Traders Corner   16 comments

Pre-market movers

DOWN: none

S&P 500 Daily Momentum: Bullish (weakening)
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Positive
Overall: We should get a positive opening today, but I wouldn’t bet on it lasting.

The S&P 500 levels to watch today:

UPSIDE: 1867 (February’s high), 1869 (April 17th’s high), 1871-1873 (5 data points), 1877 (April 25th’s high), 1879 (April 23rd’s high), 1882-1885 (5 data points and March’s high), 1893 (2 data points), 1897 (April 4th’s high and the all-time high), and 1902 (top of the Bollinger Bands).
LAST CLOSE: 1863, inside the 1862-1864 (4 data points and the 20 day moving average) range.
DOWNSIDE: 1859 (April 25th’s low), 1858 (50 day moving average), 1856 (April 17th’s low), 1854 (April 8th’s high), 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, March’s low, and the 100 day moving average), 1830 (April 10th’s low), 1822 (bottom of the Bollinger Bands), 1814-1816 (3 data points), 1803 (150 day moving average), 1775 (October’s high), and 1772 (200 day moving average).


16 responses to “Traders Corner

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  1. Interesting move in small caps this morning. IWM is moving down while rest of market is higher. Not sure if this means anything, but could be an indicator of a shift to lower risk stocks. Nice move in TZA.

  2. I added SPXU at $55.80.

  3. Weekly and daily charts on GTAT do not look good. I’m not real excited about holding into their report on May 7th. I may buy back my options and close my position. I can always go back in after they report. Anyone else have thoughts?

    • Trader,
      It looks like larger speculative stocks (i.e. tech) are starting to take it on the chin. It might be a good idea not to take a chance on GTAT here. Worst case, it should get a summer slump, and you can possibly buy it back for cheaper.

  4. Marshall, I know you have a portfolio of how quality stocks. How is your portfolio performing today? So far, this bounce today does not look that strong.

    • Trader – just got in from a Doctor appointment (acl surgery next week). It is my second straight brutal down day. A. Down right at 2%. Just a week or so I was up almost 10% for the year! now at 2.5%. The market does seem to be warning that GTAT May earnings will be negative. But – who really knows? I am holding my shares, even if a bit painful to the bottom line. Not buying anything, as is mentioned Friday, I like to give these things three days at least before jumping in. If I were to buy anything, would likely be GNW. They report tomorrow evening, I like their space, their price and additional catalysts such as Australian IPO.

      • Thanks Marshall, first of all good luck with the surgery. Hope it goes well. I respect your fundamental analysis. When high quality fails to perform on days that the averages bounce, I get concerned. Unless I see something different , it looks like we are heading lower.

      • I could not resist some of the bargains I saw this afternoon: GNW (16.76), LMNS (8.32), FGL (20.36) and WB (17.55). WB is another IPO – it is 2x the size of the other three positions I bought.

      • Bold move Marshall. Wild day. With the rebound, I’ve decided to hold GTAT. Hard to make much out of today.

      • Trader,

        I decided to hold through earnings. I think the stock has actually held up pretty well considering the way it zoomed from $10 all the way to $18, and a long breather was due. I agree technical still don’t look great right now, but every time its been beaten down to under $15 its found a way to bounce up. looks like the 14.50-15.50 area has been forming as an area of support for the time being.

  5. Bought back my May GTAT calls for 60. Sold for 1.15. Will probably sell GTAT today.

  6. FAZ @ 21.11

    • Interesting choice. Why FAZ?

      • Looks like it is gaining strength. On Friday it opened at its low for the day and closed close to its high. Today it opened at its Friday close and barely dropped with the early bounce. Technicals are showing support for the move higher. This is a partial position. I’m also going to continue to hold TZA. I don’t think the 50 day ma is going to hold.

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