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May 30, 2013  Thu 1:47 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Today's event calendar features a mix of economic news and corporate results.

Europe announces business confidence early in the session, which could have some impact on sentiment. The main reports on this side of the Atlantic follow at 8:30 a.m. ET with weekly jobless claims and a revised first-quarter gross domestic product estimate.

Economists expect that 345,000 Americans sought unemployment benefits for the first time last week, up from 340,000 in the previous period. Lower readings would be potentially positive because it would mean fewer jobs were lost.

The economic-growth is expected to remain at 2.5 percent as previously reported.

Retailers Costco and Big Lots, along with mining-equipment company Joy Global, report earnings before the opening bell.

Japan will announce industrial-production numbers in the evening, which could affect trading Friday morning.
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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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