Traders Corner   19 comments

The S&P 500 levels to watch today:

UPSIDE: 1968-1969 (2 data points and June’s high), 1972-1978 (7 data points), 1984 (July 7th’s high), 1985 (July 3rd’s high and the all-time high), and 1986 (top of the Bollinger Bands).
LAST CLOSE: 1967.
DOWNSIDE: 1965 (July 9th’s low), 1962 (July 1st’s low), 1961 (20 day moving average), 1959 (2 data points), 1952 (July 10th’s low), 1936 (bottom of the Bollinger Bands), 1927 (50 day moving average), 1924 (May’s high), 1915 (June’s low), 1897 (April’s high), and 1893 (100 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bullish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures: Positive
Overall: If you are looking for a day to sell, today might be it. S&P 500 futures are strongly positive, even though the momentum indicators are either bearish or turning bearish. On the other hand, in 3 of the last 4 trading days, the S&P 500 has flirted with the 20 day moving average. Until the S&P 500 drops below that level, it is hard to call the recent action anything more than either a leveling off or a mini-correction.

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19 responses to “Traders Corner

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  1. Mentioned before Mark Gomes and him picking GLUU so I jumped in 3 months ago and it is now on a tear. Wow

  2. The bad news continues to come in for GTAT. Another firm is questioning 2014 guidance as they believe GTAT has had some operational issues with sapphire production. Stock is trading down about 6% to around $15. A little frustrating, definitely shows one should not fall in love with a stock. It may also explain why GTAT has not yet received final milestone payment from AAPL. I plan to hold as this seems like a short term issue rather than long term. But it is frustrating.

    • bought back another 1/3 of GTAT calls at .50. Originally sold at 1.15.

      • Well done. Buying and selling calls around GTAT has worked well. I have one position at a cost of 17.24. Have sold and bought calls around this position reducing my basis to 13.38. Looks like all of my options will expire worthless on Friday. At some point I’ll be called out. Until then, I’ll continue to collect the premiums and further reduce my basis.

      • I have 3 tranches of GTAT right now. With call premiums taken into account I have basis of 14.25, 14.50 and 16.10. Still I;m hoping these announcements and the fact that the ceo is selling large volumes of shares do not continue this dramatic slide.

      • Trader short interest is at 32%…seems rather high

      • I put a puke buy of my remaining GTAT calls at .35. Like Marshall I think this is a $25 stock, short term production problems be damned

  3. Getting mixed signals this morning. Momentum and strength are positive, others are neutral. Looks like wait and see for now. If we hold most of this bounce this morning, I would see that as a good sign for more upside or at worst a leveling.

  4. Citi bank agrees to a $7B penalty — twice what was expected — and the stock is up 3.3% in early trading!

  5. Even though small caps are higher this morning, they are not participating with the same level of strength as the Dow and S&P. Ideally, want to see all markets participating. At least this raises the question, is today a bull trap? Continue to be cautious.

  6. No daily IRA summary today, since I didn’t play. Swamped at work.

  7. GTAT looks over sold at these levels. I’d like to see it start a bottom.

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