Traders Corner   18 comments

The S&P 500 levels to watch today:

UPSIDE: 1982 (July 15th’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: 1973, inside the 1972-1979 (8 data points) range.
DOWNSIDE: 1968-1969 (2 data points and June’s high), 1965 (2 data points and the 20 day moving average), 1962 (July 1st’s low), 1959 (2 data points), 1952 (July 10th’s low), 1945 (bottom of the Bollinger Bands), 1930 (50 day moving average), 1924 (May’s high), 1915 (June’s low), 1897 (April’s high), and 1896 (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: The Bollinger Bands are starting to narrow, which usually precedes a big move. I would watch for the following moves to indicate the direction (they may not happen today): If we break above the all-time high at 1985, I would call the next move bullish. If we break below the 20 day moving average (currently at 1965), I would expect the next move to be bearish. Until we get one of these moves, expect the S&P 500 to keep floating in the current range. The futures are pointing up this morning, so expect an upside test today. However, since the daily momentum is bearish, that upside test is likely to fail, unless Janet Yellen proclaims “QE forever!” Like I said, likely to fail.

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18 responses to “Traders Corner

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  1. Hope some of you caught Leon Cooperman on CNBC this morning. I was impressed with his take on the markets. No ego with this guy. Probably one of the main reasons he has been successful. Definitely worth paying attention to what he has to say.

  2. Partial position in GLUU @ 6.31

    • are you liking the premiums trader?

      • I do. August 7 are bid .45. That’s 7.1% on my purchase price and 19.5 if called out. I haven’t sold calls yet. If I can get 2-3% on a daytrade I’ll take it. It’s overbought but the high premiums reduce the risk of buying here.

  3. Bought GLUU at 9.35 looking to sell Sept 7$ calls at .70. 16% gain if assigned

  4. Covered part of UVXY with week 4 25.00 calls. Sold for 1.05

  5. my gtat shares are getting kind of painful and i’m only covered on about 1/3rd of them

  6. Out of GLUU for plus .20 3.2%

  7. Part of the reason GLUU was down this morning: http://seekingalpha.com/article/2318425-glu-mobile-set-to-owe-kim-kardashian-85-million

    Also the message boards are filled with shorts trying to drive down the stock….crazy volume of post on yahoo boards.

  8. My call for a down day today was obviously wrong. I was just early in making the call. 🙂

  9. Is that a double top on iwm? I see higher volume and a strengthening divergence.

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