Traders Corner   29 comments

Pre-market movers

UP: AAPL, AMZN, FB, GOOGL, TSLA
DOWN: MSFT, SDRL, VZ

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Mixed (PPO is bullish, but MACD is still bearish, but weakening)
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures (June): Positive
Overall: The S&P 500 technicals and futures are looking for a positive opening, so we are likely to get a new all-time high. But considering we are also near the top of the Bollinger Bands, that might slow down the upward momentum. Don’t be surprised if we get a reversal later today.

The S&P 500 levels to watch today:

UPSIDE: 1897 (May 12th’s high, April’s high and the all-time high), and 1901 (top of the Bollinger Bands).
LAST CLOSE: 1896.
DOWNSIDE: 1891 (May 2nd’s high), 1888-1889 (2 data points), 1885 (May 5th’s high), 1883 (May 6th’s high and March’s high), 1880 (May 12th’s low), 1878 (4 data points), 1875 (20 day moving average), 1870 (May 8th’s low), 1866-1867 (3 data points and February’s high), 1865-1867 (3 data points and February’s high and the 50 day moving average), 1859 (May 7th’s low), 1849-1850 (January’s high and December’s high), and 1843 (bottom of the Bollinger Bands and the 100 day moving average ).

UPDATE: I forgot to update the 20 and 50 day moving averages when I first posted. This has been corrected.

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29 responses to “Traders Corner

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  1. Yesterdays move higher had strong technical support. Looks like the odds favor a move higher. I don’t think we rocket higher but rather trade in a higher range. The 50 day ma has been good support on the downside. Around 1870. Since we are at new highs we’ll have to wait to see what becomes resistance.

  2. put in a sell order at 14.10 of the gtat shares i bought yesterday at 13.01.

    • Sold mine from yesterday for plus .45 3.4%. Still holding my core position. I’ll trade around this position as long as the trend remains positive.

    • put in a sell order at 14.22 and bought NSR at 26.76.

      • Lynn, starting to lose some strength on the 5 min chart. Hope you get to 14.22.

      • My sell order on GTAT hit at 14.10. A nice 8.4% gain in a day. I do not want to be overweight GTAT, but when I saw them go below $13 yesterday, I had to show some conviction.

      • Well done Marshall. Are you going to continue to trade GTAT if it continues to move higher?

      • thanks trader for the tip. I sold it at 14.08.

      • Lynn, when you are playing for a trade, I think it best to take a nice profit when you have it. You never know when it can turn against you. In my opinion, there is nothing worse than watching a profit disappear. I would rather be wrong on the play than be right and watch the profit go away.

      • Trader – not sure what I will do. I have a very large cash position, so may look for opportunistic trades with stocks I know very well (like avg and GTAT) that I believe to be oversold.

      • Marshall, I took a look at the charts on AVG. It doesn’t look oversold to me. It would need to be in the 15-16 range to be technically oversold. Agree with you on GTAT, although I think it could run into some resistance around 15.

      • Trader. totally agreed. 🙂

  3. Sold OIH May 16 52.0Call for .45, looking to finally be called out on this position.

  4. Hello Marshall,
    Followed you on FSC a while back. Are you still holding? If you are, is it LT and are you re-investing dividends?
    Thanks.

    • George, yes and yes. Reinvesting dividends with FSC can be great as they have some rules (need to look them up) where you sometimes get them at a 5% discount. I am surprised they are trading so far under NAV (around 9.81 I believe).

    • I bought more FSC at $9.20 for an overall price average of $9.53 and this gives me a full position in this equity. This is a long term dividend hold for me. Dividend yield at my buy prices is over 10%.

    • I must admit, I like FSC. I’m tempted to buy them at the current price, but I will wait until this summer. In the meantime, they go on my watchlist.

  5. TC dropping anyone know if something came up in conference call?

    • wow, quite a reversal if you bought pre open over $3.

      • Sounds like there new CEO is not the greatest talking on Conference Calls. Also appears to be someone who under promises and over delivers unlike the last CEO. This has people confused and is driving stock negative. In the long run it appears to be a good stock as long as metals hold steady.

  6. When you are looking at buying a stock, one of the things you should look at is the option premiums. Look at the all of the options that are available. This will give you some idea of market expectations. If the premiums are low it doesn’t mean that the stock won’t move higher. Just not going to move up quickly. Stocks with low premiums and low option volume are generally not good for trading as they lack the necessary volatility.

  7. Any ideas from the ETS experts regarding O and other monthly income equities? Retiree looking to park some cash for at least 2 years. Thanks.

    Curious George
    • George,
      O looks a little pricey to me.

      I still recommend JTP. Another thought for you is to try Apple’s bonds (if you hold to maturity, the trading value is irrelevant, and only the price you pay is important).

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