Traders Corner   9 comments

Pre-market movers

UP: GWPH
DOWN: AAPL, FB, SDRL, TSLA

S&P 500 Daily Momentum: Bullish (weakening)
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): Slightly negative
Overall: This morning is looking much different than most mornings lately. However, anything is possible today, pending both the GDP report and the Fed announcement. My guess is if we see a stronger-than-expected GDP report, we might see the markets tank early. On the other hand, a worse-than-expected GDP report could juice the markets early.

The S&P 500 levels to watch today:

UPSIDE: 1879-1880 (2 data points), 1882-1885 (5 data points and March’s high), 1893 (2 data points), 1897 (April 4th’s high and the all-time high), and 1903 (top of the Bollinger Bands).
LAST CLOSE: 1878.
DOWNSIDE: 1877 (2 data points), 1869-1873 (7 data points), 1867 (February’s high), 1862-1864 (4 data points and the 20 day moving average), 1859 (April 25th’s low and the 50 day moving average), 1856 (April 17th’s low), 1854 (April 8th’s high), 1852 (April 9th’s low), 1849-1850 (April 28th’s low, 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), 1823 (bottom of the Bollinger Bands), 1814-1816 (3 data points), 1805 (150 day moving average), 1775 (October’s high), and 1774 (200 day moving average).

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9 responses to “Traders Corner

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  1. Sold TZA for plus .76 4.4%.

  2. Decided to hold onto GTAT. Sold June 17 calls for 1.30 reducing my basis to 14.38. Trading the options around this position has worked well. Keeping my fingers crossed that it doesn’t tank when they report.

    • Trader – good job on the TZA’ had you held that for a while? I get too nervous on those leveraged plays. I know a lot of people jump in and out of GTAT. I get that as it is a stock that can move three or four percent a day with regularity. It is my largest position. Not sure what May earnings will bring, but I staunchly believe that if an investor holds this stock for a year, they will not be disappointed.

      I see KLIC is up another 53 cents today, they really had an outstanding quarter. GNW is up about 1% for me today on what were generally satisfactory earnings last night. RPXC also pretty much met expectations and is down 8 cents.

      Finally, GSOL announced the tender their tender at $10 today. This was a stock I bought in early April at 8.58. I was clearly early as they dropped to 8.01 yesterday. I have sold all my shares today at 8.85. Someone here had mentioned that even if they tender at $10, you would likely only get to sell a part of holdings as they are capped at 14% of stock at the $10. I felt 8.85 (a 3.3% gain in under a month) was a decent return, so I sold.

      • Marshall, bought TZA on 4-15, doubled on 4-16. What is interesting is the divergence between the S&P and the small caps. Small caps are much weaker. Something has to give. Either small caps have to move up or the S&P is going lower. I don’t think this divergence can last much longer.

      • Thanks. I actually disagree. I think the divergence continues. The iwm over the past 18 months had gotten way ahead of itself, it will take a period of time for that to be given back. That being said, I do believe that a crash in the iwm will be a canary in the coal mine for a crash in the spy, but there may be a six to nine month lag.

      • We’ll see. I don’t think the divergence will last that long.

  3. Sold my ill-timed KLAC purchase from last week at a 4% loss. So of all my flurry of buys in past two weeks, now just holding GNW, FGL and RIOM. Sill have too many shares of LMNS, will look to sell when they announce earnings.

  4. I added SPXU at $54.88.

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