Traders Corner   9 comments

We are entering “window dressing season” on the markets, otherwise known as the end of the quarter. I don’t see anything definitively negative from the technicals, and the S&P 500 futures are pointing up at the moment, so we could ride out the next 2 days on a positive note. Considering next week is the July 4th week, we could see a big move on Monday, July 1st, followed by light volume the rest of the week. Short-term bullishness seems likely.

Watch out for next Friday, July 5th: We get the monthly U.S. Jobs report. That should also keep trading volume down next Monday-Wednesday (U.S. markets will be closed next Thursday).

The S&P 500 levels to watch today:

UPSIDE: 1606-1608 (3 data points), 1610 (June 12th’s low), 1612 (10 day moving average), 1619 (50 day moving average), 1622-1625 (7 data points and the 20 day moving average), 1628-1630 (3 data points), 1637 (June 12th’s high), 1639-1640 (6 data points), 1644 (June 7th’s high), 1646 (2 data points), 1648 (June 10th’s high), 1652 (June 19th’s high), 1654 (June 18th’s high), 1666 (top of the Bollinger Bands), and 1687 (May’s high and the all-time high).
LAST CLOSE: 1603.
DOWNSIDE: 1597-1599 (3 data points, including April’s high), 1592-1593 (2 data points), 1588 (June 24th’s high), 1584 (June 20th’s low), 1581 (May’s low), 1577 (2 data points and the bottom of the Bollinger Bands), 1572 (March’s high), 1560 (June 24th’s low), 1536 (April’s low), 1530 (February’s high), 1509 (January’s high), and 1508 (200 day moving average).

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Posted June 27, 2013 by edmcgon in Daytrading, Investing, Market Analysis

9 responses to “Traders Corner

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  1. Good news for me to start the session. GTAT was upgraded and is up about 13% at the open. This is sure a volatile stock.

  2. Ed, have you heard of Telus? It is one of the big 3 carriers in Canada? I bought a boatload yesterday and it continues to drop today. Should I add to it? i don’t see Verizon as a threat coming to Canada since they are only allow to buy 10% market share.

    • I can see why you like them. 8 years of dividend increases, and they currently pay over a 4% yield. The payout ratio is a touch high at 62%, but not dangerous yet. The financials are clean with positive free cash flow and decent margins.

      I am curious why you aren’t interested in Bell Canada (BCE)? Their financials are similar to Telus, but BCE pays a better dividend (over 5%), and BCE has the larger market share. I’m not saying BCE is better, just curious why you discount them?

    • Lynn, are you looking at Toronto exchange version or us ADR?

    • Ed, thanks for the feedback. I prefer TELUS because I used to work for them 13 years ago. 🙂

      Marshall, I am looking at the Toronto exchange, t.to.

    • Lynn,
      You may want to double-check that payout ratio for the Toronto Exchange. I’m not sure it’s the same as we’d get in the U.S.

      As for the question of adding to it, I’d wait for the stock to find a bottom first. You may not catch it, and you may even pay more than what it’s selling for now, but you’ll sleep a little better. At least give it another day, if not a week or a month.

  3. Great day for my portfolio. The GTAT upgrade helps, but it is across the board. I am up 1.8%, which is ninety basis points better than index. The nine positions I added during the turmoil are up nicely, with HIG-wt the big winner, up 13.4%. The two positions I sold, NEM and ABR, are down about 2% post sale so so far so good. Still trading the market year t date by a bit more than 2%, so not celebration time yet, but have gained some serious ground last three days (up 4.3%).

  4. Blackberry is reporting tomorrow pre-market. I am excited to see the sales result of bb10.

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