Traders Corner   45 comments

Pre-market movers


S&P 500 Daily Momentum: Bullish (weakening)
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Flat
Overall: With Fed Chair Janet Yellen expected to appear before Congress later this morning, markets are appropriately flat so far.

The S&P 500 levels to watch today:

UPSIDE: 1878 (2 data points), 1883 (May 6th’s high and March’s high), 1885 (May 5th’s high), 1888 (May 1st’s high), 1891 (May 2nd’s high), 1897 (April’s high and the all-time high), and 1903 (top of the Bollinger Bands).
LAST CLOSE: 1867, inside the 1866-1867 (2 data points and February’s high) range.
DOWNSIDE: 1864 (20 day moving average and the 50 day moving average), 1849-1850 (January’s high and December’s high), 1839 (100 day moving average), 1834 (March’s low), and 1825 (bottom of the Bollinger Bands).


45 responses to “Traders Corner

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  1. Doubled TZA @ 17.99

    • Out for plus .54 3.0%

      • Nice.

      • Excellent Trader! Funny my Fidelity account won’t let me trade the 3x leverage. Probably good for me. Marshall, have you ever looked at Fiserv? Looks like a quality investment. Nice balance sheet and business is doing well.

      • Jeff – interesting about fidelity blocking you. I have no trouble buying those ETFs. I did look at FISV, not as big a fan as you are. Their balance sheet is actually pretty weak. Almost all their assets are goodwill and intangibles. Not a fan.

      • Jeff, I use Fidelity as well… you just have to fill out a form acknowledging you are aware of the risk, etc…

      • Marshall, not unusual for software co.s to have significant intangibles on the B/S. They killed Q1 earnings. Marshall I haven’t looked at all your current month picks, but I like your CA pick and given your stock picking prowess, I might consider that as an alternative to my FISV. I already increased my AVG last week by 40% so I’m in the same boat with you on that. As usual, thanks for your thoughts Marshall

        Thanks Joel. I am aware of the risk so I think I’m going to leave my Fidelity account as is.

      • Jeff – looking at avg today, we should have clearly waited until today to buy. Crossing fingers on earnings after the closing bell tonight.

      • Both SCTY and AVG are way down. Hope this is not a prediction of earnings. Crossing both fingers and toes, which is difficult.

      • Jeff, I’m with you… not my style

  2. I put in a puke buy order on DOW. I am looking for something safer to park some of my money in. I like their 3% dividend and I like the fact that Daniel Loeb is investing as well. I will let people know if it hits.

  3. Up at the cabin for the last few days and no internet so no activity. The portfolio has actually been holding its own primarily due to my cc.s. Down a little but not bad.

    Bought my SCTY ccs back at .24. originally sold for 2.10 and 3.10 so nice profit on the calls and I lowered my basis accordingly. However, stock is continuing to tank. Down to 52. I’m looking to resell ccs if we get a pop on earnings this evening. cross your fingers or this might be a real screw up.

  4. Starting to look like the rest of the market is going to catch up to the small caps and NASDQ. Disney had a great quarter and is selling off this morning. Not a good sign when quality starts to sell off. We’re at the 50 day ma on the S&P. We’ll have to see if that holds. Not looking good at the moment.

  5. Ed , is border bender banned? I noticed his comment has been deleted.

    • Trader,
      No, but I told him previously that I didn’t appreciate his comments implying that I have psychological problems. If he wants to keep posting comments like that, I will eventually ban him.

      • Ed, I meant no offense. And I certainly don’t equate addiction to a psychological problem (though the latter is nothing to be ashamed of, even if I agreed with your premise). I was only pointing out what so many others have- you’re back to day trading leveraged etfs, though past efforts have not worked out for you, as you’ve freely acknowledged several times. I wish you well. Sincerely.

      • BB,
        I’ve changed my technique, although I haven’t fully discussed it here.

        That said, apology accepted. 😉

  6. BAM seems to just keep chugging along this year..any thoughts?

    • ojunker,
      They just had a decent earnings report, and they “sort of” increased their dividend. Previously, they were paying 15 cents every quarter, then they paid 20 cents in February because it was for a 4 month period, but they will be paying 16 cents at the end of June.

      Overall, I wouldn’t buy them at the current price, but I would hold them here.

  7. Ed, Trader, Marshall, and others. With interest rates low I set my 401k up at 40% small caps 5 years ago. I’m thinking now it’s time to change that. What would a good allocation to small caps be and how much of my small cap money should I remove?

    • Bill,
      I would say absolutely no more that 10%, preferably 5% or less, at least until the end of this summer.

      • Ed, So your saying 10% allocation and 10% max of my account holdings? Thanks Ed.

      • Bill,
        No more than 10% of your entire account size, including cash. For example, if your portfolio is $100,000, you shouldn’t have more than $10,000 in small caps for the time being (and even that might be high).

      • Thanks Ed, I’ll move some around tomorrow. But I’m not taking it all at once. First reason is there isn’t anywhere any better to put it. Second reason is I’m not market timing my 401k. Because I suck at it 🙂

    • What does everyone consider to be a small cap? Anything not in s&p 500? Stuff under $1 billion? Stocks in IWM?

  8. Wow! crash and burn city! Not a good day. someone must have pre-knowledge of earnings cuz my scty and avg

  9. Yes – GTAT is down a ton as well and they report tonight. Volume for avg and GTAT are not crazy high, so I suspect it is more nervous hands rather than somebody knowing something.

  10. TZA at the close 17.95. Partial position.

  11. I know a lot of people on this board are traders and use technicals. I am sure that has its appeal. But for me, I love the fundamental part, doing all the research and analysis to try to uncover stocks that are undervalued and then the excitement of earnings day. Tonight are three very large holdings for me, GTAT, AVG and CF. Yesterday’s one earning, ATVI was very very good and the stock popped almost 9%.

    • Early still, but avg earnings look very good. They beat estimates and seemed to have re affirmed rest of year. Stock should (at the very least) get back the 5% given up recently. CF was pretty much as expected. Still waiting on GTAT.

  12. GATT earnings were pretty much as expected. On the guidance side, no changes – reiterated what they have said before. The stock is selling off a bit, so clearly people were hoping for GTAT to raise guidance. Glad I sold 30% of shares a couple days ago. But nothing has changed in the story (though earnings call tomorrow will be interesting).

    On a personal note, I go under the knife tomorrow for my torn acl. So I will likely be pretty quiet next two days.

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