Traders Corner   36 comments

The S&P 500 levels to watch today:

UPSIDE: 1957 (June 18th’s high and the all-time high), and 1966 (top of the Bollinger Bands).
DOWNSIDE: 1955 (June 9th’s high), 1949-1950 (3 data points), 1947 (June 9th’s low), 1940-1944 (7 data points), 1939 (June 18th’s low), 1937 (June 13th’s high), 1933 (June 17th’s low), 1927-1928 (2 data points and the 20 day moving average), 1924-1925 (3 data points and May’s high), 1922 (June 5th’s low), 1918 (2 data points), 1915 (June 2nd’s low), 1897 (April’s high), 1893 (50 day moving average), 1889 (bottom of the Bollinger Bands), 1883 (March’s high), 1867 (February’s high), and 1866 (100 day moving average).

S&P 500 Daily Momentum: Mixed
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: Flat (leaning positive)
Overall: As I said to my dad last night, the markets look like there is too much money just looking for some place to go. With bonds as overbought as possible, that only leaves equities. However, consider this: If the S&P 500 were to drop to the 20 day moving average, it would be a 1.43% drop, which would be one of the larger moves we have had in quite some time. And this is June?


36 responses to “Traders Corner

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  1. Ed and Marshall

    Ran across a 11% yield play from my area NTI. They own pipelines, refiner and gas stations. What do you think of them?

  2. Bobb – I like HFC and WNR a lot more in that space. You need to be careful in nti’s yield, it will vary quarter by quarter based on earnings.

  3. A company that a few years ago was always on everybody’s buy list and in the news was CMI, any thoughts on them at these levels?

    • Ojunker,

      I love that company(owned and traded multiple times) and I believe it is a very good buy and hold stock. The only problem is it gets hit huge when the economy slows. I’ve been watching it for awhile and traded it back around $120-130 but I felt upside is limited at this point. I think a better price awaits. If you do buy now i’d sell an in the money call at this price level, that’s if options are something you do. From what I recall management was upbeat but conservative with their guidance last couple quarters, but you might want to go back and check on that in case im wrong.

    • Ojunker,
      CMI is a great company, but the stock is overpriced. Mdistas nailed the price to buy, around the $120-130 range.

  4. W_Seattle, we made it into the 105 area on oil. It may stop here. Daily chart for sco is somewhat over sold but 10 day chart doesn’t tell me to expect much more.
    What for you think?

    • Bill, I haven’t been able to look at the charts on it. I would be a little nervous entering a position in sco right now as it could tank with developments in Iraq. If that situation calms down, it may fly. I would probably buy short term calls instead of initiating a position so that your downside is limited and you can reap any upside.

    • I’m not adding to my position. I’m about $2 in the red.

  5. Trader,

    You looking at SLV this morning?

  6. Marshall,
    I picked up some TLM Oct 12C yesterday at .40 & .45, forgot to update. Let’s hope the smoldering turns into a wildfire on that one. Keep us informed of any additional water cooler talk with that one.

  7. I’m seeing some interesting moves in the stocks I follow. Even though there is not much movement in the indexes so far, most of the stocks moved up quickly at the bell and then rapidly fell back. We’ll see how the day unfolds. My guess is a down day.

  8. My SCTY share willl most certainly get assigned tomorrow. Have a full position that will get called at 60. With premium of approximately 2.50 per share, my gain is about 16%. Happy, Happy.

    I will most certainly re-buy as I think the business model has the capacity to utterly transform the way we power our economy and our lives.

  9. 16% gain on a full share is very sweet. Good job!

  10. ED, I just came in from spraying weeds and saw one of my watch list stocks down. COH is a dividend stock I wanted for Long Term hold. Bought it and hoping they are not down due to Cutting the Dividend. Hope to be back home again in 2 hours to see the Good/Bad news..

  11. I just found one of the cheapest stocks I have ever seen: AAB.TO. They own a chunk of Sulliden, the gold company RIOM is buying. I have not dug into it very much, but their NAV (per their own press release is 53 cents a share yet they trade for just 16 cents a share)! People should do their own due diligence, but it have to say that it looks intriguing.

    BTW, RIOM has been en fuego for me. They started the month at 1.70 and are now 2.29 (a 35% move). It is my 7th largest holding, so that is certainly material for me.

    • Marshall, my miners are doing pretty well today as well. What’s your cost in RIOM? You must be in the black? Way to hang in there.

      • Jeff – my cost basis is 2.03. So I am happy, though wish I’d bought more at 1.65!

      • Very hard to add when the stock is crashing. I’ve done that in the past and more times than not, I’ve added to early. If I had RIOM I might have added once the stock had a least a couple strong days, signaling a bottom. You are now dramatically i the black so your happiness is deserved.

    • RIOM has been going crazy. Thanks Marshall. It’s a small holding for me but will keep the liquor cabinet stocked with whiskey for a while if I sell tomorrow, which I have no intention of doing. I’m in at $1.86.

  12. I expect my GTAT $15 calls to be exercised tomorrow. Total line including calls will be +$1.96 for 14.4% for a month.

  13. Thanks. Good to have some solid trades. Eyeballing what I want to do with SCO. Also keep waiting for TC to hit $2.60 again.

    Have a good weekend all.

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