Traders Corner   11 comments

I personally hope the markets finish up today, because it will set up a perfect short opportunity on Monday. The McClellan Oscillator closed at 55.98 yesterday, just below the overbought condition at 60. The Williams %R is still overbought too.

Unfortunately, the futures are flatly negative this morning, so we may not get the perfect set up. I have no doubt that Google and Microsoft’s disappointing earnings will weigh on the markets today. On top of that, the S&P 500 set a new all-time high yesterday (1693). However, the S&P’s P&F chart raised the bar too, with a new bullish target at 1940.

Overall, I would call the markets overbought, with long-term trends turning more bullish, but preparing for a short-term dip.

The S&P 500 levels to watch today:

UPSIDE: 1693 (July 18th’s high and the all-time high), and 1706 (top of the Bollinger Bands).
LAST CLOSE: 1689.
DOWNSIDE: 1683-1684 (3 data points), 1680-1681 (2 data points), 1676-1677 (3 data points), 1671-1672 (2 data points), 1666 (10 day moving average), 1657 (2 data points), 1654 (July 9th’s high and June’s high), 1647 (July 10th’s low), 1644 (July 8th’s high), 1642 (July 9th’s low), 1638 (50 day moving average), 1634 (July 8th’s low), 1633 (20 day moving average), 1632 (July 5th’s high), 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), 1560 (bottom of the Bollinger Bands), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1523 (200 day moving average).

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Posted July 19, 2013 by edmcgon in Daytrading, Investing, Market Analysis

11 responses to “Traders Corner

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  1. Marshall, BBEP is up 12.16% since I bought it on 7/9. Thanks for posting this company and your thoughts.

  2. Anyone have thoughts on ISRG? hammered over the last couple weeks. overdone?

    • Hello Joel, Do you still have BBRY? I gave up on them and let go on earning date.

      • Sorry, I think the only hope for BBRY is a buy out. Not sure I’d hold it for the possibilities of one but you would think someone would buy if only for the patents??

      • yes I do… obviously disappointed in the sales from the last release, but I’m still bullish on the actual products they are putting out. I don’t think they have a clue how to properly market them though. I’m willing to be a little more patient (read: 1-2 quarters) to see some signs of life.
        could be wrong…

  3. Follow-up to my July 16 post on COP. Sold it this morning after collecting yesterday’s dividend plus another $0.54 in share price. Told gain including dividend is 44.02% and taxed at dividend rate or long term gain. Still have shares in my 401K and will hold as long as the dividend holds out.
    If oil should drop and if COP/other oil companies drop with a drop in oil pricing I may add to my COP shares in my 401K.

  4. Marshall… I followed you in purchasing SLCA 4 weeks ago. It’s now up from 19.50 to 23.50 – up 20.5% taking into account dividends. Any thoughts of selling? What’s your hopes for SLCA?

    • Howie – it is up nicely. My purchase was not quite at you bottom, but I am up 16.5% since June 4th. I break my portfolio into partitions to invoke some discipline. SLCA is in my dividend portfolio, which means (to me) it is more investment than trade. So I plan to hold for at least the medium term. Recall that I hate paying short term taxes, so unless the story ally changes, I will try to hold for at least a year.

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