Traders Corner   9 comments

The first two days this week showed us something that doesn’t happen often in the S&P 500: In consecutive trading days, the S&P 500 had the same high (1808), the same low (1800), and the same close (1802). Are the bulls taking a breather, or is this as high as it goes? With volume as light as it is, I suspect we won’t know what the market’s next real move will be until next Monday, and even that might be a head-fake of new month activity. If you are concerned about December, today might be your best opportunity to sell.

The S&P 500 levels to watch today:

UPSIDE: 1808 (2 data points and the all-time high) and 1812 (top of the Bollinger Bands).
LAST CLOSE: 1802 (November 18th’s high).
DOWNSIDE: 1800 (2 data points), 1797-1798 (2 data points), 1794-1795 (3 data points), 1790-1791 (2 data points), 1788 (November 18th’s low), 1782-1784 (3 data points), 1780 (November 14th’s low), 1778 (20 day moving average), 1777 (November 20th’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), 1752-1755 (2 data points), 1746-1747 (2 data points), 1745 (bottom of the Bollinger Bands), and 1738 (50 day moving average).

A reminder to everyone: Obviously, the markets will be closed tomorrow for Thanksgiving. Also, don’t forget that Friday’s trading day will be shorter.

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Posted November 27, 2013 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

9 responses to “Traders Corner

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  1. Ed

    Thoughts on a couple of companies with diverse businesss. BAN and LUK?

    • Ojunker,
      I don’t see anything with a BAN symbol?

      As for LUK, unless you have any reason to expect a turnaround, their financials have quite a few red flags. Bleeding $2 billion in levered free cash flow on revenues of only $10 billion, while quarterly earnings dropped 96% yoy in the last quarter,and with 205% debt/equity. Something is very wrong there.

  2. Y’all might want to take a look at Seadrill, SDRL. These guys are the kings of deep-water drilling. It recently pulled back from a 52 week high on “disappointing” earnings, although I didn’t think they were so bad. Outstanding margins, ROE, and a PEG= .43. Debt/equity is a little high but that’s because of investment in jack-up rigs and other deep-water drilling equipment. Pays a divy around 9% at current price of $42.53 and raises it every year. Payout ratio is 71%. I’m getting around 13% on the shares I bought a couple of years ago.

  3. Apple is on a tear lately. I have a triple position in them and am looking to sell 50% at 550 and the other 50% at 600.

    • Had a Limit Sell on 2/5ths of my AAPL that executed yesterday while traveling to Thanksgiving dinner in Austin. I am looking to sell another 2/5ths of original buys and keep one fifth. Will review next week for another sell price.

      • Nice one tom. I’m gong to hold for the 550 tranche but once it hits I’m going to re-evaluate the 2nd tranche at 600. I’m not sure its going to get to 600 anytime soon?

  4. can’t see the block size in fidelity but it looks like someone just bought 600,000 + shares at a little over $544

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