Traders Corner   21 comments

The S&P 500 levels to watch today:

UPSIDE: 1963 (2 data points), 1968 (June 24th’s high and the all-time high), and 1970 (top of the Bollinger Bands).
LAST CLOSE: 1959, inside the 1957-1960 (5 data points) range.
DOWNSIDE: 1955 (June 9th’s high), 1947-1950 (5 data points), 1939-1944 (8 data points and the 20 day moving average), 1937 (June 13th’s high), 1933 (June 17th’s low), 1924-1928 (5 data points and May’s high), 1922 (June 5th’s low), 1918 (2 data points), 1915 (June 2nd’s low and the bottom of the Bollinger Bands), 1905 (50 day moving average), 1897 (April’s high), 1883 (March’s high), and 1875 (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
Overall: The S&P 500 reversed course yesterday, after Tuesday’s drop. The longer trends are still to the upside, but beware: Any news-driven drop could be especially painful here. It would be a 2.75% fall to the 50 day moving average, and a 4.28% fall to the 100 day moving average. If the news were really bad, to the 200 day moving average, it would be a 7% collapse.

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21 responses to “Traders Corner

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  1. PM, a stock I bought in February gave revised guidance today and I am not very excited about the outlook. I will likely sell my shares today. I am sitting on a 15.5% gain, so has been a solid pick. I will probably wait to decide where to put money.

  2. Gluu having nice run….thanks Kim Kardashian!

  3. I noticed the past weeks that gold and silver are being dumped in Asia, and then bought in the West – the price begins the past week being 1% down in Asia and then slowly becomes positive when West is opened. That is completely the opposite of the past years. Maybe this is temporary? Or have the fundamentals changed?

  4. Jeff, I don’t look at stocks like FEYE as possible investments. They are trading tools. As a trader I am looking for volatility and momentum. Fundamentals mean nothing when your goal is to hold for a few minutes to a few days. Nothing wrong with being an investor. Just different ways to play. It is very important to understand which game you are playing and make sure you are playing with the right types of stock.

    • I see your point and I originally bought simply to trade as you say. However, I was curious what everyone thought of FEYE as an investment and its pretty clear the stock is not a good choice for that purpose.

      Retrospectively, I should have sold 37 to 39 calls to make it more likely that I would keep the premium and profit when the stock was ultimately called.

  5. S&P looks weak. Not much technical strength on up days and gaining momentum on down days. Not a good sign.

  6. Some good news for pm

    After cutting its earnings forecast this morning, Philp Morris (PM -2.9%) has announced a new e-cigarette acquisition. The company has purchased Nicocigs, in attempt to stay ahead of the game in the fast growing e-cig market. Nicocigs is Britain’s largest electronic cigarette maker, and dominates over 27% of the U.K. market.
    Philip Morris already has a licensing and distribution agreement with Altria (MO -0.8%), but the Nicocig purchase marks the company’s first actual e-cigarette product.

  7. Anyone going to play GPRO today? I may gamble a little if it has a lot of momentum on the open.

    • do your thing trader, but this is a fad.

      • If I do play, I’m thinking in and out in a few minutes. I won’t be in Las Vegas until September.

      • GPRO is anything but a fad, however there are no barriers to entry and will likely be quickly overcome by the likes of apple and google. People love to film themselves and post to social media. If anything, this action video segment is in its infancy. Devices will get smaller with better resolution and most importantly, more waterproof which was gpro’s niche.

      • It’s on my watch list. Maybe a day/swing trade candidate.

      • W, I’m not sure I agree with you. However, there may be some transformative adaptation of the technology that goes beyond just filming yourself doing action fotos?

        As far as that goes, I can tape my I phone to my helmet and accomplish the same thing.

      • Surfing is where gpro took off as they made a waterproof housing that was small and sticks to the front of your board. Now you can’t paddle out without seeing 10 kooks trying to make themselves look cool. I think it evolves from here but never goes away. I would think gpro is either bought or just fades as the big boys move in from here. The founder of gpro isn’t going to care as he was just a surfer with a good idea and is now a billionaire (literally). He can surf the rest of his life in any manner he wishes.

      • Ziploc? 🙂

    • Played GPRO for plus 1.07 3.5% Should have held a little longer.

  8. Any thoughts on CLF? Looks like it may have bottomed and starting to gain some momentum.

  9. Marshall, Is NADL a good buy at this price? 10.39

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