Traders Corner   17 comments

Yesterday was a rarity: It isn’t often the McClellan Oscillator moves up after it has reached overbought territory, but it went up to 69. This won’t last long: As yesterday’s action showed, the resistance is getting heavier.

The S&P 500 technicals continue where they are, so I will stick with my prediction from yesterday: We either have to flatten out or drop today. Any moves up will be minimal.

One last thing to watch today: The Federal Reserve’s Open Market Committee minutes will be released at 2 pm EST for the January 29th meeting. Movement from that is about the only thing that could override the technicals today.

The S&P 500 levels to watch today:

UPSIDE: 1841-1842 (2 data points), 1849-1850 (January’s high, December’s high and the all-time high), and 1862 (top of the Bollinger Bands).
LAST CLOSE: 1840.
DOWNSIDE: 1835 (February 18th’s low), 1830 (February 13th’s high), 1825-1826 (2 data points), 1823 (February 11th’s high), 1815 (February 12th’s low), 1812 (50 day moving average), 1809 (February 13th’s low), 1798-1800 (3 data points and the 20 day moving average), 1791 (February 10th’s low), 1784 (February 3rd’s high), 1779 (100 day moving average), 1774-1776 (2 data points and October’s high), 1770 (January’s low), 1767 (December’s low), 1758 (February 4th’s high), 1755 (February 5th’s high), 1752 (February 6th’s low), 1745 (November’s low and the 150 day moving average), 1743 (February 4th’s low), 1737 (bottom of the Bollinger Bands), 1739 (February 3rd’s low), 1737 (February 5th’s low), 1729 (September’s high), and 1718 (200 day moving average).

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17 responses to “Traders Corner

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  1. I sold my SPXU from yesterday in the pre-market for $60.47, which is a 1.00% increase from yesterday’s close, and a 0.62% profit overall.

  2. Hey, does anyone know what happened to the TC-PT dividend? It was supposed to be paid on 2-17-2014 but nothing has hit my Fidelity account? What gives?

  3. I still don’t see any weakness in the S&P. Bought PRAN again at 9.28.

  4. As of a few minutes ago natural gas has gone to over $6.00.

    A year ago yesterday natural gas was selling at $3.16. Yesterday it closed at $5.55. This is a 12 month increase of $2.39 or 75.83%.

    For the last three plus months natural gas has been selling at over $4 and several of those weeks have been over $5 and now one day at $6+.

    And the cold weather unlike the hot weather keeps the gas rigs from drilling as much as their owner’s would like. And supply and demand curves dictate (all other things being equal) that with demand up AND supply down the price will go up.

    I am thinking natural gas may have a bottom of $3.50 and maybe as high as $3.75 this year.

  5. Did somebody drop a market around here? 😉

    • As an owner of UPL I don’t recommend buying natural gas companies. The natural gas companies will very likely put as many drill rigs into play as possible in the coming weeks and this will drive the price back down (hopefully not below $3.50 to $3.75). Also, as spring comes into its own the need for heating and associated natural gas will drop. It will rebound when summer heat arrives and electricity is needed for everyone’s air conditioning. The natural gas companies typically lease land with a three year time period to drill a well or they lose the lease. And therefore even when natural gas was selling for under $2 and most likely the break-even point the companies were still drilling.

  6. Added SPXU at $59.85, will sell it at $60.45 today. If the limit sell order doesn’t hit, I’ll look at the markets at the end of today and decide what to do.

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