Traders Corner   33 comments

There is nothing in the technicals to prevent a sentiment move today, so expect the U.S. Employment Report to determine the market’s direction early.

The S&P 500 levels to watch today:

UPSIDE: 1881 (March 6th’s high and the all-time high), and 1888 (top of the Bollinger Bands).
LAST CLOSE: 1877.
DOWNSIDE: 1876 (2 data points), 1874 (March 6th’s low), 1871 (March 5th’s low), 1867 (February’s high), 1857 (March 3rd’s high), 1849-1850 (March 4th’s low and January’s high and December’s high), 1837 (20 day moving average), 1834 (March 3rd’s low), 1825 (50 day moving average), 1800 (100 day moving average), 1785 (bottom of the Bollinger Bands), 1775 (October’s high), 1770 (January’s low), 1767 (December’s low), 1759 (150 day moving average), 1745 (November’s low), 1737 (February’s low), and 1731 (200 day moving average).

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33 responses to “Traders Corner

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  1. GTAT up another $1.30 in early trading. Upgraded to outperform by CS.

  2. I will likely buy TPVG today. This is a BDC that went public yesterday and yields a bit over 8%. They are different from over BDCs as they are heavily involved in venture capital. While this is a “post IPO” play for me, this is not a flip – but will be part of my dividend portfolio, which I generally hold for at least a year and reinvest dividends in stock. It is trading about 5% over book value.

    I see where my 1/2 share of PXLW is trading a bit down this morning. I guess I should have sold last night during happy hour when it had spiked up around $9.30!

  3. Marshall, PXLW is down quite a bit this morning. Do you have an exit plan?

    • Lynn – no real plan. Glad I only bought a half share. Still having a very solid day overall.

    • If PXLW can hold most of yesterdays gain it should move higher. So far so good. If you are willing to take some risk, might want to buy towards the end of the day unless it drops big.

      • Trader, would that be a good approach for gtat as well?

      • billr, sure. As strong as GTAT is, you can probably buy it on any dip today. I’m not too concerned what I pay for this one since I have calls if I need them. I’ll repeat what I said yesterday. I doubt GTAT will drop much unless we have a big drop in the market. There doesn’t seem to be much interest from the sellers on this one.

      • Sold PXLW at 6.93. Expensive lesson. Learn and move on.

      • Marshall, yesterday you mentioned that PXLW might be another GTAT. Unless you changed your mind why did you sell?

      • Trader – I sold because an article I read today said the AAPL revenue was non recurring. Now perhaps that article was incorrect, but I decided to just cut my losses. Perhaps I will be kicking myself a month from now – with my good leg!

      • In that case would you sell GTAT?

      • No. The GTAT revenues with AAPL are on going.

  4. Good morning!
    Lynn – Do you plan to get into TPVG? You said something to the effect that you have done very well following Marshall’s buys. Thinking of doing the same. Thanks much!

    Marshall – What’s your buy price for your TPVG? I am not a trader – I can only handle LTs – so I followed you on C and MET. Thanks much!

  5. Hey all for what it’s worth we hit that 1885 area this morning. It’s an important wave extension level. Market can’t keep going up for ever.

    On the bright side that 1885 1890 area signals this bull market had more room to run just not. Straight up.

  6. Sold FCX Apr $32 puts for $0.95 this morning. They are probably a little better price now but $31-ish is my target price to buy Fcx.

  7. DLIA nice move today

    • Wow, very nice. I hope you bought a lot!

      • This is a longer term play for me as I do like the CEO Gardner and the team she has brought in to run it. To bad the are trying turnaround in what is a bad retail environment right now. In at .99, up today because if large fund announced they own like 6.5%

  8. Marshall, Do you still have LMNS? It hasn’t done much in the last few days.

    • Yes. I plan to hold through their first earnings call. IPOs often start to move then. Look at MBUU which languished between 17.50 and 18.00 most of February. Now is is $22.

    • Lynn, for whatever it is worth, I wouldn’t be concerned unless it drops below 12 and fails to close above that level. If it does, it will probably move lower. One of the problems with IPO’s is you have no idea where the buyers will come in once it starts to fall. Unless you are willing to hold and ignore the ups and downs or average down at some point you might consider selling if 12 doesn’t hold.

    • Thank you all for your responses.

  9. Marshall, you may have discussed this previously and I missed it, if so sorry for asking a repeat question(s). I know MET is one of your favorite stocks right now, my question is why? When you look at a stock is it based on technical reasons, or do you think there is something that will spark the stock higher, or just that it is a solid company that should generate a decent dividend and some capital appreciation?

    Also when you are buying stocks for the long term do you have exit points to the upside and downside or do you simply reevaluate at 1 year point?

    Thanks!

  10. MET is a stock I bought for my kids college funds. In those funds, I am really looking for a stock I am comfortable holding until they are in college. Other names in there are ACE, CB, LNC, IBM and CSCO. I think MET will be a strong performer for the next four to five years (my outlook for college funds). A couple of key reasons are that life insurers will be a major beneficiary as interest rates rebound to more normalized levels. Also, they have been restricted from buying back their shares as a TARP recipient. I expect that to be lifted this year, which is a potential catalyst. Finally, they got to buy AIG Asian life operations at a bargain price post the GFC. I think this will eventually be a crown jewel for them.

    For long term stocks, I generally do not set exit points. I hate to pay short term taxes. I generally will sell if I feel something fundamental has changed about the company (in a negative way) n

  11. Thanks for your insights?

  12. Sold Jun $16 btu puts for $1. I think it’s a good opportunity either way. You either make a buck or own btu @ a great price.

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