Traders Corner   8 comments

Another day like yesterday will put the S&P 500 technicals into overbought territory. The McClellan Oscillator is already at 43, with 60 being overbought. The MO doesn’t normally stay overbought for more than one day. To paraphrase the old Klingon saying, today is NOT a good day to buy.

The S&P 500 levels to watch today:

UPSIDE: 1823 (February 11th’s high), 1849-1850 (January’s high, December’s high and the all-time high), and 1869 (top of the Bollinger Bands).
LAST CLOSE: 1819.
DOWNSIDE: 1809 (50 day moving average), 1802 (20 day moving average), 1798-1800 (3 data points), 1791 (February 10th’s low), 1784 (February 3rd’s high), 1774-1776 (2 data points and October’s high and the 100 day moving average), 1770 (January’s low), 1767 (December’s low), 1758 (February 4th’s high), 1755 (February 5th’s high), 1752 (February 6th’s low), 1746 (November’s low), 1743 (February 4th’s low), 1742 (150 day moving average), 1735 (bottom of the Bollinger Bands), 1739 (February 3rd’s low), 1737 (February 5th’s low), 1729 (September’s high), and 1713 (200 day moving average).

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Posted February 12, 2014 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

8 responses to “Traders Corner

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  1. Interesting. RPXC is actually up 2.6% today (so far), even though I was not enamored with their guidance. They actually opened the day down 7 or 8%, so there was a short window to steal a deal. I did read the earnings call transcript and felt better after reading it. They seemed much more upbeat about 2014 than their guidance. So perhaps they were under-promising.

  2. Sold my CMI March 130Calls for 6.30 and 9.40 yesterday and today. Bought at 2.50. Reached my target price area so I’m out. I’ll look how the stock reacts around its resistance around 140 before I trade it again.

  3. Taking a hit on my LO position today which I keep for a long term holding. RAI took a hit the other day too. I know a few people around here mention tobacco stocks occassionally. Might be good to keep an eye the next few days to see how the earnings sell off pans out. Could be an opportunity to start accumulating a position with staggered buys. Marshall if I recall correctly some of the tobacco stocks showed up on your screen before?

    • I have a bit of LO as well. Considered buying in today but thought I’d wait to see what happens tomorrow.

    • Md – tobacco stocks are on my screen as being relatively cheap. I have owned MO, PM, RAI and LO in the past. I will be buying a tranche of stocks in May and I think it is very likely I will add one of them to my portfolio (probably leaning towards RAI).

  4. Had a rash of earnings today. CSCO seems to be ok. They did bump dividend from 17 cents to 19 cents. Big holding for me (fourth largest), so glad no disaster. MET is in my kids college funds (added at start of this year). Their earnings look solid. Then NVDA seems to actually have very decent earnings. This is a stock I bought last May. Not a huge position. It is up 20% for me since then.

    • I have a bunch of Cisco as well. Down 4+% in after-market trading. I’ve been looking for an opportunity to reduce my holdings a bit here.

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