Traders Corner   14 comments

Pre-market movers

UP: none

S&P 500 Daily Momentum: Bearish
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: As I post this, it is still early. But with options expiration today, don’t be surprised if the market pulls a 180 degree turn from yesterday. On top of that, the S&P 500 tested the 50 day moving average yesterday, and failed. If the 50 day is support, we could see a bounce today. Even with that, the momentum technicals turned bearish after the strong drop yesterday, so there are reasonable arguments for both the bulls and bears today.

The S&P 500 levels to watch today:

UPSIDE: 1878 (4 data points and the 20 day moving average), 1880 (May 12th’s low), 1883 (May 6th’s high and March’s high), 1885 (2 data points), 1888-1889 (3 data points), 1891 (May 2nd’s high), 1896-1897 (3 data points and April’s high and the top of the Bollinger Bands), and 1902 (May 13th’s high and the all-time high).
LAST CLOSE: 1870 (May 8th’s low).
DOWNSIDE: 1865-1867 (3 data points and February’s high and the 50 day moving average), 1862 (May 15th’s low), 1860 (bottom of the Bollinger Bands), 1859 (May 7th’s low), and 1846 (100 day moving average).


14 responses to “Traders Corner

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  1. Pretty funny. I was looking at my fidelity account this morning and saw I got a dividend yesterday from TCPT. I thought I had sold all my shares, but apparently not. Not a ton of money, but certainly unexpected.

  2. got my tcpt divi as well on the shares I owned on 4-28, ex divi

  3. TZA 18.59. Partial position. Higher risk since IWM is on support. Won’t get greedy.

  4. Looks like GTAT maybe forming a bottom. If it does bounce, should see 14.50-15.00. I’m still holding my core position and the trading position I bought on 5-14 for 13.99. All bets are off if the market makes a big move south.

  5. Anyone thoughts on ECPG? Nice return over last 5 years

  6. Marshall, You are a good stock picker. Your musa pick you sold is up to 47. How few losers stocks do you have?

    • Bill – I had not noticed MUSA. I have my share of lemons (LMNS). I believe if you can get two winners out of every three picks, that you will do pretty well. If you look at my MFI picks since August 2012 (5 picks a quarter, so 20 picks a year and then hold for a year), 30 of 35 ended up being up. 23 of the 35 have beaten the index, so pretty close to the two out three I would like to achieve. That portfolio start with 100,000 in August 2012 (not real amount) and is now 162,000 (if you had just gone with r3k index you’d have a bit over $132,000).

      • I would call that picking with an expertise.

      • Tom – in that portfolio, it has been a good run. But I am subject to poor,” trigger happy” decision making just like anyone else. Trader usually points it out here (like my SIRI arbitrage try or my buying some IPOs post IPO). In hindsight, they were poor decision, really just speculating as opposed to investing. I think it is “okay” to have a few speculative plays, just do not kid yourself about what they are and make sure if they go south that they can not really hurt you.

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