Traders Corner   15 comments

The S&P 500 levels to watch today:

UPSIDE: 1928 (June 4th’s high and the all-time high), and 1935 (top of the Bollinger Bands).
DOWNSIDE: 1924-1925 (2 data points and May’s high), 1918 (2 data points), 1915 (June 2nd’s low), 1897 (April’s high and the 20 day moving average), 1883 (March’s high), 1878 (50 day moving average), 1867 (February’s high), 1859 (May’s low and the bottom of the Bollinger Bands), and 1855 (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): Flat
Overall: At the moment, it looks like markets are waiting to see the ECB’s decision. But I suspect even a “no changes” decision by the ECB might send markets up, as the momentum is decidedly bullish. On the other hand, we still have the U.S. Employment Report tomorrow, so markets might remain flat.


15 responses to “Traders Corner

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  1. Thoughts on SAP?

    • Bobb,
      SAP is a tough stock to value. Their financials are solid and they are a good company, but I don’t see enough growth to justify a much higher price for this stock. Their once-a-year dividend isn’t that much. I just can’t find a good reason to buy it.

  2. AGX reported earnings for me this morning. This stock has been one of my best buys in the past year, though I do not mention it much here. This is a smaller construction firm that is actively building 2 natural gas power plants near the Marcellus Shale. Earnings were strong as was the backlog. Stock is up 10% to about $35 today. I bought in August for $15.60 and have collected 85 cents of dividends. The stock still does not look expensive to me.

  3. Looks like we are going to continue higher. Small caps are looking better and S&P continues to gain technical strength on daily and weekly charts. Pull backs should continue to be minor. GTAT should trade at a higher level. 16.00 to 20.00 is my guess.

  4. Added to GTAT @ 16.00

  5. Trade. I have a core position that I hold, and have a smaller component to trade.

  6. Nice move in FEYE today. The weekly calls I sold for 1.00 expired worthless. Haven’t sold calls yet. Technicals were setting up for this bounce. I’ll hold for now.

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