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August 20, 2013  Tue 2:14 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
The main economic report on today's calendar is the Chicago Fed National Activity Index at 8:30 a.m. ET.

It is one of two regional Fed surveys this week, the other being the Kansas City Fed Manufacturing Index on Thursday. Economic data from the central bank is under close scrutiny as traders look for clues that could indicate the direction of the Fed's monetary policy.

The weekly ICSC-Goldman Store Sales will be released at 7:45 a.m. ET, followed by the Redbook retail numbers at 8:55 a.m. ET, though these reports typically do not sway market sentiment. A larger impact on the retail sector may come from some key earnings announcements this morning.

Companies expected to report before the opening bell include Home Depot, Best Buy, J.C. Penney, Barnes & Noble, and Dick's Sporting Goods. Quarterly results are scheduled tomorrow morning from Lowe's, American Eagle Outfitters, and Toll Brothers.
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Education & Strategy

Sweet Spot Exceptions

As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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