Traders Corner   32 comments

Pre-market movers

UP: AMZN, GOOGL, TSLA, VZ
DOWN: none

The S&P 500 levels to watch today:

UPSIDE: 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: 1888, inside the 1883-1889 (9 data points and March’s high) range.
DOWNSIDE: 1880 (May 12th’s low and the 20 day moving average), 1878 (5 data points), 1872-1873 (2 data points), 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 1848 (100 day moving average).

S&P 500 Daily Momentum: Bearish (weakening)
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Mixed
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures (June): Leaning Positive
Overall: No help from the technicals today, although it looks like the S&P 500 will open to the upside. After that is anyone’s guess.

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32 responses to “Traders Corner

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  1. Any thoughts on FOE? Has had a big run in last year, with slight pullback YTD. Looks like they might have gotten new management. On a pullback in market if this drops a good pickup?

  2. The miners seem to be doing a little better today? I’m not buying, yet.

  3. Starting to look like we are headed higher. At least for a few days. Small caps held support and have stabilized for now. S&P is gaining strength. I wouldn’t go so far as to say we’re in for a big rally. Just doesn’t look like the big correction is imminent. I would expect that we will continue range bound at a slightly higher level.

  4. All my stocks are up nicely today. In particular I have two 10%+ gainers, one a rare earth miner, LYSDY at +13% (a perennial big time loser) and the second another recent big time loser Chinese solar PV manufacturer YGE at +10%.

    Another miner, TCPT is also doing well today at +3.21%.

  5. GTAT is looking better. Needs to break resistance in the 14.50-15.00 range. Not selling calls yet.

    • I did manage to sell 16 calls for 2/3rds of my GTAT shares at .65 about a week ago. My basis in those shares was around 14.75. However, like Trader I’m waiting for a little better price for the balance of my GTAT shares for which my basis is around 17.

  6. YGE is up over 24% over the last 4 days. Granted its from a 52 week low, but still, is something afoot.

    This is a highly speculative stock and with a recent public offering that caused a share drop from around 5 to under 3 and with a clear sign from the Chinese gov’t that they will not support YGE (or it appears, any other Chinese solar Co.) this could be rough ride. However, solar PV demand and margins seem to be picking up and I expect will continue to improve.

    This is a hold for me, but may be worth some additional investments later in the month if the environment continues to improve.

    • Jeff – I have been thinking about buying a solar stock as I am actually looking at installing solar panels and I have discovered that it is beginning to make economic sense. Do you have a view on YGE, versus some of ther other players? FSLR seems pretty reasonable.

      • I’d go with FSLR or possibly SCTY. FSLR is a very solid US based Solar Co. focused on large installations. SCTY is an Elon Musk inspired co focused on residential installations. SCTY is way down from its high and is facing increasing competition. Nonetheless, it recently gave very good guidance and I think they are transformative in the electric generation business.

        FYI, I converted my northern MN cabin to 100% solar about 3 years ago and am in the process of adding 5 new panels (about 1000 additional watts) to my array. I got the most recent panels online for .48 cents a watt which I consider an incredible deal. Once installed, no maintenance except for occasional replacement batteries (I use deep cycle batteries from fleet farm).

        My solar works perfectly! and I rarely need to kick on the back up generator except for regular maintenance purposes. I would highly recommend for any new construction. People who say it is not economical or won’t work in northern climates don’t know what they are talking about.

  7. Doesn’t look like the lockup expiration has had much impact on FEYE. Probably won’t look to trade again until after the holiday. Holding one position with 30 calls that will expire tomorrow. My basis is 28.07. Don’t care if called or not as long as it doesn’t make a big move south.

  8. Lynn – not sure if you still own the NSR, but it is getting a nice pop today on news it is one of two finalists for contract with FCC (ERIC is other finalist).

  9. Sold TC from yesterday for +.27. Hard to pass up 10.5% in a day. I’m looking to play the range from $2.60-2.90 that TC stays in.

  10. LYSDY is up over 20% today and I have no idea why?

  11. Nice move in GTAT. If this bounce holds today, it should break the 15 level. May yet do it today. If it gives back most of this pop, then my guess is it continues to trade in the 13 -14 range.

  12. Glad that I got Telus for my kids’ account last July and it is doing really well after the withdrawal of Verizon.

  13. Here’s an interesting piece of news which is good (in an indirect way) for my SDRL:
    http://www.zerohedge.com/news/2014-05-22/us-shale-oil-miracle-disappears

    • Thanks Ed, very interesting article. I forwarded it to about a dozen people in the shale oil business or receiving royalties or both.

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