Traders Corner   31 comments

The S&P 500 levels to watch today:

UPSIDE: 1937 (August 1st’s high), 1954 (50 day moving average), 1968 (June’s high and the 20 day moving average), 1991 (July’s high and the all-time high), and 2002 (top of the Bollinger Bands).
LAST CLOSE: 1938.
DOWNSIDE: 1933 (bottom of the Bollinger Bands), 1930 (July’s low), 1924 (May’s high), 1921 (August 4th’s low), 1916 (August 1st’s low), 1911 (100 day moving average), and 1884 (150 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures: Slightly negative
Overall: While everything is pointing negative today (S&P 500 futures and momentum indicators, as overbought/oversold indicators remain neutral), the oversold conditions on the McClellan Oscillator remain, at -65 (with -60 being oversold). I would expect a bearish opening, with a repeat of yesterday’s bullish finish possible.

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31 responses to “Traders Corner

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  1. bought back a third of my gtat calls for 75. Originally sold for .95. Small gain but more importantly I wanted a little more GTAT long exposure…

    • Jeff, 26.7% gain on those options. That will add up.

    • small dollars on a large %gain = small gain. It looked like the options were lagging the underlying equity so I took the opportunity to close out the options and get gull value from the rising equity.

      I may sell calls again later today at a higher strike if this gain holds.

  2. Just put in a buy order on TNH. This is an MLP that sells nitrogen fertilizer products. They yield about 8.5%. They are partially owned by CF, which I also own. I am having a solid day. I was a little under whelmed with GTATs earnings call. It certainly seemed to me that they have had a few bumps in the road ramping up production. I think they will get there, but a little disappointing that the revenue ramp will be a bit slower. Shill, great opportunity for the patient investor.

    • Marshall are you still thinking of buying NUS before tomorrow’s earnings?

    • My order on TNH just filled at 148.10. It yields about 8% at that price. This is for my dividend portfolio with intent to hold at least one year and reinvest dividends. I think they are a solid company, certainly potential for stock price appreciation.

    • Marshall, Why do you like Terra Nitrogen over someone like Potash? How does it work partially owned by CF Industries? Potash is coming on strong with dividends.

      • Bill – I have a screen I use that ranks 3,000 stocks based on Earnings yield and return on capital. Of those 3,000 stocks, TNH is #14. POT is about #1500. I think the main issue with being partially owned by CF is it reduces the float and makes it less likely to be acquired.

      • Thank you and that sounds reasonable.

  3. Option premium’s have moved higher on UVXY. At least some are expecting a lower market. If you are interested, take a look at Friday’s 35 and run the numbers.

  4. Ed, I’ve been giving some thought to your approach to daytrading. If your goal is low risk and you are happy with tiny profits, your approach is probably ok. If you expect larger profits, you will not get there day trading UPRO and SPXU. It will take perfect timing or extreme volatility to make it happen. The odds are really against you on daytrades if your expectation is larger profits.

  5. Bought UVXY for 33.40 sold aug 8 calls at 33 for 2.15

  6. Trader or others a question on shorting stocks. It seems like the shorts have been hammering GLUU after earnings. Part of it was after CEO on earnings call said that they were projecting the Kim game not to be in top 10 in Dec as that is normal arc of their games in past and even though this one was doing much better than any other game of theirs in the past they would still use that same model.
    Last night on CNBC he came out and said they were being very conservative in their earnings forecast and he did believe the game would stay in top 10 for a long time but wasn’t going rah rah expectations.

    How long can shorts push a stock like GLUU down?

    • In theory it could go to zero, Might see 3.00 or 4.00 again.

    • bobb, GLUU is a very small company also a penny stock. Investors could be happy with there gains and see less upside potential in GLUU so they sell there shares. It’s not the first time GLUU doesn’t make investors happy when reporting earnings.

  7. Out of UVXY from yesterday for plus 1.00 2.9%

    • Nice, I sold my calls from today’s shares too early. But still, should have a 5% gain for 4 days investment.

      • Since UVXY can move quickly, there is nothing wrong with placing a bet on what you see at the moment. I’m very happy with 3% on a daytrade and 5% plus for a week. I haven’t found anything else that can generate this much profit on a consistent short term basis. Those expensive weekly option premiums really help.

      • Of course you are right and I am hoping UVXY stays above 33 for the week and that two of my positions get assigned with 5%+ gains.

  8. Spy is sitting on the 100 day ma. 150 not far below at 1885. If we fall through the 100 as fast as we did the 50ma, the 150 become questionable.

  9. With GTAT, UVXY, and my other solar shares, (CSIQ, SCTY, YGE I’m still positive for the day. Barely but positive.

  10. My screen was nicely green. Really helped by GTAT and TSL.

  11. TC had pretty good earnings. Will be interesting to see what they do tomorrow. Also, ATVI, a pretty large holding for me had solid earnings.

    • I still own the tmeds and they have dropped substantially. However, since I will probably own them until converted into TC stock on 5-15-15 I really don’t care about the tmed price. I’m far more interested in TC and will simply continue to hold, collect my 10% dividend and ultimately collect my TC shares.

      Go TC

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