Traders Corner   25 comments

The S&P 500 levels to watch today:

UPSIDE: 1955 (June 9th’s high and the all-time high), and 1961 (top of the Bollinger Bands).
LAST CLOSE: 1950, inside the 1949-1950 (2 data points) range.
DOWNSIDE: 1947 (June 9th’s low), 1944 (June 10th’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), 1910 (20 day moving average), 1897 (April’s high), 1885 (50 day moving average), 1883 (March’s high), 1867 (February’s high), and 1859 (May’s low and the 100 day moving average and the bottom of the Bollinger Bands).

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: The early prognosis is either a negative or flat day for the S&P 500. At the very least, we are looking at a negative opening. However, I don’t see anything in the sentiment to lead me to expect a big drop by the end of today, so I am leaning towards a “flatish” finish.

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25 responses to “Traders Corner

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  1. S&P and small caps are starting to roll over. To early to tell if this is the start of a pull back, but it is starting to look that way. Technicals are showing weaker. Negative price action will lead the market lower. Haven’t seen that part of the picture yet. In limbo for now.

  2. Marshall, nice move in GTAT this morning. Anything going on?

    • Trader – no clue. I searched around a bit, but saw no reason for pop. I have put a sell order in at 17.15 for shares I bought last week (with you) at 16.02.

  3. NSR is looking better. Technicals are still weak but price action is looking good for now. It it can move above 24.70 and close at that level or higher, my guess is we could see a nice pop. I may add at the end of the day if it holds.

  4. My GTAT sale at $17.15 just hit. As a note, I only sold 17% of my shares. My core holding that I have held since February 2013 (at 2.73) is still in place. I made 7% from the buy at 16.02 on GTAT from last week. Thanks trader for technical call that it was on upswing.

    • sold GTAT Jul 17 calls for 1.35. If called my profit is something around 12 %

      • Jeff I can tell you really like the new strategy, and you seem to be doing quite well with it. Keep it up and you wont even know 2014 was a sideways market for stocks.Nice job on the above trade too. Very good return for the amount of time.

      • I do like it, but there are some traps which I am slowly getting my arms around

  5. It looks like the pop in GTAT today is that a lot of AAPL followers are confirming that all the iphone6 models will have sapphire screens. There was a lot of chatter in the past that only the smaller phone would use the sapphire. Still just rumors, but if is true, when AAPL makes it public, I suspect GTAT could go sharply higher.

    • that sounds exciting. Is it too late to get back in?

      • Lynn – GTAT swings all over the place, so I will leave it to the technicians on whether a better entry point will come up. But I am holding long and strong a lot of shares (easily largest position, even with today’s swing sale) as I believe the stock goes north of $25 when revenues begin accelerating from AAPL contract and other initiatives.

      • Lynn, It’s at a resistance level again. I would wait to see if it breaks through 17.50 and closes above that level.. If it does, I would expect it to go back to the 19-20 range. Assuming, the market doesn’t make a major move south. In that case, it’s going to have a tough time going against the tide.

      • Trader, since GTAT closed at 17.42 you are thinking (or reading the chart) GTAT may go down or up — i.e. no clear picture. If it closes above $17.50 tomorrow would it then be a potential buy or does the closing price today — $17.50 — change tomorrow to a new number?

      • Have to see what it does tomorrow. If it can break 17.50 and hold it should move higher. I’ll update how the intraday technicals are looking tomorrow.

      • Thanks Trader. I have never been a chart fan but you have made a believer out of me that charts have a place in my skill set if I want to be successful in buying and selling equities.

    • bought half position of gtat. If it goes down, then I will add to it.

    • Ed – good call by you. What is your basis?

      • $9.96, so I’m back in the black with today’s rise. Plus I’m due an 11.04 cent dividend (about 1.11%) on June 19th.

        I thought the whole deal was overplayed by the market. The SEC didn’t seem to have their guns out for this, it was more like “Nudge nudge hey guys, restate your earnings.”

      • I saw this and was very happy. This one move basically changed a little bit down to neutral day for my portfolio into a bit up day.
        I bought more on the last 5% down day. My basis is now $9.86. 🙂

      • P.S. Thank you very much Ed for pointing this one out.

      • Chris,
        No problem. And well-played by you!

  6. I don’t see anything scary in this down move today. We’ll have to see if we get any follow through to see if this is anything more than a small bump. Didn’t pull the trigger on NSR. I don’t like that is closed at it’s low for the day and lower than the previous two days closing price. Have to see what tomorrow brings. The jury is still out.

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