Traders Corner   24 comments

The S&P 500 levels to watch today:

UPSIDE: 1985 (July 3rd’s high and the all-time high), and 1986 (top of the Bollinger Bands).
LAST CLOSE: 1978, inside the 1972-1984 (14 data points) range.
DOWNSIDE: 1968-1969 (2 data points and June’s high and the 20 day moving average), 1965 (2 data points), 1962 (July 1st’s low), 1959-1960 (3 data points), 1955 (July 17th’s low), 1952 (July 10th’s low), 1949 (bottom of the Bollinger Bands), 1936 (50 day moving average), 1924 (May’s high), 1915 (June’s low), and 1900 (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: While the S&P 500 futures are pointing to a negative opening, the rest of the technicals are pretty mixed.

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24 responses to “Traders Corner

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  1. Any thoughts on PBPB? It has gotten hammered because same store sales were flat last earnings call but they only have 300 + stores so expansion is very early in their growth. Would this be a good turnaround play?

  2. There are a lot of sandwich stores out there and I don’t see where PBPB has any advantage?. Of Jimmy Johns, Potbelly, Subway and Quizno’s I’d personally rate Qizno’s No 1, Potbelly tied for no. 2 with Jimmy John’s (which has freaky fast delivery giving JJ an advantage) and Subway last. Saying that, I think all 4 make decent sandwiches.

    I have better places to put my $s.

  3. GlUU continues its march over $7 in pre market..Say what you will about Kim K but she knows how to market. She posts almost everyday on her Facebook page, 22 million likes, to go check her game out and download it. Also promotes it on TV ect… This was a great decision by Glu Mobile management to sign her.
    What is intereseting also is that they did not have to spend a lot on development because they had the basic platform in a game called Stardom, they simply built off that for her game.

    The figure is that the app is bringing in $500,000 a day with it showing no signs of slowing down, still #1 free download app on iTunes and #3 grossing app.

    Almost all analyst are late to party and coming out with $10 price targets. What they thought GlUU would earn for year might be what Kim K game earns for them alone.

  4. A lot of option activity for me on Friday. Covered call options expired worthless on GTAT, TSL,and GPRO. Called out on EDC at 32. I bought EDC last Oct. at an average cost of 31.12. Turned out to be right at the top. Since then, sold covered calls for a total of 4.33 reducing my basis to 26.79. Called at 32 for a profit of 5.21 19.4%. Covered calls can work with leveraged etf’s.

  5. Markets are very confused. I don’t see any clear direction. I would discount last Thursday and Friday. Continue to be cautious as the risk favors the downside. I’ll continue to sell calls, play UVXY and maybe add GLUU again. I don’t plan on adding other Long positions. Looks like bunts and singles for now.

  6. UVXY @ 25.74. May hold without selling calls. Have two positions covered with Friday 25 and 27’s.

    • It continues to hold up well. I’m going to hold to see if it pulls back a little. It is way outside the top side of the Keltner Channels on the weekly chart. I haven’t seen anything move much higher when this happens without at least a leveling off. GLUU may turn out to be an exception. Maybe they don’t know about the rule. 🙂

      • I am sure if the market starts to correct GLUU will go lower from profit taking and you can get in lower than this. I think it will continue to rise until earnings call next week.

        Can’t complain I am up 84% now since April.

      • bobb, congrats on that nice gain. Next week for there earnings they’d better hit a grand slam. Have to watch and see what happens after earnings.

      • The thing with earnings next week will be more about upcoming quarters and earnings forecast. The Kim K game came out on June 24th so didn’t have huge impact on last quarters numbers, also they didn’t release any new titles so it was forecasted to be slow quarter.

        It will be all about Kim K for current and upcoming quarters, are they having a Holiday Kim K version? Did all the money and publicity from this have other Celebs contacting Glu Mobile to see if they can do there own game app?
        Also they have one more potential big game in the Diner Dash series coming out this fall and raised money early this spring to buy other potential small companies.

        This will be an interesting call for sure.

  7. I am glad pxlw also did very well. Trader, let me know when you are selling. Thanks.

    • Lynn, I have one position that is covered with August 10’s. I’ll probably hold until those expire or I’m called out. Daily and weekly charts look ok. No idea how it will do if we get a correction. If you have a profit, you might want to consider selling part of your position to lock in some profit.

  8. Sold my HMIN this morning at 34. Had a nice 14% gain for the last several months and I wanted to protect the gain as well as raise some additional cash.

    L

  9. Also having a nice day with EMC…

  10. Update on some positions. GTAT calls all expired worthless on Friday also. Looking to resell when the opportunity arises. Doubled my position in GTAT Sept 15 puts at 1.80 so I now have an average price of 1.45. Also bought to close SLV July 20C for .03 last week and resold the weekly for .22. This reduces my basis to 19.02. I would have been called out last week if I did not make the adjustment, but the risk/reward looked very good for another week and ups my return from 4% to now at 5%. Not trading OIH this week again either as i’ll be leaving for some vacation in a few days. Although it looks like it may level off for a bit more, i’ll be sure to go at it again with this one on my return if it continues to look good.

  11. Where is Marshall for the last couple days? He has been very quiet.

    • Shopping for property in Hawaii. 🙂

      • Hawaii is heaven on earth. Incredibly beautiful and the climate is idyllic. Unfortunately, its along way from Minnesota and while I’m sure Marshall can pay the freight, my wife and I would have difficulty paying for the family to join more than once a year or so.

        Still a sure bet vacation spot. I just wouldn’t want to be that far from my brothers and my 3 sons and their families.

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