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April 23, 2014  Wed 2:45 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Earnings and global manufacturing data are the main events on today's calendar.

HSBC/Markit releases preliminary purchasing managers indexes for China and Europe during the overnight session, which could potentially affect trading--especially toward metals and energy.

Boeing, Delta Air Lines, Biogen Idec, EMC, Norfolk Southern, Dow Chemical, and General Dynamics report quarterly numbers before the opening bell. Apple, Facebook, Qualcomm, Texas Instruments, Xilinx, Citrix Systems, NXP Semiconductor, E*Trade Financial, and F5 Networks follow in the afternoon.

The only economic reports in the United States are weekly mortgage applications at 7 a.m. ET and crude-oil inventories at 10:30 a.m. ET.

Tomorrow is busier, with initial jobless claims and durable-goods orders. Caterpillar, General Motors, Verizon Communications, United Parcel Service, Eli Lilly, Freeport-McMoRan, and Starwood Hotels & Resorts issue results in the morning. The afternoon is dominated by Microsoft, Amazon.com, Visa, and Starbucks.
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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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