Traders Corner   4 comments

Yesterday’s ramp-up was due to a Wall Street Journal article from the Federal Reserve’s unofficial mouthpiece, Jon Hilsenrath (subscription required), which stated basically that tapering won’t begin with next week’s FOMC meeting.

But today is another day. Futures are flat at the moment. I don’t see anything in the technicals to indicate a direction. I definitely wouldn’t short the market here, since we are heading into a Fed meeting next week, especially considering that no bad news is expected from it. On the other hand, the 1697-1698 range has proven to be a sturdy resistance level, so any moves up are likely to encounter sell-offs at new highs. If you do play the long, take anything you can get and don’t get greedy.

The S&P 500 levels to watch today:

UPSIDE: 1697-1698 (3 data points and the all-time high), and 1722 (top of the Bollinger Bands).
LAST CLOSE: 1690, inside the 1690-1693 (5 data points) range.
DOWNSIDE: 1686 (10 day moving average), 1680-1684 (8 data points), 1676-1677 (3 data points), 1671-1672 (2 data points), 1659 (20 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), 1643 (50 day moving average), 1642 (July 9th’s low), 1634 (July 8th’s low), 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), 1595 (bottom of the Bollinger Bands), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1529 (200 day moving average).


4 responses to “Traders Corner

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  1. Google “up for debate at fed” then click the link under news to view the full wsj article. This always works for anyone without a wsj subscription. Usually works for barrons also.

  2. Following in Marshall’s footsteps I sold off almost 25% of my CIM for a 5.65% gain before dividends. This was a long term capital gain (23 months) and I collected 22 monthly dividends averaging about 10%/year. The remaining 75% of my CIM holdings are almost 15% under water but with dividends I am slightly to the good. Have decided to hold these shares (at least for the time being), collect my monthly dividends, and hope for a share price increase to get me back to even and then review for a possible sell.

  3. Tom – hope you got a slightly better price than me. I have indicated interest today in my first ever IPO, which is through my Fidelity account. The IPO is sfm, which is looks like a competitor to whole foods. I will let everyone know how it goes.

    • Thanks for heads up Marshall. I go to sprouts once a week when I’m in Lubbock. About the only option in that smaller city for certain foods like bison, swiss chard, organic leeks,etc.


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