Traders Corner   11 comments

The S&P 500 levels to watch today:

UPSIDE: 1639 (August 21st’s low), 1641 (August 28th’s high), 1645-1646 (3 data points), 1652 (2 data points), 1654 (June’s high), 1656 (2 data points), 1658-1659 (4 data points and the 50 day moving average), 1663-1664 range (2 data points), 1673 (20 day moving average), 1679 (August 15th’s high), 1682-1684 (4 data points), 1686 (August 9th’s low), 1688-1693 (12 data points), 1695-1696 (3 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), 1709 (2 data points and the all-time high), and 1724 (top of the Bollinger Bands).
LAST CLOSE: 1634.
DOWNSIDE: 1629 (August 27th’s low), 1627 (August 28th’s low), 1623 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), and 1559 (200 day moving average).

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Posted August 29, 2013 by edmcgon in Daytrading, Investing, Market Analysis

11 responses to “Traders Corner

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  1. I sold SCO this morning for $27.15. That’s an increase of 0.04% today, and a 1% profit overall.

  2. I added a half position of SPXU at $22.58.

  3. Anyone still following NUGT? I feel like I’m carrying a boat anchor.

  4. Marshall, Something wrong with Game’s earning report. It was up prehour and now it is tanking.

    • Lynn,
      Citigroup had a negative comment about the company’s game strategy after the earnings report:

      Shanda Games Ltd. (NASDAQ:GAME): Though Citigroup keeps its Buy rating on shares of Shanda, the firm is doubtful of the company’s strategy of developing its G-Home platform rather than using established channels such as third-party Android app stores. “The company hopes to leverage the success of Million Arthur in China to attract more gamers to the G-Home platform. We are cautious on how this strategy would work out, mainly due to the limited user base of Shanda Games,” the analyst wrote.

    • Yes, I saw that. I had a sell order at 4.89 and it got to about 4.81 and then crashed below 4.20. I read the transcript and Ed is correct that there is a lot of angst over their mobile strategy. It feels way oversold to me, given the quarter and positive guidance. I will simply hold it and see if GAME recovers.

  5. I sold SPXU at $22.60 for a tiny 0.09% profit. I am not comfortable carrying it overnight without greater technical support.

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