Traders Corner   15 comments

The bulls look ready to run: Futures are up and sentiment is positive (call it a “Bernanke love-fest”). We might even challenge the S&P 500’s all-time high today (1687).

But sentiment will only carry us so far. We have had a pretty good run-up so far in July. The S&P is already up 3% from the low on July 3rd (from 1604 to yesterday’s close at 1652). A big day today could force a technical sell-off tomorrow. The Williams %R is already overbought, and a big day could push the McClellan Oscillator to overbought (it closed yesterday at 39, and 60 is overbought).

If you were looking for a good day to sell, today might be it.

The S&P 500 levels to watch today:

UPSIDE: 1654 (July 9th’s high and June’s high), 1657 (July 10th’s high), 1663 (top of the Bollinger Bands), and 1687 (all-time high).
LAST CLOSE: 1652.
DOWNSIDE: 1647 (July 10th’s low), 1644 (July 8th’s high), 1642 (July 9th’s low), 1634 (July 8th’s low), 1632 (July 5th’s high), 1629 (50 day moving average), 1622-1626 (9 data points and the 10 day moving average), 1619 (20 day moving average ), 1618 (July 3rd’s high), 1614 (July 5th’s low), 1606-1610 (2 data points), 1604 (July 3rd’s low), 1597 (April’s high), 1581 (May’s low), 1574 (bottom of the Bollinger Bands), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1516 (200 day moving average).

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Posted July 11, 2013 by edmcgon in Daytrading, Investing, Market Analysis

15 responses to “Traders Corner

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  1. Bought NSU at 3.03. Should have bought yesterday when making my c-h-e-a-p case.

  2. I have been missing the comments from Mike, Trader, and Seattle. Where did everyone go?

  3. Getting killed with TZA lately. Not fun being short. Whole world seems to be in severe recession and “Helicopter Ben” is still manipulating the market. Sooner or later the market will meet reality. Not sure if I can remain solvent longer than the insanity.

  4. I sold 1/2 my CIM today. My all in entry price was 2.77 and I sold at 2.91 plus 18 cents of dividends. When I bought them, I commented that I liked that they traded so far below book value. While that is still true (BV was 3.55 last time I looked), their book value is likely pretty levered to interest rates (they work in many ways like a bond). I still have a pretty good chunk, but it was my fifth largest position which was too high for me as I saw their volatility with interest rates.

  5. From what I’m reading 1680’s should be tops and 1650’s support in the B wave. I plan to buy upro again if 1650’s holds and the indicators stay bullish. I sold Wednesday because there was a chance 1650’s was top for a pull back to 1590’s.
    I like this Elliot Wave most diff winter reading. Have a few questions about reading indicators may have found something I’m missing. Will ask soon just have to think about it for a bit.

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