Traders Corner   9 comments

S&P 500 futures are up, but the technicals are stuck in neutral. Even the Williams %R moved back into neutral after yesterday’s drop. But none of this matters, as this is a news-driven market (as Trader correctly pointed out yesterday). That said, this market will take off at any sign of political resolution from D.C., so I am sitting on my UPRO from yesterday.

The S&P 500 levels to watch today:

UPSIDE: 1703 (October 11th’s high), 1709 (August’s high), 1711 (2 data points), 1728 (top of the Bollinger Bands), and 1729 (September’s high and the all-time high).
LAST CLOSE: 1698 (July’s high).
DOWNSIDE: 1691-1696 (7 data points and the 20 day moving average), 1687-1688 (2 data points and May’s high), 1680-1682 (2 data points), 1678 (50 day moving average), 1676 (October 8th’s high), 1674 (October 7th’s low), 1670 (October 3rd’s low), 1662 (October 9th’s high), 1660 (October 10th’s low), 1658 (bottom of the Bollinger Bands), 1654-1655 (October 8th’s low and June’s high), and 1646 (October 9th’s low).

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Posted October 16, 2013 by edmcgon in Daytrading, Investing, Market Analysis

9 responses to “Traders Corner

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  1. I will sell UPRO at $78.23, or slightly less if it gets close to that near the end of today. Otherwise, I may carry it over into tomorrow.

    • You may want to keep some this run could take us to 1740. But the down side could be 175 points.

      • I don’t see this run breaking the top of the Bollinger Bands until we have a firm deal from Washington. After that, there will be the questions of “what will Washington do next?” and “when will the Fed taper, if they taper at all?”

        Also, we will probably get into an overbought state fairly quickly, as most of the technicals are drifting around neutral readings now. Depending on how fast the rise is, we could reach overbought anywhere from a few days to a week or two.

      • Yes Fed taper is the next big issue. But 1740 is very possible and so is the 175 point drop. Wave 5 should complete soon most are saying 1760 1780.

  2. I just sold the CDE I bought on Monday for 11.92. It was a very nice 4.8% gain over two days. Sill like the company, I am just so nervous about precious metals and this was always meant to be a discretionary purchase for me, meaning I could sell when I felt like it. Everything else is working well for me, I am underperforming a bit today, up 1.07%. I am at my high for the year, up 32.7%. I am right at 20% cash with the sale.

  3. Started a small position inRIG @ 44.9 . I think a few others here are also long this one. I’m going to look for selling puts in the next few days also depending on all this DC drama. Hopefully I remember to put it up here when I do so if anyone is interested remind me about it

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