Traders Corner   25 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 (23 data points and the 20 day moving average) range.
DOWNSIDE: 1967-1969 (3 data points and June’s high), 1965 (3 data points), 1962 (July 1st’s low), 1959-1960 (3 data points), 1958 (bottom of the Bollinger Bands), 1955 (July 17th’s low), 1952 (July 10th’s low), and 1948 (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 positive)
Overall: Watch the S&P 500’s 1972-1986 range. Aside from the 23 highs and lows inside that range this month, we have also seen 13 closing prices within it. Without market-moving news, don’t be surprised to see the S&P 500 return to this range if it moves outside of it.

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25 responses to “Traders Corner

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  1. After taking a beating the past three weeks in the market, looking to start upswing today. CAMT, which has become a largish position for me and a bit of a losing position, is up 16% in early trading on strong earnings. Then KLIC is also up 6% on strong earnings. I know I opined that people should buy KLIC when it dipped last week. I hope there were some takers. And perhaps even GTAT will finally find bottom!

    • Marshall I did go back in on Klic when you mentioned. Thanks.

      My Plug is up over 12% today and some of my miners LYSDY (rare earths) and FQVLF have done very well over the last couple days as well.

  2. UVXY @ 26.32

  3. I sold the CAMT I had bought over past month at $4.20. My basis was $4.05, so I made 3.7%. It was a large position, so it is a decent $ gain. I have a sell order in for TUBE at 10.15

  4. I’ve been holding on to FTR for years. With today’s jump, it looks like a great opportunity to exit, although perhaps it has more room to run? Any opinions here?

    • Sell half – two thirds. You can always sell the rest if it doesn’t move much higher. Another strategy is sell Sept 6 covered calls bid at .95 on part of your position and let the market take you out if it stays above 6. If you get called you will be no worse off than if you sell here. If it drops you stand to gain on trading the options.

  5. bought NADL at 9.45.

  6. Yesterday bought another ¼ position making a full position of SDRL. Paid $36.38. A week or two ago I asked what gas and oil industry stock I should buy and several suggested increasing the holding of one of companies I already owned. My average buy price for SDRL is now $35.21. Current price is $36.89 for a 4.78% gain. However, bought for the dividend which at my average buy price is 11.36% (and dividends have a lower tax rate for me).

    This buy was a Limit buy while we were out hiking to see wild flowers and birding. Much more fun than watching the computer screen.

  7. Starting to look like we are setting up for some downside. No way to know how far down but at least a few days of lower. If I’m right, might get a better idea if there is some technical strength with the move.

    • Thanks for the tip trader. I’m watch iwm, if it breaks 112 I’m buying tza.
      As for oil I was half right. Dollar up oil down. Only if they both would sync up again.

  8. Marshall, GTAT just keeps getting crushed day after day. Pretty heavy volume today as well. I don’t see any news to justify this but somebody must know something? Have you seen anything?

    • Jeff, yesterdays failure to hold the pop and then closing at its low for the day was trouble some. Todays price action isn’t helping. If it doesn’t bounce and recover some of the drop, we’re probably going lower. We could see 10 again if it really falls apart. Keep working those calls.

      • Jeff & Trader – the drop in GTAT has been painful for me to watch. I really do not see a reason for the drop, besides some rumors that GTAT is behind in production. There is always the chance that something negative really does happen – it would be reassuring to have GTAT confirm guidance.

        But it is interesting, I am taking a course right now on Social Psychology and just finished the chapter on conformity. Psychologically, we humans find it very difficult to go against the herd. So when we see everyone else selling, we are tempted to sell as well, even if we deep down believe that is the wrong move (https://www.youtube.com/watch?v=NyDDyT1lDhA).

      • I say “2” 🙂

    • Oh, I guarantee you I’m working the calls. Basis on my 3 tranches is 12.40 13.43 and 14.90. Just hoping I can work them fast enough to stay in front of this falling knife

    • Jeff, maybe Corning’s miss.

  9. Sold VJET Sept $20 calls for $1.45

  10. Holding UVXY for now.

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