Sunday, January 19, 2014

The Week Ahead: Home sales

The U.S. markets will be closed on Monday for the holiday honoring the civil-rights activist Martin Luther King. The other major market centers -- London, Tokyo and Sydney -- will be open for business.

The one major report of the week is existing home sales, to be released Thursday at 10 a.m. New York time.

Leading indicators (in descending order of importance):

The interest rate spread between 10-year Treasuries and the federal funds rate, reported continually during market hours.

The M2 money supply, at 4:30 p.m. Thursday.

The S&P 500 index, reported continually during market hours.

Average weekly initial jobless claims, at 8:30 a.m. Thursday. 

Other reports of interest:

Thursday: The PMI manufacturing index flash release shortly before 9 a.m. and petroleum inventories at 11 a.m. The petroleum report was moved from its normal Wednesday release because of the holiday


The Federal Reserve glitterati have no public appearances scheduled.

Analytical universe

This week I shall be analyzing new bull and bear signals among 3,863 stocks and exchange-traded funds that have some analyst interest. They are traded both on the major U.S. exchanges and over-the-counter. My universe is selected from small-cap stocks and larger, defined as market capitalization of $1 million and greater.

Trading calendar

By my rules, I'm trading February options for the short legs of vertical, diagonal and calendar spreads and covered calls, and for all legs of butterfly spreads and iron condors. I'm trading May options for single calls and puts as well as straddles. Shares, of course, are good at any time.

Good trading.

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