Traders Corner   14 comments

The S&P 500’s weekly technicals are still overbought, but everything else looks neutral. However, the futures are slightly positive this morning. But I would be surprised by a large move today, because we have a lot on tap for this week:

WEDNESDAY: Federal Reserve Open Market Committee meeting minutes released (from December 18th meeting).
THURSDAY: Alcoa (AA) kicks off earnings season with their quarterly report.
FRIDAY: U.S. Employment Report for December.

Expect things to be fairly quiet for Monday and Tuesday.

The S&P 500 levels to watch today:

UPSIDE: 1833-1834 (2 data points), 1838 (2 data points), 1841-1842 (4 data points), 1844-1845 (2 data points), 1849 (December’s high and the all-time high), and 1859 (top of the Bollinger Bands).
LAST CLOSE: 1831.
DOWNSIDE: 1827-1829 (4 data points), 1822-1823 (2 data points), 1813 (November’s high), 1811 (20 day moving average), 1792 (50 day moving average), 1775 (October’s high), 1767 (December’s low), and 1763 (bottom of the Bollinger Bands).

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14 responses to “Traders Corner

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  1. GNW was upgraded today by UBS to a buy with an $18 target price. Glad I sold my ATHM last week at $35. Today they got a “sell” rating from gs and are down 10% under $30. Finally, sold my 30% stake in GA too early at $10.69. They are around $11 this morning. I have not bought a stock for almost a month and am sitting on cash pile still.

    • Good news on GNW. $18 seems a bit conservative though, especially with the book value at $29.56. Even if you assume book value is inflated, could it really be inflated that much?

    • Ed – one issue with GNW is that their book value is very sensitive to interest rate swings. I did the math once and I think I figured out that if rates went to 5%, the BV would drop to about $22. Still much higher than $18, but the $29 is artificially high in my opinion.

  2. Trader, Are your hands frozen to you keyboard yet? What’s your temps running up there?

    • -26 F in Mpls last. night. I’ve got one pesky pipe that freezes when it gets to around -20. Shut off the main water supply to the house last night just so I could sleep. Must have worked, pipes are flowing peachy keen this am.

      • Now that’s cold
        Our houses are not built for much below 20 and tonight it’s going down to7 and wind. When I get home I’ll have to winteriz a little.

    • billr, going to be in the 40’s this week. We have 6-7 inches of snow on the ground. Played golf at Thanksgiving and right after Christmas. My goal is to play 12 months out of the year. January and February will be the challenge. We’re home free by March.

  3. Used eBay over the holidays to buy several gifts as well as get rid of some old computer and cellphone hardware. Everything went very smoothly and I was more than a little impressed. Several pundits have e-bay as one of their picks (including Jubak, if that counts for anything?) so this morning when it dropped to 31.58 (-3.5%) on a down grade. I bought a half position.

  4. Holly deep frost, AAPL is positive!!

  5. sold my pvct at 2.60. bought last week for 2.51. Looks like its going to correct a little more today.

    I put another buy in at 2.39

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