The S&P 500 levels to watch today:
UPSIDE: 1924 (May 30th’s high and the all-time high).
LAST CLOSE: 1923.
DOWNSIDE: 1921 (top of the Bollinger Bands), 1920 (May 29th’s high), 1916 (May 30th’s low), 1914 (May 28th’s high), 1912 (May 27th’s high), 1907 (May 28th’s low), 1897 (April’s high), 1890 (20 day moving average), 1883 (March’s high), 1874 (50 day moving average), 1870 (May 8th’s low), 1867 (February’s high), 1858 (bottom of the Bollinger Bands), and 1852 (100 day moving average).
S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures (June): Slightly positive
Overall: The S&P 500 indicators aren’t overbought to the point where a sell-off seems assured, so the bullish momentum indicators seem to be ruling. However, this is the first day of a new month, so anything is possible.
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Sold WWAV June20 32.50C for .60 this morning. Was called out on my OIH from last week netting .9% for 4 days. I’m sitting this week out on OIH and everything else in general. Not comfortable opening new positions right now and I’m going to focus on my other positions and hedge or sell accordingly.
My limit buy on RIOM executed at $1.65 giving me an average buy price of $1.92. I now have a 0.8 position and anytime RIOM wants to begin moving up is OK with me.
Tom – maybe together we can will RIOM upwards. It is the biggest loser in my portfolio, down almost 19%. But, I do believe a balanced portfolio should have some sort of mining, PM exposure. My pick is RIOM.
My 87 SND options will definitely get called on Friday for a 9% gain. Not planning on buying or selling anything this week. Watching LNG for a new entry
sorry sndk 87 calls
So Jeff – will you be 100% out of SNDK?
unfortunately yes
Too bad – it has been a solid performer for me
Another example where covered calls (while still profitable) have not resulted in maximum gain.
Marshall, would you still buy SDK at this price?
I was wondering how to proceed with LNG after the ~15% gain last week.. I have it on my watch list for a year, its up 120%. If I would have gotten in, it would have been down 120%. I will be watching your moves, thanks.
Summer – pretty funny, down 120%! I know the feel.
LNG has been on a nice run lately. Seems to have topped out and I’m hoping to get it much cheaper. We’ll see
Interesting, one of the reason’s that I got out of LNG and hesitated in reinvesting was the heavy hand way that management compensates itself (i.e. big bucks and excessive options and often). Lowe and behold, LNG just suspended its shareholder meeting till Sept. 11 because of a shareholder lawsuit related thereto.
Cheniere postpones annual meeting amid pushback on exec compensation.
http://blogs.wsj.com/corporate-intelligence/2014/06/02/a-new-twist-in-the-case-of-the-142-million-ceo/?mg=blogs-wsj&url=http%253A%252F%252Fblogs.wsj.com%252Fcorporate-intelligence%252F2014%252F06%252F02%252Fa-new-twist-in-the-case-of-the-142-million-ceo
I am definitely deferring any additional LNG investments until I learn more. The new comp authorization would dilute LNG shareholders by a minimum of 12 %!
I bought TBT (inverse treasury ETF) today at 61.72. This is an ETF I have owned before. Mentioned on cnbc and I was surprised to see how far it had fallen. Essentially, this tracks my belief that interest rates will begin to move back up (same reason I bought LNC last month).
Marshall, I have several questions on your TBT buy. 1) Everyone believes interest rates will move up — but why now? 2) Is this an ETF you will own based on time or price movement? And if time, how long and if price, at what price do you think you will be selling?
Tom – I am always nervous about leveraged ETFs. I am looking for a 5% gain. I am comfortable as I do believe the overall bias is higher rates, but in a stock market crash or some sort of “event”, there could certainly be a flight to safety n