Traders Corner   28 comments

The S&P 500 levels to watch today:

UPSIDE: and 1985 (July 3rd’s high and the all-time high).
LAST CLOSE: 1985.
DOWNSIDE: 1981 (top of the Bollinger Bands), 1978 (July 1st’s high), 1975-1976 (2 data points), 1972 (July 2nd’s low), 1968 (June’s high), 1962 (July 1st’s low), 1955 (20 day moving average), 1928 (bottom of the Bollinger Bands), 1924 (May’s high), 1917 (50 day moving average), 1915 (June’s low), 1897 (April’s high), and 1886 (100 day moving average).

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: Negative
Overall: We are at the “something’s got to give” point. Bullish momentum across the board, and overbought conditions across the board. The S&P 500 futures would seem to indicate that the market will relieve the overbought conditions today. We will see if that is just a morning head fake.

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28 responses to “Traders Corner

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  1. GTAT is down 7 to 8% this morning on UBS downgrade. UBS states that they think GTAT is slowing down sapphire shipments. Also they see increased execution risk. GTAT is a volatile stock and has a great run in past month. Time will tell if this is a buying opportunity. I will be standing pat.

    • all my gtat shares are covered between 13.50 and 15.50

    • Marshall, at what level would you buy more GTAT?

      • Jeff – it is already 10% of my active portfolio that I discuss here, so I would probably wait until about $15 and in that event it would be more of a swing trade. That being said, I still believe this is a $25 stock in a year, so it is quite attractive under $18 (if you hold through potential volatility).

      • I could stand another 1/2 position and I was thinking 15 as well

  2. Bought 1/2 of my GTAT calls back at 1.15

    • should say 1/2 of my july 19, 17 calls

      This was an open puke buy that I had on GTAT options that just happened to hit this am.

      • As a trade GTAT at 17.44. Looking for 17.80, 2%

      • Should add I was able to sell GTAT Sep15Puts for 1.15 this morning also. Wouldnt mind more shares at that level. Marshall this one is going to have some bruiser days, but I still agree with your view that long term its still headed higher.

      • Considering a trade as well. Haven’t pulled the trigger. Not seeing any strength yet.

      • Yeah I wish I would have seen it at 17.70 while I was typing that post. In hindsight I should have waited for more strength after taking another look at the charts(you’re very good Trader with your skills). Maybe it’ll float up towards the end of the day, if not use options to work out of it.

      • I’m going to hold off. I know I won’t be in at the bottom, but I would rather wait for what looks like a bottom and moving higher. No way to know where it will find support. Hopefully, not much lower. I don’t think the market is overbought. Just want to be cautious at these levels.

      • Bought the other half of my July 19 Gtat calls for .75. originally sold them for 1.20 so kept about 38% of the premium

      • I would have more conviction in GTAT if the CEO wasn’t selling shares hand over fist. I just saw he exercised another 50,000 shares on July 1st and now has net proceeds from GTAT stock sales of over $10m in 2014! That is a huge number and seems to be for much more than just taxes or diversification.

      • Well, not a nice day. My GTAT calls saved me about 60% of my GTAT losses today but now I’m naked on 2/3rds of my shares. Let’s hope the bottom is in and I can recoup a little tomorrow otherwise this could indeed get ugly.

  3. put some lowball bids to buy back my GTAT options. trying to buy my July 19 17s at .35 and my aug 18s at .95

  4. GPRO @ 42.76.

  5. For those of you interested in TC, you might want to consider a partial position. Charts look good. If it can break out above 3.00 and hold it should be good for 10-15%. Price action over the last couple of weeks has been positive. If you need them, option premiums are decent, limiting the downside risk.

  6. Bought same gtat at 17.

  7. Out of GPRO for plus 1.04. 2.4%

  8. In watching the tape, it looks like stocks are down more than the averages would indicate. Not sure if this means anything. I would continue to be cautious.

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