Traders Corner   2 comments

The storm has passed with yesterday’s small drop in the markets, so there is nothing in the short-term technicals to indicate a direction today, although the S&P 500’s Williams %R is still overbought (it was overbought for the majority of May, so it can stay that way for awhile). The McClellan Oscillator is back in neutral territory at 36, so I won’t be daytrading today.

In longer technicals, the S&P 500’s P&F chart is now targeting a 1910 price. That’s bullish, but not conclusive.

The S&P 500 levels to watch today:

UPSIDE: 1680 (July 12th’s high), 1683-1684 (2 data points), 1687 (all-time high), and 1694 (top of the Bollinger Bands).
LAST CLOSE: 1676, inside the 1676-1677 (2 data points) range.
DOWNSIDE: 1671-1672 (2 data points), 1657 (2 data points), 1654 (July 9th’s high and June’s high), 1652 (10 day moving average), 1647 (July 10th’s low), 1644 (July 8th’s high), 1642 (July 9th’s low), 1635 (50 day moving average), 1634 (July 8th’s low), 1632 (July 5th’s high), 1629 (20 day moving average), 1622-1626 (9 data points), 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), 1572 (March’s high), 1563 (bottom of the Bollinger Bands), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1521 (200 day moving average).

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Posted July 17, 2013 by edmcgon in Daytrading, Investing, Market Analysis

2 responses to “Traders Corner

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  1. Thought I’d do a lil book work for my FB holding on a slow day on the board. I’ve been selling weekly calls on the position since I initiated it in April with a basis of 26.52. Since then I’ve been more diligent lately at selling the weekly calls. Here’s the list of calls I sold and at what price.

    July05 25.5C @0.09 expired
    July12 26C @.12 closed at .4 for .8
    July19 27.5C @.06 still open.

    Assuming my July27.5 expires I’ll have worked myself down to a basis of 25.73, which works out to about 2.95%. I’ll look to sell calls over half the position a day or two before earnings with more weekly options, and look for opportunities after to hedge the rest with longer dated calls.

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