Traders Corner   23 comments

The S&P 500 levels to watch today:

UPSIDE: 1968 (June’s high), 1972 (July 2nd’s low), 1974-1976 (4 data points), 1978 (July 1st’s high), 1984 (July 7th’s high), and 1985 (July 3rd’s high and the all-time high and the top of the Bollinger Bands).
LAST CLOSE: 1963.
DOWNSIDE: 1962 (July 1st’s low), 1959 (July 8th’s low), 1957 (20 day moving average), 1929 (bottom of the Bollinger Bands), 1924 (May’s high), 1921 (50 day moving average), 1915 (June’s low), 1897 (April’s high), and 1889 (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: Neutral
Overall: The next S&P 500 support level to watch is the 20 day moving average, at 1957. If it drops below that, it will be a big 28 point drop to the next support level, the bottom of the Bollinger Bands at 1929. However, I am looking for a market turn soon, barring bad news.

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23 responses to “Traders Corner

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  1. Marshall I know that you are interested in BCOR but one of the reasons their share price has been rocked is because of a small research company report on them. Wondering your thoughts?

    http://seekingalpha.com/article/2027391-blucora-i-e-infospace-worse-than-blinkx-plc-and-babylon-ltd

  2. Lynn and Tom, congratulations on DAL. You caught a nice bounce.

    • thanks trader. it doesn’t happen often. 🙂

    • The credit goes to Marshall for posting his recommendation and United Airline for a middle seat from Beijing to San Francisco this past May — I deserve to make money on the airline industry after the torture I was put through on this 12 hour flight.

    • lol.. yes, seek compensation.

      • I remember when the airlines would actually compensate well for their errors. On recent travel from cleveland to lubbock,tx with a connector in houston, I was delayed in cleveland for 4 hours due to a software glitch on our plane. So would miss connection to lubbock. Next available flight was next day, so would have reached destination around 20 hours later planned. I ended up getting a different fllght to Amarillo and paying for my own rental car, but still arriving about 8 hours late.

        United’s goodwill compensation: $75!! Yippee!

  3. Early bounce this morning looks suspect.

  4. sold calls on the 2/3rds of my GTAT shares that were previously uncovered. Sold Aug 16, 18 calls yesterday for 1.15. Looking like a good move at the moment with GTAT down another 2% today.

  5. One of the things that concerns me is the broad based sell off yesterday. I wouldn’t think you would see a quick bounce back when almost everything was sold. I would expect the bulls to try and push the market higher today. We’ll have to see if they are successful.

    • I think we see higher by the end of the week. No real reason for this sell-off. Employment and housing continue to improve along with the economy in general. I just don’t see any reason for a correction right now.

      • Jeff, markets often times anticipate changes. I would expect they will sell off before the economy turns south. I would still be cautious here. Good move on GTAT. If it bounces, it should hit some resistance around 18.

  6. Pxlw is hot due to an article from seeking alpha. I bought it back in March around 6.22. I think it was after Marshall sold his shares.

    http://seekingalpha.com/article/2305925-pixelworks-customer-acquisition-of-apple-likely-to-accelerate-top-line-growth-22-price-target?uprof=44&dr=1

  7. Trader, a week or more ago I believe you said you saw resistance for RIOM at $2.60. Does this still hold after it drop to $2.20 and rebound back to $2.40?

  8. Anyone have thoughts here on the company TASR and its products? Any officers here that have used their products including their data services? Chart is still awful, but it’s reached oversold area. its starting to look tempting after about a 50% drop. Looking to replace the hole left in my holdings from my SWHC sale awhile back for long term hold.

  9. Sold July calls on GPRO and Friday calls on UVXY.

  10. Looking at HON and FLS any thoughts Marshall?

  11. Ojunker – both are solid well run companies. They both seem fairly priced to me. If I were to pick between the two, I like FLS more. I actually owned FLS once, terrible decision to sell. I bought in December 2008 (right in the teeth of bear market) at $47. I sold a month later for $50 congratulating myself on a 6% gain in a month. Split adjusted, I would have had them at $16 a share. They are now $74! So I missed a four+ bagger with early sale.

  12. Sold August calls on my avg

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