Traders Corner   17 comments

The weekly S&P 500 technicals are even more overbought than yesterday, although they can stay that way for weeks. The key today is the S&P 500 closed 4 points above the top of the daily Bollinger Bands. Again, the S&P 500 can still go up, but the moves up will be smaller. Sentiment is still positive, so my SPXU could be a dangerous play here. I plan to look for any dip today and get out of it, since the market seems to be in a big BTFD mode (“Buy The F***ing Dip”).

The S&P 500 levels to watch today:

UPSIDE: 1791 (November 14th’s high and the all-time high).
LAST CLOSE: 1790.
DOWNSIDE: 1786 (top of the Bollinger Bands), 1782 (November 13th’s high), 1780 (November 14th’s low), 1773-1775 (3 data points and October’s high), 1770-1771 (2 data points), 1764-1768 (5 data points), 1760-1762 (3 data points and the 20 day moving average), 1752-1755 (2 data points), 1746-1747 (2 data points), 1738 (bottom of the Bollinger Bands), 1729 (September’s high), and 1720 (50 day moving average).

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Posted November 15, 2013 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

17 responses to “Traders Corner

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  1. Wow, I can’t believe TC is tanking again.. down another 3.5%.

    • Lynn, take a look at the weekly and daily charts. It’s been in a down trend for quite a while. Might be best to wait for some strength before adding. That falling knife thing.

  2. Ed, sold half my PVCT at .92 this am. Bought for .79.

    Thanks for the heads up.

    I’m going to buy back in if it gets back below .80

  3. Marshall, Have you bought your 5 MFI stocks yet?

    • Lynn – I did just buy them. I decided against CSCO for two reasons. First, it is already my 3rd largest holding, so I am already over weight CSCO. Secondly, in reading through everything last night, the drop in CSCO revenues felt to me more a secular shaft than a one time issue. Not sure what that means for the rest of my CSCO, I will likely hold for another quarter or two before deciding.

      My five stocks are AVG (17.22), ATVI (17.71), SYNA (48.01), GA (9.10) and RXPC (17.04). RXPC is also in my August portfolio and GA is in my May portfolio. I waffled back and forth a lot between GA and CYOU but chose GA as they have a little better viability. AVG is down about 20% recently, looks way oversold to me. ATVI is becoming free of Vivendi and management is taking a sizable ownership stake. SYNA makes touchscreens for the android world and dropped a lot with recent earnings. Finally RPXC is a patent company, but they seem to form more of a partnership than other patent companies.

      • Marshall,
        For what it’s worth, I’ve used AVG antivirus software for years now, and I consider it the best on the market. Ironically, I first found out about it from a Microsoft tech who recommended it. What makes AVG so good is, aside from the obvious antivirus protection which works, it doesn’t slow down my pc (at least not noticeable to my eye). One of my issues with Norton and McAfee has always been they seem to slow down my pc’s performance.

      • Ditto on Ed’s experience with AVG. And you can’t beat the price.

      • nice to hear. I may try it on my Lenovo. Hopefully that equates profits

      • same here for ed’s experience with AVG ;and I will never load Norton on one of my computers ever again. Also for the same reason ed states.

        It literally takes over my computer and kills performance.

        What the heck is Norton thinking?

      • I used to use AVG but it became so bloated with crapware that I uninstalled it and went with avast. Avast seems to be going down the same road unfortunately.

  4. I think this may be the reason for the drop on TC.

    Thompson Creek Metals Company (TSE:TCM) had its price objective lowered by Canaccord Genuity from C$2.60 to C$1.50 in a report released on Thursday, American Banking News.com reports. Canaccord Genuity currently has a sell rating on the stock.

  5. I dumped SPXU at $16.68 and a 1.88% loss. Fortunately, it was a small position.

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