Traders Corner   10 comments

Until the S&P 500 tests the 50 day moving average (1679), or until the technicals enter oversold territory, I am not ready to make any kind of predictions.

The S&P 500 levels to watch today:

UPSIDE: 1694 (September 24th’s low), 1697-1698 (2 data points and July’s high), 1700-1701 (2 data points), 1704-1705 (2 data points), 1707-1711 (3 data points and August’s high), 1720 (September 19th’s low), 1725 (September 20th’s high), 1729 (2 data points and the all-time high), and 1736 (top of the Bollinger Bands).
LAST CLOSE: 1692.
DOWNSIDE: 1691 (2 data points), 1687-1689 (3 data points and May’s high), 1684 (September 10th’s high), 1681-1682 (2 data points), 1679 (50 day moving average), 1678 (September 11th’s low and the 20 day moving average), 1675 (September 10th’s low), 1672 (September 9th’s high), 1664 (September 6th’s high), 1659 (September 5th’s high), 1651-1656 (4 data points and June’s high), 1640 (September 6th’s low), 1637 (September 4th’s low), 1633 (September 3rd’s low), 1627 (August’s low), 1621 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), and 1586 (200 day moving average).

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Posted September 26, 2013 by edmcgon in Daytrading, Investing, Market Analysis

10 responses to “Traders Corner

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  1. I added a small position of SPXU at $20.06, will sell at $20.27 or best price before the end of today.

  2. I sold SPXU at $20.24, for a 0.89% profit. I’m not going to get greedy with this one.

  3. Thoughts on SLW? Yesterday it closed above the 50-day MA.

    • SLW is a long-term hold for me. Unless I have a reason to think gold and silver should tank, which I don’t, then I’m still holding.

      However, if you’re playing it short-term, this week would have been concerning. It did close below the 50 day MA a few days ago. But since it came back, I’d call that a good sign.

      On the other hand, if you are looking for a chance to buy SLW, now is the time. Anything below $25 is a good buy.

  4. Ed, is Yahoo still a good buy now?

    • Hard to say Lynn. It just ripped through upper resistance (around $32.25-32.50) today. If it can close above it today and tomorrow, then I’d say yes. If not, I’d look to get it closer to $28.

      Now if you are looking to play it as a long-term buy, then I am still maintaining my 5-10 year price target of $160. It may hit that level a lot sooner if the Fed continues with QE.

    • lynn – did you buy CYOU when we discussed it a week or two ago? It has had a nice 10% pop today.

    • Hello Marshall, I did buy it on that day at 32 it but then sold it yesterday. 😦

  5. Ed, Your thoughts on GE?

    • Curious George, what’s not to like about GE? They did have to lower their dividend during the financial crisis, but they have been raising it since 2010. GE has one of the most diversified businesses around. Their financials are mostly clean, although I would like to see their debt/equity come down (a little high at 3 times), but they still have good levered free cash flow ($11.4 billion). Their dividend payout ratio is at the safety limit (51%), but their yield is good for a company their size (3.2%). I would prefer to buy them under $24 though. Still, as a long-term dividend play, I’d call them a “buy” now.

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