Traders Corner   9 comments

I totally dropped the ball today. I swear when I looked at the Bloomberg calendar on Friday, I thought it said markets were closed today. DOH!

Fortunately, there isn’t anything in the technicals to suggest a direction today, but the sentiment seems to be for continued or even more QE from the Federal Reserve. I don’t get the “more QE” argument, especially after decent economic reports last week, but there it is.

The S&P 500 levels to watch today:

UPSIDE: 1773-1775 (2 data points, October’s high and the all-time high), and 1789 (top of the Bollinger Bands).
LAST CLOSE: 1770 (November 8th’s high).
DOWNSIDE: 1764-1768 (4 data points), 1761 (November 4th’s low), 1752-1755 (2 data points and the 20 day moving average), 1746-1747 (2 data points), 1729 (September’s high), 1716 (bottom of the Bollinger Bands), and 1713 (50 day moving average).


9 responses to “Traders Corner

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  1. Hey Ed, Don’t fee bad, I also thought I saw somewhere? that the markets were closed because of Veterans Day??

    Guess it was only the Bond Markets

  2. Sold half of my RIG at 55.50 for 13.8%. Will try buy back lower.

  3. Ed,

    Thoughts on CFX and FLS, only on a pullback in the market though?

    • Ojunker,
      CFX looks a LITTLE cheap (not a lot) for expected growth. The financials are clean. But I want to know where the dividend is? How come a company founded in 1860 has never paid a dividend? Regardless, if i was playing it, I’d look for a 10-20% return and then get out. Actually, it’s near a decent pickup price, which is anything below $57.

      FLS looks somewhat similar to CFX, without the expected growth. And what’s with the cheap dividend? While FLS has a solid dividend increase history (5 consecutive years), they should be increasing it, with a measly 16% payout ratio! FLS will need a BIG pullback before it’s worth buying, at least down to $60, preferably less.

      Personally, I’d look to play CFX for a month or two. If you buy FLS now, your great-great grandchildren might be able to make some money with it.

  4. Ed,

    Also your thoughts on SLV if it gets down to $18?

    • I’d avoid silver for the near future. It just broke below a wedge formation, which is short-term bearish. However, if you want to play it longer-term, I’d suggest going with SLW instead, so you can at least collect a small dividend as you wait for it to comeback.

  5. Ed,

    TC reports this week are you expecting a possible earnings beat due to strength in steel?

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