Traders Corner   21 comments

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral, leaning slightly oversold
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Flat
Overall: Yesterday’s S&P 500 move above the 100 day moving average was a positive for bulls. However, it will take another bullish move today to confirm that level as support. In the meantime, the momentum still belongs to the bears.

The S&P 500 levels to watch today:

UPSIDE: 1830 (April 10th’s low), 1834-1835 (2 data points and March’s low), 1837 (April 8th’s low), 1841 (April 7th’s low), 1844 (50 day moving average), 1849-1850 (January’s high and December’s high), 1852 (April 9th’s low), 1854 (April 8th’s high), 1860 (20 day moving average), 1863-1864 (2 data points), 1867 (February’s high), 1872 (2 data points), 1882-1885 (3 data points and March’s high), 1893 (2 data points), 1897 (April 4th’s high and the all-time high), and 1898 (top of the Bollinger Bands), .
DOWNSIDE: 1828 (100 day moving average), 1822 (bottom of the Bollinger Bands), 1814-1815 (2 data points), 1794 (150 day moving average), 1775 (October’s high), 1770 (January’s low), 1767 (December’s low), and 1762 (200 day moving average).

21 responses to “Traders Corner

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  1. Bought a half position in LNG yesterday at 55.10. Waiting for a lower price (in which case, I’m buying more shares) or a higher price (in which case I’m going to sell some calls). Might be awhile before I get significant movement either way?

  2. Bought tza this morning at 17.80 per traders lead.

    • I doubled my position at 17.80.

    • Sold at 18.41 for a 3.3% gain.

      • Well done Marshall. I’m going to hold for now. If we don’t rally like we did yesterday, I think we move lower. Still don’t see much strength. For those of you interested in GTAT, a pattern is starting to develop. It bounces right after the market opens and then moves lower through out the day. It definitely is in a slow down trend. I’m thinking we’ll see 15. Covered calls have worked really well with this stock.

      • ditto on the gtat CCs

  3. I hate those triple leveraged etfs unless I’m glued to the screen and I do need to work. Distractions, Distractions.

  4. Decided to sell TZA. Plus 78 4.4% Looks like it might level for now, so I didn’t want to risk the profit.

  5. Got lucky this morning and before I left put in limit sell order at 1.15 on May 17 Calls for GTAT that I’m coming back now to see is filled. The stock is down big now and I can only think someone upstairs was thinking they’d give me one good outcome today. Position is fully covered, but very tough to watch the rest of my portfolio right now. PM purchase from a few weeks ago is the only thing looking smart still.

    Nice job on the TZA play this morning everyone. Short term trend is down and this is def a traders market for the time being in my opinion. Daily movements look like they will be offering lots of chances to play the game for awhile.

  6. I’m seeing some early signs that we maybe forming a bottom here. If the SPY can close around its close from yesterday or higher, we could see a bounce that may hold for at least a few up days. If that happens, I’ll be watching to see if there is technical support for the move higher. For you bulls out there, don’t give up yet.

  7. I bought back my May 17 GTAT calls I sold yesterday for .70. Sold them for 1.00. I’m going to play for a bounce in GTAT.

    • Trader – I have followed you on GTAT trade. Hopefully I can get a few items in the green.

      • So far so good. We saw 15 and a little lower. Now we’re getting a nice bounce. If this holds and I’m right about a bounce in the market, we should at least get back to mid 16’s within a few days. Glad I sold TZA when I did.

      • Glad I sold my tza as well. I just bought GTAT shares at 15.10 for a swing trade (am not approved yet for anything options except covered calls).

      • Have you set a sell price?

      • No. I have noted what you mentioned is that recently GTAT pops 20 or 30 cents in the first 30 minutes of trading. I will watch that tomorrow and consider what to do. I have no problem holding GTAT longer term, but I am overweight in the stock.

    • I bought back my GTAT Apr 19, 17 calls for .05. Originally sold them for 1.63. Like trader I’m waiting for a bounce to resell the calls

      • Nice play Jeff. In a volatile market, trading options around a core position is a good strategy.

      • Thanks Trader, learning form you.

        One irritating thing, Fidelity will not let me buy back GTAT calls for less than .05. So on the only way I can close my GTAT apr calls for 19, which are currently selling at .02 is to buy them back at .05.

        Trader is there anyway around this restriction?

      • Jeff, I’m assuming the reason why is because they can’t make a markup on the trade when it is that low. My understanding is the the brokerages will try to make a penny or three on the option trade which seems to make sense given the way bid/ask prices seem to work. I can’t recall where I read that, but I’ve always kept it in mind when I’m buying and selling. It may or may not be true.

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