Traders Corner   28 comments

The S&P 500 levels to watch today:

UPSIDE: 1930 (July 31st’s low), 1937 (August 1st’s high), 1938 (bottom of the Bollinger Bands), 1953 (50 day moving average), 1968 (June’s high), 1970 (20 day moving average), 1991 (July’s high and the all-time high), and 2001 (top of the Bollinger Bands).
LAST CLOSE: 1925.
DOWNSIDE: 1924 (May’s high), 1916 (August 1st’s low), 1910 (100 day moving average), and 1883 (150 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral (leaning oversold)
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures: Positive
Overall: I was a day early in my contrarian bullish call Friday, although the drop wasn’t that bad (-0.29%). Based on the futures, it looks like we might get a pop today, although it may flatten before the end of the day. The oversold conditions on the McClellan Oscillator remain, at -89 (with -60 being oversold).

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28 responses to “Traders Corner

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  1. GTAT reports earnings after the bell this evening. While I believe expectations are pretty low for the current quarter, it will be extremely interesting on guidance and commentary regarding the many rumors floating out there on GTAT being behind in production of sapphire etc. I suspect Tuesday will either be a very good day or very bad day. I obviously believe in the good scenario, but there is short term risk in my view.

  2. I have 8-16 calls on my shares at 15 and 16, both of which are profitable. I really wouldn’t mind being assigned so I could start again. But, if the shares drop, that isn’t necessarily all bad as long as the bad new is just short term.

    I’m guessing there is probably something to the production delay rumors, but if they get sapphire into the iwatch and still plan on putting it into the iphone 6 before year end then I’m guessing the shares will pop.

    • Well, so much for rumors of production delays? Sounds like they are on target to get the 4th progress payment from Apple. Up over 12% AH.

      Although they did miss on revenue and profits? Hmmm?

      • *The fourth prepayment from Apple is contingent upon the achievement of certain operational targets by GT. GT expects to achieve these targets and receive the final $139 million prepayment by the end of October 2014.*

        Jeff, Can we assume investors are betting sapphire is to expense and Apple want use it? So maybe clear sailing till Apple reports earnings or announces new phone?

      • Sorry Bill, I do not understand your question? I do not think GTAT has clear sailing, especially regarding their ability to supply sapphire to apple. I did find it interesting that their margins are improving from areas outside of apple. I’m going to try to read their transcript tomorrow.

      • Jeff, Sorry about that. I now know GTAT is heavy shorted. I also know Apple is paying them. Less hope this 11% pop holds til morning.
        Let us know your thoughts on the transcript.

  3. PLUG calls expired worthless on Friday. Sold August 5.50’s for .35 further reducing my basis to 4.79.

  4. Three UVXY positions called out on Friday. Plus 1.73 6.7%, plus 2.10 8.1%, plus .24 1.0%. The last position was a conservative deep in the money position in case the market moved higher. Didn’t need it this time.

  5. added more GNW at 13.02.

  6. Bought small position in MBLY as speculative trade at 38.45

  7. Trader are you watching uvxy this am?

    • I jumped the gun too early and bought at 34.61. Sold Friday 35 calls for 1.75. My approach to UVXY is to split the funds I have allocated to UVXY into several positions. Some in and some out of the money. Have one other position from 7-30. Bought @ 29.17, sold week 2 27 calls for 3.35. I’m sure I’ll have several additional positions before the week is over.

    • bought uvxy at 33.60 – waited to see it cross above 33.50 before I bought. Hope the level is support.

      • More @ 34.00

      • dropping like a rock. damn!

        sold 32 calls for 2.50

      • It will do that. I’ll hold the uncovered position for now. If this bounce holds today, I want to see if we get any follow through tomorrow. Will probably sell some longer term calls if we do. Long term being two or three weeks for this one.

    • Still own it and I’m deep, deep in the red. The article restates similar thoughts previously published. If Lynas manages to hang on I may be in the black in about 3 or 4 years but I’m not selling at current prices and if it gets under .12 again I may double my, now very small, position

  8. Daily S&P is oversold but can certainly move lower. Weekly chart is rolling over. Not close to oversold. We may see a few flat days before the buyers or sellers push a direction. The longer we go without a move higher, the most likely direction is lower.

  9. Trader, what are your thoughts on GLUU? still holding? Seems like larrge sell off on decent earnings.

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