Traders Corner   12 comments

Mistakes

Pre-market movers

UP: none
DOWN: FB, SDRL, VZ, YNDX

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 (leaning overbought)
S&P 500 Futures (June): Flat (leaning positive)
Overall: To paraphrase Obi-Wan Kenobi, “This isn’t the market you’re looking for.” If you’re bullish, starting the month with a flat day isn’t a good sign. On the other hand, for the bears, the momentum is still on the bulls’ side. Today’s U.S. Employment Report may be the tipping point for one of the sides. With all the events we had crammed into this week, whatever happens today could be a precursor to next week’s market movement, especially since next week will be a little light on important economic news.

The S&P 500 levels to watch today:

UPSIDE: 1888 (May 1st’s high), 1897 (April’s high and the all-time high), and 1902 (top of the Bollinger Bands).
LAST CLOSE: 1883, inside the 1882-1885 (6 data points and March’s high) range.
DOWNSIDE: 1877-1880 (5 data points), 1867 (February’s high), 1862 (20 day moving average), 1861 (50 day moving average), 1849-1850 (January’s high and December’s high), 1837 (100 day moving average), 1834 (March’s low), 1823 (bottom of the Bollinger Bands), 1814 (April’s low), 1808 (150 day moving average), and 1776 (200 day moving average).

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12 responses to “Traders Corner

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  1. Jobs numbers big beat. this might be the catalyst that pushes us up

  2. One of my stocks I own is RDA. In November, they agreed to be acquired by TSinghua Unigroup for $18.50 a share in cash. The stock price spent most of January and February in the $18 range. Oddly, they have now dropped to 16.60, well beneath the merger price. It seems the two companies want to merge, but there is a third party (that also wanted RDA) that has gotten an extension on the discussion period regarding the merger. At some point, it might make sense to buy some shares. But there is also the risk that the longer it drags on, the more RDA value is eroded. Customers do not like to deal with a company embroiled in uncertainty.

  3. TZA 17.12

  4. sold my LNG and closed my CCs on LNG. I did not like the huge compensation package the CEO awarded himself and the continuing losses without the hope of profit till at least 2015 made this a sell.

    I love the LNG export model but I’m going to wait till LNG it falls well below 50 before I take another look.

  5. Trader, your call a month ago to wait on silver was very correct. If it falls much more it won’t have anything to chart.

  6. We’re reached recent highs again on the S&P. We’ll have to wait and see if we breakout. I would not be surprised if we did. There is a lot of room in the technicals before we reach over bought.

  7. Sold btu June 19’s for $.85 and etp Dec $55’s for $2.30. If called out on the etp, that will be about $6 of dividend and options for the year.

  8. Leaving for the day. Put in a limit sell on TZA at 17.50.

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