Traders Corner   19 comments

I am just making a slight change in the format, so the summary goes at the end.

Pre-market movers

DOWN: none

The S&P 500 levels to watch today:

UPSIDE: 1878 (5 data points), 1879 (20 day moving average), 1880 (May 12th’s low), 1883-1889 (8 data points and March’s high), 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: 1872 (May 19th’s low).
DOWNSIDE: 1870 (May 8th’s low), 1865-1868 (4 data points and February’s high and the 50 day moving average), 1862 (May 15th’s low and the bottom of the Bollinger Bands), 1859 (May 7th’s low), and 1847 (100 day moving average).

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): Leaning Positive
Overall: Naturally, as soon as the S&P 500’s momentum turns bearish, the futures point to a positive opening. However, technicals may take a back seat to the Federal Reserve today: Not only do we get the minutes from the last FOMC meeting, but we also have 4 Fed members giving speeches today, including Fed Chair Janet Yellen giving a commencement address at 11:30 am EST this morning. Be careful with momentum plays today.


19 responses to “Traders Corner

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  1. Not sure if anyone is still in RIOM. It looks like they are involved in a merger of equals with sdddf. I am not sure if this is a positive or negative as I know nothing about Sulliden.

  2. Looking deeper, looks like a great day for Sulliden holders. They get .525 shares of RIOM. Assuming RIOM does not change, that is 1.11 (Canadian) per share and Sulliden closed yesterday at .78 (Canadian).

  3. Ed and Marshall this looks like long term good news for TC but market not liking today…am I missing something? Purely looking at long term

    • Bobb,
      TC is offering a greater amount of common stock shares for anyone who converts their TMEDS now, instead of waiting. This will have a greater impact on shareholder’s value (it dilutes share value) than previously expected, assuming anyone takes them up on the offer.

  4. Speaking of miners, bot TC @ $2.58 to start building another position. Still hold tc-pt and loving the dividend.

  5. Doesn’t look like GTAT is going anywhere quick. Not much interest from buyers or sellers. Looks like the time to start selling calls.

  6. I did execute a couple of orders yesterday and today. 1. I bought LNC for my kids college funds yesterday at 47.66. College fund investements are hold into college, so right now a three to five year period. The stock (in my mind) has fallen too much on recent interest rate drops. They sell under book value and at 8 to 9x earnings. 2. I have sold the remainder of my FGL at 20.60. I was disgusted with the way they stated financials in press releases, so have sold for a 0.4% profit (woo-hoo). Then to replace FGL in my dividend portfolio, I have bought GPS. I know retailers are unloved right now, but I like their 2% dividend and I think they are managing through everything better than most.

  7. FEYE is one wild ride. Closed out one of my positions from yesterday. Bought at 30.31. Sold Friday calls for 1.20. Bought back the calls for .90. Sold the stock for 30.65. Net of all of this is plus .64 2.1% I’ll probably sit on the sidelines for now and wait to see what happens after the lockup expires today. Holding one position for now.

  8. One more transaction today. I added to my BAC-WTA today. I first bought these in April of last year at 5.10. They got to over $8 this year, but have pulled back to 6.88. These are complex, essentially options. The strike price is 13.30 (based on BAC stock price) and expiration date is 1/16/19. The strike price will get eroded by quarterly dividends in excess of a penny (current quarterly dividend).

  9. Partial fill on GTAT July 16C @ .75. If the rest does not execute I’ll wait another day.

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