Traders Corner   5 comments

Nothing new to report here, except the S&P 500 is running out of upside resistance. The futures are looking flatly negative.

The S&P 500 levels to watch today:

UPSIDE: 1716 (top of the Bollinger Bands).
LAST CLOSE: 1709 (August 2nd’s high and the all-time high).
DOWNSIDE: 1707 (August 1st’s high), 1700 (August 2nd’s low), 1698 (July’s high), 1689-1693 (9 data points and the 10 day moving average), 1682 (20 day moving average), 1654 (June’s high), 1649 (bottom of the Bollinger Bands), 1647 (50 day moving average), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), and 1537 (200 day moving average).

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Posted August 5, 2013 by edmcgon in Daytrading, Investing, Market Analysis

5 responses to “Traders Corner

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  1. Bought TNA this morning at 60.07. Sold two weekly calls. 60.00 for 1.08. If called out profit will be 1.01 1.7%. 61.00 for .76. If called out profit will be 1.69 2.8%

  2. looks like the only bad thing that could happen would be if TNA drops below 58.23?

    • jeff, not really. I’ll just sell the next week calls and continue to reduce my basis. The real risk would come with a much larger drop. In that case, I might have to sell calls with a longer expiration date in order to work out of the position.

  3. Really just testing to see if I understand correctly. Trader, you have inspired me to start sell some calls on my positions. I have an INTC position that has low volatility and might work

  4. Great insight. Thanks for the insights Trader.

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