Traders Corner   9 comments

The technicals are mostly neutral today, as yesterday’s move up wasn’t enough to move the needles much. The S&P 500 futures are slightly negative this morning, although that could change quickly. This is a “sit back and watch what happens” day.

The S&P 500 levels to watch today:

UPSIDE: 1753 (October 24th’s high), 1759 (October 22nd’s high and the all-time high), and 1766 (top of the Bollinger Bands).
LAST CLOSE: 1752 (October 23rd’s high).
DOWNSIDE: 1745-1747 (4 data points), 1740 (2 data points), 1735 (October 18th’s low), 1733 (October 17th’s high), 1729 (September’s high), 1721 (October 16th’s high), 1714 (October 17th’s low), 1711 (2 data points), 1709 (August’s high), 1706 (20 day moving average), 1703 (October 11th’s high), 1700 (October 16th’s low), 1698 (July’s high), 1691-1696 (7 data points), 1687-1688 (2 data points and May’s high), 1685 (50 day moving average), 1680-1682 (2 data points), 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), 1654-1655 (October 8th’s low and June’s high), 1646 (October 9th’s low), and 1645 (bottom of the Bollinger Bands).

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9 responses to “Traders Corner

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  1. Looks to me like there’s nothing on the horizon to prevent a slow melt up until the end of the year. So, I’m pretty much all long at the moment. Bought some tech, more Apple, love amazon, micron after it went down 10%, also bought some GOL about a week ago and it has done very nicely. Picked up some more SAND because I’m a glutton for punishment and at least that piece is up over 10%.

    With no end to taper and earnings coming in OK?, I’m planning on staying 90% invested till mid to late Dec.

    Does anyone have any thoughts??

    • DC budget negotiations are the only thing I can see that might slow the market down, but you’ll notice the market didn’t react nearly as bad this time as it did in 2011. The economy doesn’t look strong enough to cause the Fed to taper QE, so it looks like Bernanke will leave office in January with QE still in place. Party on dude! 🙂

    • Jeff,
      We hit the bottom of wave 5 range today. Keep in mind wave 5 peak is 1833. Now this wave trading can get complex for me right now and as to how we peak I don’t know yet. Take a look at Elliot wave trading, it is becoming a very useful tool for me.
      As far as QE well if I were a betting man I’d say they hint at taper November? And they taper in December. I’ll be surprised if the carry out to next year but another way to look at that is spring, stock market is strong in spring…..??

  2. I did buy shares in AWRE today. This is a small biometric screening firm. They do not trade that heavily, so I only bought about 1/2 of a normal position at 5.39. I will likely make it a full position on Monday (they announce earnings on Tuesday).

    • Marshall,
      Nice catch! This looks like a solid company flying under the radar either due to it’s small size, or it’s last earnings report (huge disappointment with a 99% drop yoy). What’s the story here?

  3. They show up on my screen I run as a solid company at a cheap price. They have great balance sheet, earnings and in my opinion decent growth prospects. I am really trying to focus lately on growth prospects as top line growth has become a rarity (at least for companies making money, Amazon can grow as they do not care about margins).

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