Traders Corner   19 comments

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bearish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Flat (leaning negative)
Overall: We have another “anything is possible” day today in the technicals. But after 6 straight positive days, we seem overdue for at least one negative day.

The S&P 500 levels to watch today:

UPSIDE: 1882-1885 (4 data points and March’s high), 1893 (2 data points), 1897 (April 4th’s high and the all-time high), and 1899 (top of the Bollinger Bands).
LAST CLOSE: 1879.
DOWNSIDE: 1871-1872 (4 data points), 1869 (April 17th’s high), 1867 (February’s high), 1862-1864 (4 data points), 1859 (20 day moving average), 1856 (April 17th’s low), 1854 (April 8th’s high and the 50 day moving average), 1852 (April 9th’s low), 1849-1850 (January’s high and December’s high), 1846 (April 16th’s low), 1844 (April 15th’s high), 1841 (April 7th’s low), 1837 (April 8th’s low), 1834-1835 (2 data points and March’s low), 1832 (100 day moving average), 1830 (April 10th’s low), 1820 (bottom of the Bollinger Bands), 1814-1816 (3 data points), 1800 (150 day moving average), 1775 (October’s high), 1770 (January’s low), and 1768 (200 day moving average).

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19 responses to “Traders Corner

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  1. Following Marshall on KLIC. Bought at 12.98 at the open. Not selling calls yet, although premiums are decent. This will be a daytrade if it has a good move.

  2. Ditto, 13.06

    • Jeff, I had an additional thought after thinking a little more on yesterdays question. If you believe a stock is going to have a good run, you could sell calls on your core position and use the premium to buy longer term, higher strike price calls. If the stock does as expected, you’ll make a nice profit on the options. If it doesn’t, you haven’t risked additional funds. A great way to leverage with someone else’s money.

  3. Added UPRO at $100.15.

  4. Sold KLIC for plus 48 3.7% Thanks Marshall. Great call. I’m going to add this one to my list. Looks like it could be another GTAT with covered calls.

  5. Once again the S&P is approaching its recent high. This run over the last few days has not had strong technical support which makes a move much higher suspect. That could all change tomorrow but for now, I’ll be cautious.

  6. What if a stock you own post earnings that meet or beat expectations but slightly lowers overall forecast for year based on aquistion costs. They also raised dividend. I own EMC and I always wonder about a stock when it gets hammered like it is today if it is good to add to the position on a day like today. I still think the companies new Pivotal segment is going to propel the stock going forward. Do any of you use a day like today to add to your position or wait to see if it drifts lower over the near term before adding?

    • Junker – I think today is a good day to add to emc. The drop seems like an over reaction to me, and this is an excellent company in a good space.

    • ojunker,
      I don’t often add to a position unless it drops below my cost basis, or I feel the potential gain deserves a larger postion in my portfolio.

      That said, while I like EMC as a company, the stock looks fairly valued here, and I would treat it as a “hold”. If you are reinvesting your dividends, you will probably take advantage of the dip, if it is still this low (or lower) in June (probably their next ex-div date).

  7. If GTAT crashes with AAPL there may be a nice op to buy more. I’m significantly hedged with my 17 and 18 May calls

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