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July 30, 2013  Tue 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Today's calendar features European data, home prices, and consumer confidence.

European economic sentiment will be announced early in the session and could affect sentiment before the opening bell.

The Case-Shiller home-price index for May is the first release in the United States, scheduled for 9 a.m. ET. Economists expect an increase of 10.5 percent, down from 12.1 percent in April.

Consumer confidence follows at 10 a.m. ET. Forecasters are looking for a reading of 81.6, up from 81.4 in June.

Earnings also remain busy, with Pfizer, Alliance Data Systems, Alcatel-Lucent, and Barclays scheduled for before the opening bell. MasterCard, Take-Two Interactive, Allergan, and Amgen follow in the afternoon.

Wednesday is even more active, including private-sector payrolls, second-quarter economic growth and the Federal Reserve's interest-rate decision.
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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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