Daytraders corner   38 comments

The markets are caught between an overvalued state, and the need to maintain that overvalued state until the end of the day today. The index futures have remained flat after the Consumer Spending and Income reports to day (the reports were mostly in line with expectations, as spending was a little higher than expected even as income was a little lower), so the economy won’t impact what the markets do today.

For the S&P 500, my tea leaves are calling for a flat day, with a possible peak at 1405 (the 10 day moving average). The next level on the downside is 1389 (the 20 day moving average). If the S&P drops that far, it might be a good time to go long, but make sure you get out by the end of the day. Next week is a new week, and it isn’t looking optimistic. That 1389 level will likely be visited next week, and possibly lower.

If you are looking to sell a long position, or buy a short position for next week, today is your day.


Posted March 30, 2012 by edmcgon in Daytrading, Market Analysis

38 responses to “Daytraders corner

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  1. The contrary view – 5:44 PST market if opened right now would be 1410+ spy is up .62 dollar is down-forex .42% which is a lot- look to dollar to see where we are going but it appears to be up 6 ponts SPX open. More relevant to me nugt is up .48 and JRCC even though that sneaky little MM has it down a penny will be up a dime(guess)

  2. Your software does not give prices pre market????

  3. Skewed?? Ed DIA and SPY are up over a half% We will open up close to the same- after adjusting-2-3 minutes we will be 1410 unless something changes.

  4. SPY .73 up

  5. My average NUGT is 1.07 in the green. Now, just how greedy vs. smart will I be today — that will make the decision on a sell price.

  6. WILD guess 1408+

  7. Sold off 42% of NUGT at $16.20 for a 6% profit. Next sell price is $17.24. Will buy at $15.50 or less.
    Have JRCC buy at $5.01 and sell of 20% at $5.47.
    Bought UCO at 42.98 and will hold over weekend.

    • nice trades-well all but UCO remember I said oil likes to trade in 6-8 week cycles- I think we are in down cycle now-just a guess though.

      • UCO buy is a crazy buy. I don’t think oil is going down and when I say down like under $100. However, if there is any bad news concerning oil, oil could easily go up to $108. And if Israel decides to bomb Iran who knows where UCO would top out (I do not want this to happen). Some are playing the lottery, I am playing oil this weekend.

      • Hey you have one helluva lot better odds then lottery!!!!!!!!!!!

  8. sold my 6.11 JRCC for 6.22 I have plenty left……

  9. Glutton for punishment back in at 5.13 I think we go up at close.

    • Hope you’re right. I would love a .10-.12 pop for the weekend!

      • yes you are going to need the money to pay Kathie for the trip with the stick…………

      • Yep, the BTU calls dropped like a rock today. I’m torn on those. I want to hang tight and wait for a good bounce but I’m also wanting to just buy/sell the calls on the pops and drops like any other stock I’m playing.

      • Thin line- I think learning when to buy is one thing -but when to sell is the tough one

      • Amen. The anxiety that you are going to miss a big pop by selling early into it eats at me pretty hard. I’ve gotten a lot more comfortable with the bunts and singles as you call them, and accepting that I may miss a bigger payday. Funny thing is that I haven’t bailed on a big gainer very many times. The vast majority of time, I made a good call to get out and it is still hard to do! Nobody ever said this game is easy. Addictive, but not easy…

      • Amen to the addictive. I have learned that the consistency for me is in the bunts and singles. When I try to babe Ruth it I am very consistent at losing my fanny……………..

  10. Mike
    Thanks for your interest in NUGT.

    sold today @ 16.37 for a one cent profit

    What was best about this trade, was that I also kept tabs on Gold corp {GG}.
    Yesterday I bought GG @ $44.00 for long term now it’s at $45.08

    • Nice trade I know Jubak likes that one- me I think I look for something else- a certain amount of movement and I am happy. Ideal situation is I am in cash every night. Right now I am only trading 3 things NUGT JRCC and OIL no oil position right now. I will have monday though-missed my entry today.

  11. Mike wins the S&P closing guess with 1408+

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