Traders Corner   15 comments

You can add the daily Williams %R as the latest overbought S&P 500 technical, joining the weekly Williams %R and the weekly RSI. This doesn’t guaranty a drop, but it does add pressure.

The S&P 500 levels to watch today:

UPSIDE: 1810-1811 (2 data points), 1813 (November’s high and the all-time high), and 1816 (top of the Bollinger Bands).
LAST CLOSE: 1808.
DOWNSIDE: 1806 (2 data points), 1794-1803 (3 data points), 1793 (20 day moving average), 1792 (December 5th’s high), 1787-1788 (2 data points), 1783 (December 5th’s low), 1779 (December 4th’s low), 1775 (October’s high), 1771 (bottom of the Bollinger Bands), and 1754 (50 day moving average).

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Posted December 10, 2013 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

15 responses to “Traders Corner

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  1. I will either sell SPXU at $16.62 today, double it at $16.09, both, or watch it bounce between the 2 numbers.

  2. sold my tc at 2.26, bought at 2.11 last week

  3. held my nose and bought LNG at 44.83

    • of course I should have waited since it is now down to 44. This is going to be a long term hold for me so not too concerned and I only purchased a 1/2 position to start.

  4. Anyone have thoughts on this company PHOT? Any of the California people here ever been to a location? I haven’t done much research on it yet besides the last couple SEC filings, but I thought it could be an intriguing play with the legalization of marijuana. Of course not to be confused with our other favorite stock on this blog POT.

    • mdistas,
      The financials are as ugly as they come. PHOT needs something to turn it around. Will the growers go to PHOT instead of Home Depot or Lowes? I have to question how much of a lock this company will have on that kind of business.

      • Ed – I’m not too sure that “traditional” vendors like Home Depot are going to stock these things. There will still be plenty of people who feel MJ is immoral, and HD won’t want to alienate them/risk a boycott. Where my father-in-law lives in the deep south, I can just hear him saying, “Don’t want no hippies at my Home Depot.” I also think that there are plenty of people who won’t want to be seen buying their MJ paraphenelia at HD where all their friends, coworkers, etc shop, but if they’re seen at a MJ store, whoever is in there is there for the same reason.

        If you have a good MJ stock, would love to hear about it. I also own GWPH.

      • Ed,

        I haven’t fully analyzed the financials, accounting notes, and filings yet. I glanced at them and saw they did not look great, but I think this is a new industry that has explosive growth potential with law changes.

        QD, I agree with you that HD and Lowes would not touch this stuff. I dont think WMT or COST would even go near it too. It would take years of social relaxation on the issue and the executives quite a few years on seeing the lost revenues before they would consider entering the market. QD have you ever been to a location? Also its usually the retailers that end up making the most money. All you have to do is look at the companies i’ve mentioned and when they were just starting out(WMT, COST, HD & even TSCO) all serving a specific niche of the market.

      • QD,
        While there are plenty of people like your father-in-law, don’t underestimate the number of pot users in the South. Remember, the South is home to “white lightning”. 😉

        What I was referring to was the kind of horticulture products which PHOT sells, which could just as easily be sold at a Home Depot or Lowes without drawing the marijuana connection.

        If you see marijuana get legalized across the country, I would expect the large companies to hop on board. Walmart’s smiley face could have more than one meaning!

      • mdistas – no, I’ve never been in one of their locations. If you do look into the stock, or other MJ stocks (I agree with you on potential for explosive growth) please post.

        Ed – Wal-Mart selling dope pipes? No. As for the “horticulture products” – I can’t see that, either. Do these conservative companies really want customers coming in to their stores, asking their “helpful” employees tons of questions about how to set up their pot plants, especially while other customers with their – oh, horrors – children wait for other store help and listen in?

        Here are a couple of recent articles re PHOT:
        http://investorplace.com/2013/12/marijuana-stocks-penny-stocks-mjna/?cc=msnfeed&cp=feed#.UqdhhmCA1jo
        http://money.msn.com/business-news/article.aspx?feed=PR&date=20131203&id=17158809

      • QD,
        Have you been in a Walmart lately? I would be willing to bet Walmart shoppers have a higher percentage of pot users than the general population. 😉

    • It’s a penny stock I own. I think more states are going to legalize . Picking one of the science-oriented stocks is really difficult. I like that PHOT has products that supports MJ use – both medicinal and recreational, as I think the need/desire for their products is going to grow exponentially in a few years as laws go away/relax.

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