Traders Corner   18 comments

The S&P 500 levels to watch today:

UPSIDE: 1974-1976 (5 data points), 1978 (July 1st’s high), 1984 (July 7th’s high), 1985 (July 3rd’s high and the all-time high), and 1987 (top of the Bollinger Bands).
LAST CLOSE: 1972 (July 2nd’s low).
DOWNSIDE: 1968 (June’s high), 1965 (July 9th’s low), 1962 (July 1st’s low), 1959 (July 8th’s low), 1958 (20 day moving average), 1929 (bottom of the Bollinger Bands), 1924 (May’s high), 1923 (50 day moving average), 1915 (June’s low), 1897 (April’s high), and 1891 (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: Negative
Overall: The McClellan Summation Index (a long-term indicator for the NYSE) has fallen out of overbought territory, although that could change if we get a strong bullish move, or an extended bullish move, here. However, the S&P 500 futures are as bearish as I have seen them in quite awhile. Expect a brutal opening.

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18 responses to “Traders Corner

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  1. One more time, wait for strength. Too many red flags. I plan to add to UVXY. Still holding TZA.

    • Why would the market make a big move down now?

      • Jeff, I have no idea. There are so many variables that there is no way to know. I think the media picks a story to explain why the market moved one way or the other. Today it was a bank in Portugal. If the Dow is up 200 points tomorrow then I guess the Portugal bank problem was fixed over night. All bs to me. Trying to apply rational logical thinking to the stock market will only result in frustration and the loss of money.

    • Congrats on still holding TZA. I unfortunately sold mine near the bottom. Have you been following CYNK? I have never seen a stock like that.

  2. I have some huge gains on my scty, gtat, avg and csiq calls. Still holding and waiting for a turn to close them out. Probably not today.

    • However, I would sorely appreciate if anyone’s crystal ball (Trader?) looks like the market is showing some strength.

  3. I sold my idti, dal and TLM today. Overall loss on three positions was 2.4%. Nothing against any of the three stocks, they were just some of my more speculative plays and I wanted to be more in cash in event better bargains arise.

    • speaking of selling, I sold half of my TSL and NSR at the bottom today.

    • I sold my GE. With dividends I’m about even. Still like GE LT but I just don’t see it going anywhere soon and, like Marshall I also wanted some cash.

    • This morning while I was working in the yard, my limit sale for RIOM executed at $2.54 for a 30% gain. Bought a 1/4 position on 1/17; 1/27; 5/21; 6/2. So, a 30% return for an average of 4 months hold. Unlike Marshall, I have a number of commodity equities and don’t need additional long term protection in this category.

      Also sold my TLM after seeing Marshall’s post for about a 4.25% loss. Only a half position on this gamble.

      • Raising cash so I sold 1.5 position of my holdings of FCX at about a $30 profit/breakeven. Did collect 3+% on this long term hold. Still have almost 4 positions left and will hold until they also get to even.

      • Raising more cash and following Marshall: sold a 0.9 position in DAL for a three day hold and a 6.79% profit. Thanks, Marshall.

      • I also bought TLM at the same time as Marshall around 10.60. Since it is at the bottom of 52 weeks low and pays dividend. I will keep it for now.

      • Also keeping my DAL for long term.

  4. Every indictor I follow on the daily charts of the SPY were weak today. This doesn’t mean we can’t bounce tomorrow and start up. What we need to see is some follow through one way or the other. Haven’t seen it yet. I would still be cautious as there is more strength on down moves than up.

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