Traders Corner   39 comments

The S&P 500 levels to watch today:

UPSIDE: 1985-1986 (2 data points and the all-time high), and 1988 (top of the Bollinger Bands).
LAST CLOSE: 1983, inside the 1972-1984 (16 data points) range.
DOWNSIDE: 1968-1969 (2 data points and June’s high and the 20 day moving average), 1965 (3 data points), 1962 (July 1st’s low), 1959-1960 (3 data points), 1955 (July 17th’s low), 1952 (July 10th’s low), 1950 (bottom of the Bollinger Bands), 1940 (50 day moving average), 1924 (May’s high), 1915 (June’s low), and 1903 (100 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures: Positive
Overall: Expect another positive opening. The S&P 500 should make another run at a new record today, but whether it holds remains to be seen.

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39 responses to “Traders Corner

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  1. Marshall on TUBE is this a longer term hold for you or short term?

  2. Short term. Looking for 5 to 10%. I should emphasize this is a risky pick – as trader points out often, after market IPO can be very volatile.

  3. There was some decent support behind yesterdays move. If we follow through today we should move higher or no worse then flat. Baring some unseen event, I don’t see a big move down in the near term.

  4. UVXY @ 25.03

  5. Something is going on with LYSDY. Rare earth miner with new operations in Indonesia. Company crashed and burned several months ago when rare earths tanked and it was hit with significant political threats from Indonesia. At the time it looked like a good candidate for bankruptcy. One of my worst picks ever, down about 70% since I bought. However, recent election seems to be very supportive of Lynas indonesian mining operations and the stock has gone up from about .12 cents to 17 cents. I’m not saying buy it, I’m just pointing out some nice tailwinds for the stock and suggesting you may want to put this on a watch list.

    • ended he day at .19. Not hard to manipulate this stock so be careful. However, if no bankruptcy?? this could be worth some mad money. I tried to double today at .17 and never got the ask

  6. sold half my tube at 10.40 and still have the balance of my shares offered at that price.

  7. Not sure what to make of GTAT. Looks oversold, but is having trouble moving higher. The good news is it isn’t going lower. I haven’t sold calls. I’ll wait for now.

    • I agree Trader. I was expecting a bit more strength out of this one, but guess the march higher will be tougher than before. I’m waiting to re-sell on my positions too.

      update on another position WWAV. Stock has been lagging lately, but has moved up nicely after finding support at the 100SMA. I’ll look to sell calls again when time is right

    • I took a look at GTAT i’m guessing but with all the negative news and earnings around the corner 8-4 could that hold it down? Anyone know what the P/E is?

  8. bought more plxw with this tip at 9.98.

  9. Small caps are moving higher. I’m seeing more signs of a rising market. Ukraine and Gaza are ancient history with this market.

  10. If anyone is interested, I got the story on TC-PT. Apparently there was an exchange offer of common for preferred (I kind of remember getting something from fidelity about this and really should have been more on top of it because they offered about a 7% cash premium over the preferred shares conversion feature). Ignorance is not bliss and I did not tender my shares. As a result, I still own the exact same shares with the exact same features (convertible on 5-15-2015 to 5+ common shares). However, the stock was delisted from the NYSE and can now only be traded OTC. Basically I am now stuck with some very thinly traded shares that have a very nice 11% dividend.

    I’ll probably be holding these shares until the 5-15 conversion. Not what I planned but not all bad either. At least as long as TC doesn’t go bankrupt.

  11. bought PLUG at 5.50

    • Huge volume on Plug. Now at 5.40 but I think there was a fair amount of profit taking and as that dies down, the stock should move up from here as the volume decreases. I’m looking to sell calls, of course.

    • Sold sept 20 plug $5.5 calls for .75 cents. If called about 13% profit

  12. UIS is a stock I am watching today. It is down 16% on missed earnings. This is a company that tends to have a very lumpy earnings stream. When they miss badly (as in this quarter) the market panics and over sells. When they have a strong quarter, the market is too euphoric and price goes up too much. You can go back and see it in their earnings history. The company does have a major pension hole to fill, so even in quarters with good operating income, the balance sheet is weak. I am not buying yet, but may buy in August or if they continue to drop into the teens.

  13. I did buy back into TLM this morning at 10.88. I think there is upside with a bid on the table.

    • Good luck. Have you read if Repsol has disclosed any type of buy package for TLM. TLM is up 10.46% at $10.88 and I am wondering how much farther it can run up (assuming Repsol does end up making an offer).

      • Tom – there is clearly no public info on potential bid. But my experience is they generally have to be at a 20 to 30% premium. A great example is igt, which I bought in June at 15.71 on the same sort of an unknown bid. Igt popped that day from 14.25 to 15.75 on that news. They now have a firm bid and it is over $17. Every deal will be a little different, but so long as you do not have a desparate owner trying to sell a stinky business, the bid has potential to be decent.

      • Thanks and I agree with your analysis.

    • Happy I’m still holding my OCT 12’s on this one. Hoping it gets a very sweet takeover deal.

  14. Out of UVXY for plus .62 2.5%

  15. w_seattle and others that follow oil. I’m staying out for now. The dollar is on the move up which should be about over?? UCO is getting into the overbought area and the daily chart on UCO is almost positive. Oil had a nice run up from 99.69 I think it may stay flat. May not fair well for playing with leveraged etf

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