Traders Corner   16 comments

The S&P 500 levels to watch today:

UPSIDE: 1955 (June 9th’s high and the all-time high and the top of the Bollinger Bands).
DOWNSIDE: 1949 (June 6th’s high), 1947 (June 9th’s low), 1941-1942 (2 data points), 1928 (June 4th’s high), 1924-1925 (2 data points and May’s high), 1922 (June 5th’s low), 1918 (2 data points), 1915 (June 2nd’s low), 1907 (20 day moving average), 1897 (April’s high), 1883 (March’s high and the 50 day moving average), 1867 (February’s high), 1860 (bottom of the Bollinger Bands), 1859 (May’s low), and 1858 (100 day moving average).

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Overbought
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Overbought
S&P 500 Futures (June): Negative
Overall: Is today going to be correction day? While the momentum is still bullish, the other technicals are still showing overbought. With the futures showing negative, we should get a bearish opening, but will it last for the rest of today? Or will it do like yesterday, and pop back up before the first 2 minutes are over?


16 responses to “Traders Corner

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  1. Looks like MET got tired of the games in Washington and are moving forward with share repurchase.

    Apparently tired of waiting for direction from D.C., MetLife (MET) resumes stock buybacks for the first time since 2008 with a $1B repurchase plan.
    CEO Steven Kandarian: “Our philosophy is that excess capital belongs to our shareholders … We anticipated that the non-bank SIFI capital rules would be known by now, but recent statements by the Fed suggest that we may not see draft rules until 2015. Meanwhile, our capital continues to grow.”
    At the current stock price, the buyback would be good for more than 18M shares, or about 1.5% of the float.

  2. I saw that as well. In grand scheme, it is not a huge Buybacks, but at least a first step forward. What really makes it attractive for shareholders is that MET stock is still relatively cheap, so the Buybacks have potential to be quite accretive (I struggle with Buybacks when a stock is trading 3 or 4x book).

  3. Ran across this Mid cap Canadian software company…Constellation Software CNSWF any thoughts on it? Huge 5 year run and looks like well managed company. Would it be good for a watchlist on market pullback?

  4. It’s still early, but it looks like we are setting up for a down day. If the drop holds, we’ll have to see if we get any follow through to the down side. Could see 1920-1930 on the S&P if we move down. Lower if players get nervous.

  5. Bought some NSR at 24.31.

    • nice price

      • Still watching. Would like to see it close higher than the opening price for a day or two with some technical strength.

    • Marshall, I am also in with a half position on NSR. Limit buy executed this morning at $24.04. Should it drop another 5 to 10% from my buy price I will buy again to create a full position.

  6. Question for group…I made the mistake of getting bearish last year, so kept large position in cash. Obviously bad mistake on my part…. I have sold off stocks I thought had gotten ahead of themselves and then turned around and used that $ to buy new positions, sometimes just taking a small position with idea of adding on dips.
    I bought MET, DPM, GLUU and EMC to see them rise nicely before adding more shares. At this point having a cash position and thinking I could pick up shares I like cheaper should I still hold onto the cash for the inevitable correction? I am primarily a buy and wait till it I think its reached full value then sell and rotate into new stocks. Although I do have core holdings like PM, BAM and eventually MET.

  7. Marshall, RIOM is on a tear today, up 9.94% as I write. Getting close to being back to my average buy price and hope the same for you.

    • Tom – today’s spurt certainly helped. My basis is 2.03. So still a ways to go. Glad to get some support on NSR – everyone should be aware there is potential downside. I have read a lot of material and opinions are very split on whether the bad news is all priced in. I think the risk/reward is priced in; but I have been wrong before.

      • That is why I bought just a half position of NSR with the plan should it fall more I will buy more at a lower price.

      • Marshall, I only bought NSR so I could blame someone else when it went down the toilet :). Kidding of course. THe risk/rewoard looks favorable to me and I’ve got a 5% stop loss and only have a half position.

        Thanks for sharing your observations and thoughts

  8. Marshall, one of your great pick, syna is up 13% ah on hiking guidance. Too bad I sold it a long time ago.

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