Traders Corner   23 comments

The S&P 500 levels to watch today:

UPSIDE: 1940-1944 (6 data points), 1947 (June 9th’s low), 1949-1950 (3 data points), 1955 (June 9th’s high and the all-time high), and 1966 (top of the Bollinger Bands).
LAST CLOSE: 1937 (June 13th’s high).
DOWNSIDE: 1927-1928 (2 data points), 1924-1925 (3 data points and May’s high), 1922 (June 5th’s low), 1921 (20 day moving average), 1918 (2 data points), 1915 (June 2nd’s low), 1897 (April’s high), 1889 (50 day moving average), 1883 (March’s high), 1875 (bottom of the Bollinger Bands), 1867 (February’s high), and 1863 (100 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures: Flat (leaning positive)
Overall: With the Fed announcement due tomorrow, I don’t expect any large moves today. If we do get a large move, expect a reversal before the end of the day, unless the Fed leaks some news (always possible) or a rumor takes hold or something big happens in Iraq.

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23 responses to “Traders Corner

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  1. Wondering what people’s thoughts are on CHD?

  2. Lol actually they have all the products for a good date. Toothpaste and deodorant to get ready, Vitamins for the action, condoms, and then if it breaks pregnancy tests.

    But have always looked at it and seems fully priced but then continues to move up.

  3. S&P technicals continue to weaken on the daily chart; however, the price has stayed flat for the last few days. This type of divergence probably won’t last long. The problem is will the price start to follow the technicals down or will the technicals move in line with the price. Just have to wait and see. The sidelines or conservative plays seem like the best approach for now.

  4. NSR is starting to look like it will move higher. Assuming we don’t get a big drop in the markets.

    • Trader, I am up 2.5% on NSR. I bought a half position with the intent of filling my buy out to a full position should it drop or be in a position to move up. Discounting a market drop, do the charts look like this is a good time to add to NSR?

      • This was a decent move today. It had a nice move above its recent high and then closed above its recent closing price. Lets see how it looks in the morning. If the intraday technicals look positive, it should move higher from here.
        I didn’t buy TLM today. Its open was the high for the day and it closed at the low for the day. Not a good sign. If it makes a reversal tomorrow, I’ll buy.

      • Thanks Trader, I’ll have to come in from the yard and heat to check on NSR tomorrow.

  5. I did buy TLM at 10.66 this morning.

  6. Tom – 100% speculative. Yesterday there was a ton of option trading on this name with the price of calls increasing 25%, yet the actual share price did not move. So I am suspicious that where there is smoke, there is fire as this has been a name bandied about a lot as a takeover candidate.

    • Marshall, were the options that increased long term or short term? And were they calls or puts. If you saw a big jump in short term calls then someone knows something. Long term calls could just be speculation that something will be announced at some point.

      • Seattle – they were short term calls.

      • Marshall and W_Seattle,

        I looked into that and quite unusual indeed.
        JUNE 11C
        July 11C & 12C
        OCT 12C

        Those contracts looked to have the most activity the last week. I did not look into puts. I think I might go for some October 12’s myself after I mull it over a little bit more tomorrow.

    • Thanks for the answer. Having a few dollars not doing anything I bought a half position at $10.58 BEFORE my question. Every once in a while I have to do something crazy to make sure I still am generating some adrenaline.

  7. For those still holding TCPRT, what do you think of the tender offer?

    THOMPSON CREEK METALS COMPANY INC. IS OFFERING TO EXCHANGE SHARES OF ITS COMMON STOCK FOR EACH VALIDLY TENDERED AND ACCEPTED UNIT OF ITS 6.50% TANGIBLE EQUITY UNITS. AT THE SUM OF (I) 5.3879 SHARES OF THE ITS COMMON STOCK PLUS (II) A NUMBER OF SHARES OF ITS COMMON STOCK EQUAL TO $1 DIVIDED BY THE WEIGHTED AVERAGE PRICE, SUBJECT TO A MAXIMUM OF 5.7879 SHARES OF ITS COMMON STOCK AND A MINIMUM OF 5.6379 SHARES OF ITS COMMON STOCK PER UNIT OF TMEDS VALIDLY TENDERED AND ACCEPTED FOR EXCHANGE.
    NOTE: THE EXCHANGE OFFER IS NOT BEING MADE TO PRIOR HOLDERS OF TMEDS THAT HAVE ALREADY EXERCISED THEIR RIGHT TO SEPARATE THE TMEDS INTO THEIR COMPONENT PARTS.
    THE EXCHANGE RATIO WILL BE ROUNDED TO THE NEAREST FOURTH DECIMAL PLACE. FRACTIONAL SHARES WILL NOT BE ISSUED IN THE EXCHANGE OFFER AND HOLDERS WILL RECEIVE THE CASH VALUE OF ANY FRACTIONAL SHARES DUE TO THEM, WHICH CASH VALUE SHALL BE CALCULATED BY MULTIPLYING THE FRACTIONAL SHARES TO BE RECEIVED BY THE WEIGHTED AVERAGE PRICE OF ITS COMMON STOCK. THE DAILY VOLUME EIGHTED AVERAGE PRICE SHALL EQUAL THE DAILY VOLUME-WEIGHTED AVERAGE PRICE FOR ITS COMMON STOCK ON THE NEW YORK STOCK EXCHANGE.
    IN ADDITION TO THE EXCHANGE RATIO, HOLDERS WHO PARTICIPATE IN THE EXCHANGE OFFER WILL RECEIVE THE ACCRUED PORTION OF THE $0.406250 QUARTERLY CASHINSTALLMENT PAYMENT THAT HAS ACCRUED FROM MAY 15, 2014 TO THE SETTLEMENT DATE OF THE EXCHANGE OFFER AND THAT IS PAYABLE IN RESPECT OF THE AMORTIZING NOTE COMPONENT OF EACH TMEDS UNIT. SUCH CASH INSTALLMENT PAYMENT REFLECTS BOTH ACCRUED INTEREST AND THE PARTIAL REPAYMENT OF PRINCIPAL IN RESPECT OF THE AMORTIZING NOTES COMPONENT OF EACH TMEDS UNIT.
    UNITS MUST BE EXCHANGED IN DENOMINATIONS OF ONE AND MULTIPLES THEREOF.

    Cutoff date was today, but has been extended another week.

  8. Anyone else got some solar? SCTY is up 18% today and YGE is up 12 %. even after yesterday’s significant gains. Go Solar!!! I own full shares in both and am thiniking of increasing my investment in SCTY.

    On the other hand, If YGE gets to $4, I’m selling, their balance sheet and cash look absolutely awful.

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