Traders Corner   20 comments

The S&P 500 levels to watch today:

UPSIDE: 1972-1986 (24 data points and the 20 day moving average), 1989 (July 23rd’s high), 1990 (top of the Bollinger Bands), and 1991 (July 24th’s high and the all-time high).
LAST CLOSE: 1969, inside the 1967-1969 (4 data points and June’s high) range.
DOWNSIDE: 1965 (3 data points), 1962 (July 1st’s low), 1959-1960 (3 data points and the bottom of the Bollinger Bands), 1955 (July 17th’s low), 1952 (July 10th’s low), and 1950 (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
S&P 500 Futures: Positive
Overall: The S&P 500 finally broke out of the 1972-1986 range, and even finished below the 20 day moving average. With futures pointing up today, will the market break out of the recent bearish momentum? I am leaning towards an SPXU play after the opening pop this morning. Of course, this could all change depending on the market’s reaction to this morning’s U.S. GDP report.

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20 responses to “Traders Corner

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  1. Wow, GNW down a buck. A blue light special. Not sure where it will go in next month, but under fifteen is a steal in my opinion.

    • I assume the drop is based on their earning’s report. Haven’t reviewed the report but what is your take away on the report?

    • Do you know why it dropped? I may buy and sell the weekly options.

    • Bought a ¾ position of GNW at $14.76. If the sell off quickly reverses this will be a short term hold.

    • I own a full share of GNW. Their mortgage insurance business is doing very well. Unfortunately it looks like their long term care insurance biz is not.

      Nonetheless they met estimates on earnings and slightly exceeded on revenue. I my opinion this does not justify a 9% drop and this is a buying opportunity.

  2. RGR is and has been in a free fall for the last six months. Down another 9.44% this morning. Any one want to take a guess as to when RGR may be a good buy?

    • I’d stay away. Take a look at the 5 year weekly chart. Hard to tell where you might find support. Might be here or a lot lower. There are better opportunities with less risk. The other question, even if it bottoms here, what would move it high enough to warrant the risk?

  3. Took a small position of GNW @ $14.86. Will look to sell calls but hoping the price moves up a little before I do.

  4. UVXY at 26.50

  5. Marshall, NADL is down almost everyday. Down another 3% today. Would you add at this price?

  6. bought GNW at 14.31.

  7. Sold 2/3 of UVXY from yesterday for plus .93 3.5%

  8. Sold the rest of my gnw for +3. Thanks for the tip this morning Jeff.

  9. Sold Friday UVXY 27 calls on the balance of my position for 1.05.

  10. sold UVXY aug 8 17 calls for 1.50

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