Traders Corner   10 comments

If the Federal Reserve isn’t going to do anything this week at their meeting, why are the markets so tentative today? Futures are slightly down because, in my opinion, there is a danger of the Fed mentioning plans to taper in September, which is the general expectation. I expect markets will be a bit tentative until Wednesday.

As for the technicals, they aren’t showing any clear direction to me. To use a driving metaphor, there are open lanes in both directions.

The S&P 500 levels to watch today:

UPSIDE: 1697-1698 (3 data points and the all-time high), and 1724 (top of the Bollinger Bands).
LAST CLOSE: 1691, inside the 1690-1693 (6 data points) range.
DOWNSIDE: 1687 (10 day moving average), 1680-1684 (8 data points), 1676-1677 (4 data points), 1671-1672 (2 data points), 1663 (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 and the 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), 1601 (bottom of the Bollinger Bands), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1530 (200 day moving average).


10 responses to “Traders Corner

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  1. My TNA weekly calls expired worthless on Friday. Sold this weeks 59.00 calls this morning for .95 reducing my basis to 56.90. If I’m called out on Friday, my profit for two weeks will be 2.10 3.7%. My original cost is 59.06.

    • You have found a consist winner for yourself — congratulations.

      • Thanks Tom. So far so good. As long as we don’t get a big drop in the market I should be ok with this play. If we do, I can probably work my way out. May have to switch to expiration dates that are further out. I’ll cross that bridge if I get there.

  2. I’m seeing some weakness in the technicals I follow. My guess is we stay flat or slightly down for at least a few days. I wouldn’t expect a big drop unless we get some shock to the system.

  3. Marshall, why are GAME and CYOU tanking? Just because of thisShanda Games Limited, a leading online game developer, operator and publisher in China, announced today that it has entered into definitive agreements to acquire affiliates providing user and payment platform services from its parent company Shanda Interactive Entertainment Limited.

    • Lynn – I am traveling today, so have not seen any news other than CYOU being down 17% on were just ok earnings. They had gone up 34% in past month, so I thought expectations were just too high.

      • Marshall – As of this moment CYOU is 32.82 – about 21% off the high of a few days ago. Do you see it as a buy opportunity?, or would you wait for a lower $?. Or maybe just forget the stock altogether?

  4. Bought TNA again this morning at 57.78. Sold Friday 57.50 calls for 1.45 reducing my basis to 56.33. If I’m called out my profit will be 1.17 2.1%

  5. Another 1:10 reverse split for NUGT coming effective August 20, 2013.

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