Traders Corner   21 comments

S&P 500 futures are on the positive side of flat this morning, which is logical since we seem to be in a trading range. However, the momentum technicals are still bearish.

We may get a sentiment move today, with the final guess at U.S. 4th quarter GDP coming out at 8:30 am EST this morning. But that is a very backward-looking report at this point, so it is just as possible the markets could completely ignore this news.

The S&P 500 levels to watch today:

UPSIDE: 1862-1863 (3 data points and the 20 day moving average), 1867-1877 (14 data points and February’s high), 1881-1883 (4 data points and the all-time high), and 1885 (top of the Bollinger Bands).
LAST CLOSE: 1852, inside the 1849-1858 (9 data points and January’s high and December’s high) range.
DOWNSIDE: 1839-1842 (3 data points and the bottom of the Bollinger Bands), 1834 (March 3rd’s low), 1833 (50 day moving average), 1817 (100 day moving average), 1776 (150 day moving average), 1775 (October’s high), 1770 (January’s low), 1767 (December’s low), and 1746 (200 day moving average).

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21 responses to “Traders Corner

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  1. Played PRAN this morning for plus 47 5.1%. Is anyone else playing this one?

    • Trader, I’m definitely going to take a closer look. You’ve been pretty successful in PRAN. Man GTAT is all over the place this morning. I’ve got 500 naked shares that I bought yesterday at 16.80. Looking for a covered call opportunity to reduce my risk.

      • GTAT is looking better this morning. I probably won’t add today. Assuming this pop holds, I want to see if we get some follow through. I would like to see it move higher from the open and close at or close to its high for the day. If we see this for a couple of days, it would indicate the buyers are willing to pay higher prices. In that case it should move back to at least the 18-19 range.

    • Trader, I’m experimenting with CC’s and am trying to follow you on some of the trades you share with us (Thank you!). Last week I picked up PRAN for 10.97 and sold the Apr 17th 9.00 call for 3.90. If it closes above 9.00, it would be great, otherwise I’ll have the shares for 7.07.

      • Nice one Charles. 17% for a couple weeks work.

      • Charles, you picked a conservative play on a risky stock with the potential for a very nice profit. So far so good. Even if you are not called out, a couple of months of selling calls at that level and your basis will be 0. Lets hope it doesn’t get there. 🙂

      • Charles, Nice job 🙂 I have to ask, was that a in the money @9

  2. Sold my NVDA for a 5% profit. Upside seems limited over the next several months. What do you think Marshall, I believe you hold some of this as well?

  3. Looks like we are showing strength to the down side on s&p 500 daily chart.
    Also looks about time find a UCO entry. I’ll look at it more next week.

  4. Thank you Jeff. I knew as soon as I hit send… I should have also said that I’m at best breaking even in my trading account, so I don’t really know what I’m doing yet with CC’s. I appreciate everyone here for sharing their experience and knowledge.

  5. thanks for your thoughts marshall

  6. Marshall, big sell off in LMNS. holding tight!

  7. Marshall, interested on why the selloff in MET today, related to C being denied by govt.?

  8. Looks like Jubak is liquidating his fund. Just got my letter in the mail. Had a very small investment, fortunately.

    • No loss there. I had the minimum 2500 investment to get his newsletter. over the last 18 months? up a whopping 2.4% I still like his macro view. I just don’t buy his stocks

    • I bought into fund when it came out and stayed with it for about a year, but frankly his performance stunk, so I got out.

      Like Jeff I think the man is knowledgeable about things and such, but he doesn’t know how to run a fund.
      He had way to many securities in that fund.

      • Chris,
        Ditto on that. If you asked me to pick 50-100 stocks as a full time job, I doubt my performance would beat most indexes. Even if I did, I doubt I would beat them by any significant amount.

      • When 70% of actively managed funds fail to outperform cheap, low turnover index funds, why bother?

        2014 buys: CTCM, KMR, VALE, LNCO, TE

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