Traders Corner   18 comments

The S&P 500 levels to watch today:

UPSIDE: 1989 (July 23rd’s high and the all-time high and the top of the Bollinger Bands).
LAST CLOSE: 1987.
DOWNSIDE: 1972-1986 (19 data points), 1971 (20 day moving average), 1968-1969 (2 data points and June’s high), 1965 (3 data points), 1962 (July 1st’s low), 1959-1960 (3 data points), 1955 (July 17th’s low), 1953 (bottom of the Bollinger Bands), 1952 (July 10th’s low), and 1942 (50 day moving average).

S&P 500 Daily Momentum: Bearish (weakening)
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Overbought
S&P 500 Futures: Positive
Overall: This bull looks like it has at least another day in it. However, with the S&P 500 sitting near the top of the Bollinger Bands, we have a speed limit on upward moves.

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18 responses to “Traders Corner

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  1. UVXY @ 25.26

    • Out for plus .21. .8% Looks like market wants to move higher. May get back in later.

    • Trader, take a look at the premium on the SCTY 8-16 70 calls. Shares are selling for right around 70 right now and with a $5+ premium thats about a 7% return for 3 weeks? I’d be jumping on this except I have all the SCTY shares I’m comfortable with

      • Charts look good. I’m leaning towards weekly calls 3-4% for a week looks doable. I need to run some numbers on others that I am considering before I buy.

  2. bought more plug at 5.54

    • Jeff, I took a look at PLUG. Weekly and daily charts look pretty good. Weekly option premiums are good. I may add and sell next Friday calls. Even though it looks like the markets what to move higher, I’m still cautious. I like the short term profits in weekly calls.

    • Trader, the stock does look to be struggling a little at 5.50. Premiums are still nice and I did manage to get what I wanted on my calls yesterday. Hope to do the same today.

  3. Typical story: BBEP buys/merge with QR energy and stock drops like a rock. Still up from buy price and bought for dividend but never like to see red.

    • Tom – I am two for three on my stocks with earnings today. BBEP is down 2.4%, but it has had a great run this year! returning 14 or 15% with dividends. CA had solid earnings and is up 2.9%. Then NSR did very well and is up over 11%. I hope some others have held their NSR, as I started mentioning it below $25. RIOM is actually my big loser, down about 5%. D@mn miners! 🙂

      • Marshall, I followed you on NSR and am up just shy of 20% — a very good recommendation by you. I sold my RIOM a couple of weeks ago at a very nice profit; sold because I was over weight in mining. I intend to hold BBEP for at least a year and bought it for its dividend. Thanks for your research and recommendation on all.

    • Tom – I did go through some of the material of the BBEP proposed acquisition of QRE. My read is we are getting a steal and this is a deal to be excited about. The short term drop is likely just some m&a arbitrage going on. I also glanced through the BBEP earnings report and all seems well. They just do a stellar job with production.

  4. Sold August 16, GTAT 15 calls for 1.05 on a third of my GTAT shares. I’ve got a little too much GTAT given all the rumors about production problems etc. so I would be OK to be assigned. My basis after the above premium is 12.40 so it would give me a nice 21% gain.

  5. Also take a look at TC-PT shares, now TCMCF OTC in Fidelity. selling for 14 paying about a 12% dividend. Very thinly traded now but if you don’t think TC is going under this could deserve some attention.

  6. Marshall, I’m trying to decide when to sell calls on GTAT. Do you see anything in the next month or two that would move the stock higher?

    • Trader – not in one month, but definitely two months. I think when AAPL shows their new phone in mid September (no one knows the date), if sapphire is predominantly featured (certainly my expectation), the stock could move sharply higher.

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