TRADING WEEK APRIL 22-26

The market finally had a serious pullback last week. The SPY dropped 3.1%. There doesn't seem to be a major panic, however. The VIX was only up 8.1% and it was still higher than the VIX futures. The futures barely budged. The intraday trading ranges for the SPY this past week were 11.72, 4.29, 7.10, 5.60 and 6.62. The hi-lo for the week was 21.46. The butterfly finished way out of the money. The week starts out with some pedestrian numbers with New Home Sales coming out on the 23rd at 10:00amET. On the 25th GDP comes out at 8:30am ET. That would have to be way out of line to cause to market to get nervous. On the 26th, Personal Income, Personal Spending and the PCE come out at 8:30am ET. The PCE number in particular could be significant since it is inflation related. The SPY 26Apr24 496 straddle looks rich at 9.15 but the market is moving so it's worth a shot. It's a big earnings week with VZ reporting before the open on the 22nd. On the 23rd FCX, HAL, GM, PEP and UPS report before the opening, while the big daddy, TSLA, reports after the close. On the following day T and BA report before the oping while F and the star attraction, META, report after the close. On the 25th AAL, AZN, BMY, CMSCA, DOW and PCG release before the opening while INTC and the main attraction, MSFT, release after the close. On the 26th XOM releases before the opening.