Traders Corner   10 comments

Bull

The bulls are clearly back. For how long remains to be seen, as the S&P 500’s weekly technicals remain overbought, and the daily Williams %R moves into overbought. With the Bollinger Bands still contracting, the next big move is still up in the air. S&P 500 futures are flat this morning, so today’s move is anyone’s guess.

Overall, I don’t see anything definitive in the technicals, but I would be surprised by any large single-day moves to the upside. But that doesn’t prevent a slow melt-up until sentiment changes, or the technicals hit some hard resistance.

The S&P 500 levels to watch today:

UPSIDE: 1849-1850 (December’s high and the all-time high), and 1861 (top of the Bollinger Bands).
LAST CLOSE: 1848.
DOWNSIDE: 1843-1845 (4 data points), 1837-1840 (5 data points), 1827-1832 (6 data points and the 20 day moving average), 1823 (January 6th’s low), 1821 (January 14th’s low), 1815 (January 13th’s low), 1813 (November’s high), 1804 (50 day moving average), and 1798 (bottom of the Bollinger Bands).

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10 responses to “Traders Corner

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  1. As I mentioned yesterday, I sold my NUS at a bit over $116. I did the math and if I had held until one year (February 1st) and attained long term tax status as opposed to short term, it could have dropped to $100 and I would have been in same after tax gain position. I see today whee China is opening an official investigation and NUS is down to 97.32, so perhaps the early sale was smart (though an even earlier sale at $140 on Monday would have been even smarter :)). Other MLMs are crashing in sympathy, I see where USNA was down 4% yesterday is is off another 7% this morning.

  2. Marshall, lots of sound and fury on NUS without any substance that I can see. Are you looking for a re-entry point?

  3. ANGI still looks good on daily and weekly charts.

  4. Bought C today at 52.65. This is meant to be a long term holding, have been waiting for attractive entry point. So now I have C in the US and CS in Switzerland. Just need to find one more bank starting with the letter C.

    • China Commercial Credit (CCCR). If you prefer U.S. domestic, there’s Central Federal Corp. (CFBK). 🙂

      DISCLAIMER: I own no bank stocks beginning with “C”, nor do I intend to initiate any positions within the next day, week, or month. 🙂

    • I am going to follow you on this at $54.43. Already own BAC and SAN and both are money makers for me. Sooner or later the U.S. government is going to run out of lawsuits against the banks which bought other financial institutions at their insistance.

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