Ed’s Daily Notes for July 3rd AND Traders Corner   15 comments

I’m on vacation, so I’m going to be lazy and combine two posts.

First, the news:

Bloomberg: Europe Stocks Advance Before ECB Decision, U.S. Jobs Data

European stocks gained for a third day as investors awaited the outcome of the European Central Bank’s policy meeting and a report on American jobs. U.S. index futures and Asian shares were little changed.

…All of the 54 economists surveyed by Bloomberg News predict the ECB will keep its benchmark interest rate unchanged at 0.15 percent when its announces the decision at 1:45 p.m. in Frankfurt. ECB President Mario Draghi speaks to the press 45 minutes later. Stocks rallied on June 5 after the central bank announced new measures to stimulate lending and said it would begin preparations related for an asset-purchase plan.

In the U.S., Labor Department data at 8:30 a.m. in Washington will probably show employers added 215,000 workers in June and the jobless rate held at an almost six-year low of 6.3 percent, according to a Bloomberg News survey.

And now the “Traders Corner” stuff…

The S&P 500 levels to watch today:

UPSIDE: 1976 (July 2nd’s high and the top of the Bollinger Bands), and 1978 (July 1st’s high and the all-time high).
LAST CLOSE: 1974.
DOWNSIDE: 1972 (July 2nd’s low), 1968 (June’s high), 1962 (July 1st’s low), 1952 (20 day moving average), 1929 (bottom of the Bollinger Bands), 1924 (May’s high), 1915 (June’s low and the 50 day moving average), 1897 (April’s high), and 1885 (100 day moving average).

S&P 500 Daily Momentum: Bearish (weakening)
S&P 500 Daily Overbought/oversold: Overbought
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Overbought
S&P 500 Futures: Flat (leaning positive)
Overall: Is the market waiting for the U.S. Employment Report today, or has everyone already left for the long July 4th weekend? Either is possible.

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15 responses to “Ed’s Daily Notes for July 3rd AND Traders Corner

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  1. Hello from Bali everyone! Looks like people have been making some good trades. Keep it up. Hopefully VJET and SCO keep running. I’m about even on SCO and, before the last drop, not all that far away on VJET. I’ll start trading again on e I return in late July unless I can clear one of these positions before then.

    • Have a great time. How is the whiskey over there?

      • The whiskey is crap. Bintangs are the way. Bali Budweiser but tastes better. Did get to sample a lot of single malt scotches in the Taipei airport at around 6am local time. Found a guy who was happy to pour me “doubles” while he practiced his English. :). Pretty good stuff too. Want to try some arak which is the local distilled liquor of choice but haven’t yet. Beautiful country and people. If you’re ever considering a trip to this part of the world, do yourself a favor and go. Prices are pretty cheap once you get here too.

    • vacation?

      • Yep. 3 weeks total with 2 weeks on Bali and one on Java. Outside of the mild case of Bali Belly that we are working through, everything is great. Have to love swimming and surfing in warm water!

      • Nice! Sounds awesome, besides the stomach issues. Looks really nice from looking at pics and reading about online.

    • Went to Bali while I was working on Guam, for a diving trip (6 of us) Fantastic Reefs. really liked the Fresh Fruit Smoothies and (not for every one) the Shroom Tea you can get at any of the Restaurants.

  2. Have fun W_Seattle. Ed, hope you’re enjoying some relaxation too.

    For anyone interested in that SLV spread I posted there will likely be a few opportunities if you want to try it out. Today the spread is trading around .15-.16 again this morning, after trading up to around .19 yesterday. Remember the spread only needs SLV to move up to $21 to greatly increase in value. From here that’s about a 4% move. So if you think there is still upside left near term this gives a lot of leverage to capitalize on the move for a fraction of owning the ETF. My guess is we get a some sideways trading,or a couple down days as it’s pretty overbought on the daily. if you can grab it below .15 that’s a pretty good price.

  3. Marshall, Are you still holding TSL? It is not looking good this week. Got some at 12.60.

  4. Marshall any thoughts on TRN?

  5. Well I still own sco didn’t know market closed @ 1pm. Have a great holiday everyone.

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