Traders Corner   28 comments

The S&P 500 levels to watch today:

UPSIDE: 1978 (July 1st’s high), 1984 (July 7th’s high and the top of the Bollinger Bands), and 1985 (July 3rd’s high and the all-time high).
LAST CLOSE: 1977.
DOWNSIDE: 1974-1976 (3 data points), 1972 (July 2nd’s low), 1968 (June’s high), 1962 (July 1st’s low), 1956 (20 day moving average), 1928 (bottom of the Bollinger Bands), 1924 (May’s high), 1919 (50 day moving average), 1915 (June’s low), 1897 (April’s high), and 1888 (100 day moving average).

S&P 500 Daily Momentum: Bullish (weakening)
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Overbought
S&P 500 Futures: Negative
Overall: Yesterday’s drop in the S&P 500 relieved some of the overbought pressure, but it is still overbought on the weekly technicals. While I would expect an overall drop this week, that doesn’t mean anything for just today. Although earnings season starts today (with Alcoa), the big earnings report won’t come until Friday (Wells Fargo).

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28 responses to “Traders Corner

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  1. Well, glad to get yesterday behind me. It was my worst day since April 4th, down about 2.2%. But am still up 13.7% for the year and today is looking better as GTAT is up 3.5% in early trading. In addition, FSC increased their dividend 10% last night and is trading up 2%, KLAC also increased dividend by 10%. On negative side, my dal buy is not looking smart, and some of my other more speculative buys (TSL, TLM and IDTI) seem to be floundering.

    • Marshall, would you buy more DAL at this price? am tempted.

    • Marshall, at today’s price does DAL look like a buy? I have been following DAL since you bought and with its drop it appears to be getting inexpensive.

      Also, I bought a half position of TLM at $10.58. If it drops another couple of % I am thinking of buying to a full position. Is TLM a stock you are still a believer in?

      C just can’t get back to even for me — down 3.5%. BBEP up 37%; KLIC up 19%; NSR up 13.5%; RIOM up 20.5% and TPVG up 2% — THANKS!

      • Tom and Lynn – first glad for Tom that some of my picks have worked for you. I strongly believe if you can get a winner two times out of three you will do ok. I think the sell off of DAL is way over done. For anyone flying recently, planes are very full and airlines have pricing power due to reduction in supply. I do not have as much conviction in TLM. I bought it due to unusual options activity and no catalyst has appeared. It is fundamentally a turnaround story, so probably not a terrible company to hold. That being said, in today’s market I do not want to be all in, and TLM is probably on the lower hold of my list of stocks I would hold if I got nervous.

      • Forgot that I also bought FSC which is up 6%.

      • Marshall, I like your pick of DAL. Bought mid morning and it closed up 4% from my buy price. Should I expect 4% every day. 🙂

  2. Sold GTAT July17Call for .85 on position from yesterday. 2.4% if called out. Just hoping the stock stays above the 50 & 100 SMA and does not head much lower in short term.

  3. GPRO @ 44.47

  4. Just bought some GTAT (increased my holdings 28%) at 16.57. This is not meant to be lt hold.

    • Gutsy move Marshall. I still don’t see any technical strength. I wouldn’t get greedy if you get a bounce. On another note, if the S&P doesn’t hold here, it looks like we could see around 1940. There is some support there. DAL charts look bad. I would wait for some strength before buying this one.

  5. The market is very unhappy with SDRL’s selling of bonds. Down over 4%. Still a good dividend for me and even with this drop I am up 9%.

    • Agreed. I’m still up almost 13% even after the drop. It’s too good a dividend to walk away from. If it happens to drop to my cost basis, I wouldn’t be averse to adding more.

  6. CAMT is an interesting stock to watch. Just 130m market cap. They have a strong balance sheet and are in some high growth businesses. Was up sharply yesterday, but pulling back about 13% today.

  7. bought DAL. Playing a bounce here.

    • Bought 3/4 of a position at $35.04. This is most likely a long term hold (a year) for me.

      For the cramp seats and overall lousy experience (last flight was a middle seat economy from Beijing to San Francisco and then on to Dallas with a window seat) of flying I deserve to make money on an airline stock.

  8. Based on comments here today and what I am hearing on CNBC it seems the consensus is these down days must be bought. So far, that has worked. Having said that, at this level, the likely hood of getting a larger pullback increases. It seems to me it would be prudent to wait for some strength. When investors turn into traders, I get nervous.

  9. Just watched a great video demonstrating the new sapphire phone screens produced by GTAT for the iPhone 6. I believe that when the iPhone is announced and the new screen is shown off, GTAT has potential to pop. I encourage all to watch the idea (just google youtube for iPhone 6 sapphire). The screen is extraordinarily thin and light, yet virtually scratch proof. No need to spend $40 on otter box with this screen.

  10. This is a massive sell off today. Hard to find any green arrows. If we don’t bounce or hold in the next couple of days, we won’t need a black swan event to move lower. The buy the dips mentality may have set us up for a real shocker. All of those nice profits will disappear in a hurry as the little people are skinned again. I’ll play the broken record one more time. Wait for strength. That’s enough doom and gloom for one day. Good luck all.

  11. Well, I bought to close my first ever options. It was a very successful trade. Back at the end of March, I had sold options on GTAT in with a September date and a $22 strike price for $2.40. Today I closed them for 55 cents.

    • Nice profit

    • Well done Marshall. Holding for a bounce and sell again?

    • very nice marshall. Call options are a great tool! I still have august 16, 18 options for about a third of my shares. Bought them for 2.40 and they are now at .80. I’m thinking about closing them out but am hesitating because I think I closed the other 2/3rds out yesterday prematurely.

      Are you seeing any strength in GTAT today?

      • I have July 17 and 19’s. I’m going to let them run since it looks like there is a good chance they will expire worthless. If it bounces and I am called out, I’m good with that. Need to see where is closes to see if there is any strength. So far, attempts to rally have failed.

  12. Started a position in UVXY @ 25.93. Options are expensive. May trade the options around the position. Have to see what tomorrow brings.

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