Traders Corner   11 comments

Are we oversold yet? Possibly, but I don’t see sentiment on the side of the markets yet, especially with the Fed’s “taper meeting” next week.

However, with the S&P 500 closing below the Bollinger Bands yesterday, and with futures slightly positive this morning, it looks like we may get a positive opening today. But will we see a Friday like last Friday (+1.12%)? It is possible with the weekly technicals having fallen out of overbought territory. For the daily technicals, only the Williams %R is oversold, with nothing showing overbought. Nothing conclusive here folks, so I am going to let my SPXU position ride, but I do plan to get rid of it before next Wednesday’s Fed announcement.

The S&P 500 levels to watch today:

UPSIDE: 1777 (bottom of the Bollinger Bands), 1779-1780 (2 data points), 1782-1783 (2 data points), 1787-1788 (2 data points), 1792 (December 5th’s high), 1794-1803 (5 data points and the 20 day moving average), 1806 (2 data points), 1808 (December 10th’s high), 1810-1811 (2 data points), 1813 (November’s high and the all-time high), and 1814 (top of the Bollinger Bands).
LAST CLOSE: 1775 (October’s high).
DOWNSIDE: 1772 (December 12th’s low), 1759 (50 day moving average), and 1746 (November’s low).


11 responses to “Traders Corner

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  1. Ed, if the market rises before the fed meeting would you sell for loss?

  2. Not much of a bounce so far. Daily techs are gaining strength to the downside. I still see the S&P weekly overbought. Keep in mind that technical indicators are lagging and can turn on a dime. Having said that, I wouldn’t rush to go long.

  3. Looks like GTAT may have bottomed. I’m thinking of adding. Does anyone have any thoughts?

    • Jeff, if we don’t hold here, there really isn’t support until around 7.15. The daily is just turning. The weekly is still pointing down. Giving that selling volume yesterday was above the 50dma for volume, I would wait until at least monday to make any buys. You want to watch the volume today. Up with weak volume means we’re probably going down again (look at 12/10). If we don’t hold 8, we’re going down another .85 or so.

    • Thanks seattle. I’ll keep watching for now.

  4. For those of you with Provectus (PVCT), today’s huge run is absurd. Just looking at the volume so far today, there were more shares of PVCT traded today than any of the following stocks: BIDU, GNW, GOOG, NFLX, NSC, and SAN. In fact, there were more shares traded of PVCT than Google and Netflix combined.

    • So, Ed, as a guy who sold out at .98, is now the time to buy? and why do you think there is such a huge run up? Who’s buying?

      • For what it’s worth, after doing some reading, I bought more yesterday at 1.17. The volumes each day during the run up have been insanely huge. It seems (people think) the company may be waiting for some FDA guidance/green light. Of course, the rumors are that “someone knows something.” Who knows? It’s always gambling with penny stocks. I have a finite amount of $ I play with for penny stocks, and if one particularly looks promising (as PVCT did this week) I sell a loser I’ve been hanging onto for too long anyway, and buy more of the winner. So far, for this stock and CTIX, it’s worked out well, but of course, I have had plenty of losers over the years. If anyone is interested, my other current penny stocks are ONCS, PHOT, CBIS, NNVC, and the dog of the bunch, TAS. I sold a few other dogs in the last couple of weeks to buy more ONCS, CTIX and PVCT. I’m trying to be more disciplined in selling when these things tank. When a penny stock has a big run up, I try to wait for the pull back and then sell enough so that I get back my original investment and let the rest ride. I’m not a fan of jumping in and out and trying to trade penny stocks. They’re just so sensitive to any news/rumors, etc and can turn on a dime (or ten pennies), and I’m afraid to miss a big surge, which is the whole reason to own them.

      • Jeff,
        I would tell anyone that a small position of PVCT should be owned. If you buy it now, hoping to hop onto a momentum surge, just keep your position small enough to add to later. If this surge is only temporary, it could drop like a rock next week. Always be wary of unexplained run-ups.

        I would add that if PVCT gets great news next week, expect an SEC investigation the following week. 😉

  5. I sold SPXU at $17.12 for a 0.41% profit. This market doesn’t look like it’s going far enough to make a daytrade worth it, and I don’t feel safe keeping SPXU over the weekend.

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