Traders Corner   18 comments

The S&P 500 levels to watch today:

UPSIDE: 1989 (July 23rd’s high), and 1991 (July 24th’s high and the all-time high and the top of the Bollinger Bands).
LAST CLOSE: 1978, inside the 1972-1986 (22 data points and the 20 day moving average) range.
DOWNSIDE: 1968-1969 (2 data points and June’s high), 1965 (3 data points), 1962 (July 1st’s low), 1959-1960 (3 data points), 1956 (bottom of the Bollinger Bands), 1955 (July 17th’s low), 1952 (July 10th’s low), and 1946 (50 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Mixed (trending bearish)
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures: Flat (leaning negative)
Overall: On Friday, the S&P 500 remained inside the 1972-1986 range for the entire day. While I wouldn’t be surprised to see that happen again today, the momentum is turning bearish. If the S&P breaks below the 20 day moving average, and finishes there, watch out. On the other hand, this is the last week of the month, and professional portfolios have to look good for the monthly reporting.

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18 responses to “Traders Corner

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  1. Ed, have you ever looked into a long term stock or etf that would work off of the water shortages out west and the crazy use of water by fracking?

  2. I know mining stocks are in a funk but any thoughts in NSU?

    • If NSU were to drop below $3.10 (the book value/share), I’d be interested. While they have good mines, they are both in Africa. Too much political risk for my taste. If I am going to gamble on growth in NSU, I want great value.

  3. UVXY @ 26.22

  4. Trader
    Why UVX instead of TZA?

    • Two reasons. More volatility and high weekly option premiums if I need them. For quick trades, the more volatility the better.

  5. I bought LOCO on Friday and made a quick 10% and was very pleased with myself. If I had held for one more trading day, my gain would have been 52%!

  6. UVXY @ 27.12. Sold Friday 28 calls for 1.22. May trade the options around this position if UVXY drops.

    • Your doing well with UXVY but isn’t this the etf one second your up big the next your down bigger? If so does it even get more volatile when the vix is higher?

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