Traders Corner   24 comments

Grizzly_Bear_Poster

Yesterday’s S&P 500 bounce left the Williams %R, both daily and weekly, as the only oversold technical. The main takeaway from yesterday: We did not recover all the territory lost Monday. In fact, the S&P 500 couldn’t even maintain yesterday’s high. The bears are still lurking.

The S&P 500 levels to watch today:

UPSIDE: 1758 (February 4th’s high), 1767 (December’s low), 1770 (January’s low), 1775 (October’s high), 1784 (February 3rd’s high), 1810 (50 day moving average), 1813 (20 day moving average), 1849-1850 (January’s high, December’s high and the all-time high), and 1879 (top of the Bollinger Bands).
LAST CLOSE: 1755.
DOWNSIDE: 1747 (bottom of the Bollinger Bands), 1746 (November’s low), 1743 (February 4th’s low), 1739 (February 3rd’s low), 1729 (September’s high), 1709 (August’s high), and 1708 (200 day moving average).

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24 responses to “Traders Corner

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  1. Ed

    I know you like to play individual stocks, especially in tech, but I want to supplement some of my tech stocks with a etf. Any suggestions of a good one? I have been looking at FDN, QTEC and IGV any thoughts on these three?

    • Ojunker,
      With all the great tech stocks out there, why would you want an etf? Your choice…

      Of the 3 you mentioned, I would lean towards FDN, for a lower expense ratio and higher volume. But you need to remember that FDN is an internet etf, NOT tech. You get Google, but no Apple.

      If you are looking for a broader tech play, I’d go with XLK. Decent quarterly dividend (about 1.8% annual yield, but it does vary) and low expense ratio (0.18%).

  2. While I doubt either of these limit sell orders will hit today, here is what I am selling my short orders for today: SPXU for $75.10 and SQQQ for $76.66.

  3. Looks like we might be testing the 150 day ma for a few days. We might get a better idea at the end of the day. Might be best to just watch. Traders have fun.

  4. Marshall, I think GTAT is one of your favorites. Unfortunately it has been taking a beating lately. I sold all my GTAT about a week ago with some nice gains but am looking to get back in. Any thoughts on a possible re-entry price?

  5. Jeff – I have always held out that GTAT will be volatile until they produce better visibility on earnings. I am very poor at predicting on a stock with a falling price on when they have bottomed. Perhaps trader or others can give a view on that. My view is two years from now when they are $16 a share, I really will not care whether I bought my shares at 9.50, $9 or $8.50.

    Good luck!

  6. You know I am cheering for you.

  7. Didn’t learn much today. Maybe tomorrow. Take a look at CRM daily and weekly charts. Those are good looking charts. I don’t own it, but it is on my watch list. I’ll wait to see if we break the 150 before I do anything.

  8. Need a little LOL for the day? How about sell MO, et al and buy PHOT? Sorry – can’t resist.
    http://www.cnn.com/2014/02/05/health/cvs-cigarettes/
    CVS stores to stop selling tobacco. Health-oriented organizations and President Barack Obama praised the move.

    In another news story – U.S. deputy drug czar says pot is less dangerous than alcohol
    President Obama’s recent statements already have emboldened marijuana advocates

    • Let me get this straight: tobacco bad, marijuana good. Welcome to the Upside-down States of America…

    • I’m laughing, I’m laughing! PHOT closed at 0.39 today. I bought it at 0.08. And yes, ED: Tobacco bad. MJ good. If you don’t agree it can be good (for many people, medicinal MJ is a godsend, and for the vast majority of recreational users, it IS good in that they can enjoy it w/o any ill effects, including addiction), you have to at least agree it’s no where near as bad as tobacco.

      You certainly have to agree that MJ (stocks) have been very, very good to me! TRTC is at 0.57. I also bought it at 0.09. And yes, already took my initial investment and a nice profit from both out a few weeks back, so plan to just ride the high on the rest for now.

      • QD,
        I think it’s silly to place a good/bad value judgement on one and not the other. Both of them have carcinogens. Both of them can be addictive. If you are going to say one of them is bad, you’ll have to give reasons, and those reasons can also be applied to the other one.

        As far as medicinal marijuana, that’s a strawman. We’re talking about recreational use.

        All that said, you know I don’t have any issues with marijuana legalization and/or stocks. You’re preaching to the choir on that one. 😉

      • The addiction rate for tobacco is more 10X that of MJ. There is research that THC may actually lessen the carcinogenic effect of the carcinogens in MJ smoke (maybe MO should look into adding THC to their products). I’m not aware of any research that shows MJ actually causes cancer, are you? There is simply no way to argue that the health problems caused by THC and tobacco are in any way equivalent. The reasons tobacco is bad? COPD, cancer (lung, liver, colorectal), diabetes, rheumatoid arthritis, heart disease, strokes. And if that isn’t enough, don’t worry – the list goes on and on. MJ? It shouldn’t be used (a lot/ regularly – I’m not talking about a joint here and there) by young people because of the effect on the developing brain. It shouldn’t be used by schizophrenics because it can worsen their psychosis. Smoking it can also cause lung problems related to breathing issues and irritants, just as putting any kind of smoke into your lungs likely would. So no, the same reasons tobacco is bad cannot be applied to MJ.

        I know you don’t have issues with MJ or the stocks – you took my advice on GWPH (which I still own) – good for both of us! But to say you can’t put a value judgment that tobacco is bad w/o saying the same about MJ, and that the reasons tobacco is bad are the same as why MJ is bad is just not supported in any way by research.

      • Ed I think you are doing smoke equals smoke comparison, and in fact there is more to it that that.
        What is burning matters, it isn’t just the fact that it is burning.

        Besides the comparison was MJ to alcohol, how you got MJ to tobacco out of the statement I’m not sure.
        And frankly when I look at MJ to alcohol it is pretty clear that alcohol is the far worse drug.

      • QD,
        You and I will have to agree to disagree on the subject.

        Chris,
        My point was about CuriousGeorge’s post way up the thread. Our Dear Leader is pumping up the safety of marijuana on one hand, while talking about how bad tobacco is. That is how I got to that comparison.

      • Thanks Ed I missed that.

  9. I sure feel good thinking our leader is have a joint before dinner instead of a glass of wine. On the bright side, maybe it will help him.

  10. So Ed – how to get on the green rush?

    http://www.cnbc.com/id/howForget gold rush: A billion-dollar green rush

    “In a new analysis on the marijuana marketplace, San Francisco-based angel investor network ArcViewGroup forecasts a 64 percent surge in the legal U.S. cannabis market to $2.34 billion by 2014. The five-year national market could grow to $10.2 billion amid rising demand and potentially new state markets, according to ArcView forecasts.”

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