durable goods, plus change.
Leading indicators out this week:
Thursday: Weekly unemployment compensation claims at 8:30 a.m.
Friday: The index of consumer expectations from the Reuters/University of Michigan consumer sentiment report, at 9:55 a.m.
Traders should also keep an eye on these financial leading indicators: The M2 money supply, out Thursday at 4:30 p.m. from the Federal Reserve, and two reported continually during market hours: The S&P 500 index and the interest rate spread between 10-year Treasuries and the federal funds rate.
Also, I like to keep an eye on the Baltic dry index of world shipping, updated daily.
Other reports of interest:
Wednesday: New home sales (the smaller part of the market) at 10 a.m., and petroleum inventories at 10:30 a.m.
Thursday: Pending home sales (contracted, not closed) at 10 a.m.
By my rules, as of Monday I can trade August vertical and butterfly spreads, the short legs of diagonal spreads, and iron condors, and October single options and straddles. Of course, shares are good at any time.
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