Traders Corner   14 comments

S&P 500 futures are flatly negative this morning. I don’t see anything in the technicals to indicate a strong directional bias.

The S&P 500 levels to watch today:

UPSIDE: 1695-1696 (2 data points), 1698-1700 (2 data points and July’s high), 1703 (August 5th’s low), 1705 (August 6th’s high), 1707 (August 1st’s high and the top of the Bollinger Bands), and 1709 (2 data points and the all-time high).
DOWNSIDE: 1688-1693 (12 data points and the 20 day moving average), 1686 (August 9th’s low), 1682-1684 (3 data points), 1678 (bottom of the Bollinger Bands), 1654 (June’s high and the 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 1546 (200 day moving average).


Posted August 14, 2013 by edmcgon in Daytrading, Investing, Market Analysis

14 responses to “Traders Corner

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  1. I”ve got a boatload of AAPL and thanks to Carl, I’m barely in the green. I hope to sell half at 525 if I get a chance and will let the balance ride to 550.

    Fingers are crossed.

    I have put a stop loss in at 475 which is what I should have done in the first place.

  2. Forgot to post that I doubled my position in AGQ on Monday. Bought at 19.94. Silver versus gold, weekly charts look better for silver.

    • No argument there, as the charts and technicals do look better for silver. I just prefer the economic fundamentals for gold. However, my SLW has been doing quite nicely lately. 😉

  3. Hope everyone is doing well. Just getting back from summer vacation all refreshed. My portfolios did quite well while I was gone. Up over 24% now YTD. I buy 5 stocks using Joel Greenblatt’s approach once a quarter and then hold those stocks for a year, pretty much no matter what. My August 15th portfolio hits it’s one year anniversary tomorrow. It is up 16%.

    8/15/12 Stocks Pct Gain
    DLB 7.1%
    KFY 39.8%
    MSFT 9.5%
    NSU -3.5%
    UIS 27.3%
    Totals 16.1%

    Tomorrow I will replace with 5 new stocks. Pretty sure will come from list: CF, KLIC, FLR, NSU, ORCL and IQNT.

    • very impressive Marshall. Thanks for your tip on NSU a few weeks ago. Made me some money.

    • Welcome back Marshall!

      Not that you asked, but…

      I like CF as a long-term pick, maybe beyond a year. Sweet margins and cash flow, with a low dividend payout ratio (although the divvy yield isn’t much yet).

      KLIC is ok, although I’m not really excited about it.

      FLR is one of those companies I like for their safety. It would be an excellent pick for a retirement portfolio.

      NSU is risky, even for a gold miner. I’ll let you play in this mine.

      ORCL is one of the great tech companies, with clean financials. But they need to pick up that dividend some more. At least get in Intel’s ballpark!

      IQNT has clean financials, but the legal sharks are frenzying around this one. I didn’t look up the details, but what happened here?

  4. Technicals are looking better again for NUGT. Still think 8 is a key level. The last time it broke above that level it failed to hold as it broke down. If we retest 8 again and can hold there, my guess is we will move higher. Next test looks to be around 10. If the pop today holds, tomorrow may give us a clue.

  5. Can anyone suggest a reason not to sell a losing position or two of NUGT, harvest the loss, then buy some AGQ? Assuming one still wants to ride the leveraged precious metals rollercoaster …..

    • there is some basis risk, but seems like a savvy move.

    • John,
      In precious metals, I’m not a mining fan. I either buy streamers like SLW or etf’s like AGQ. The only caveat I would add to this is: Are you planning to hold AGQ for longer than a week? Remember, the longer you hold a leveraged play, the more you lose to the leverage over time (unless it goes parabolic, which is unusual).

  6. Trader I always read and think about your posts on technicals and charting. Question, when there is a big run up in a stock (Apple over the last 3+ weeks) and then there is a stock moving announcement — Icahn’s buying — do technicals/charts still give you a reason to buy, sell or hold? Or are the technicals/charts push into the dark because of say crowd buying or selling?

    • My indicators for Apple have been positive since around the first of July. When it retested the 400 area and held it started to gain technical strength. I don’t own Apple, but if I did I won’t sell or buy here. Wth this big move up the last few days I wouldn’t be surprised to see the traders taking some profit. If it holds above the 450-475 level on a pullback, my guess is it will move above its current price. It is currently overbought on the daily charts and I wouldn’t expect much more to the upside before it pulls back some. If you were fortunate enough to buy around 400 taking some of the table here would make sense.

      • I summarize that crowd buying or selling doesn’t effect the technicals. Thanks. And for me, I bought Apple too early: first buy was at $512.59 and last buy was $439.49 and five buys averaging at $486.81.

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