Traders Corner   15 comments

The S&P 500 levels to watch today:

UPSIDE: 1924 (May’s high), 1925 (bottom of the Bollinger Bands), 1930 (July’s low), 1936-1937 (2 data points), 1954 (50 day moving average), 1965 (20 day moving average), 1968 (June’s high), 1991 (July’s high and the all-time high), and 2006 (top of the Bollinger Bands).
DOWNSIDE: 1921 (August 4th’s low), 1916 (August 1st’s low), 1913 (August 5th’s low), 1912 (100 day moving average), and 1884 (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 (leaning oversold)
S&P 500 Futures: Negative
Overall: Things are looking pretty ugly this morning, with S&P 500 futures and momentum all pointing to another down day. The only positive in this is the overbought/oversold technicals, which are leaning oversold, but not enough to guaranty any kind of pop today. The S&P 500 got close to the 100 day moving average yesterday. It wouldn’t take much of a drop to break through it today.

15 responses to “Traders Corner

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  1. Happy I did not buy NUS yesterday! Their earnings were horrid.

  2. UVXY @ 36.42

  3. Increased my BAC warrants by 25% due to the fed reserve approving them starting to return $ to shareholders. Price was 6.61.

    • I may rejoin you in BAC Warrants but I do want to get through this week before I start going long with new positions again.I am looking at KMP or TNH for a dividend play. I know you are a fan of TNH.

  4. UVXY Friday call premiums are crazy high. Bets are being placed for more to the down side. Doesn’t mean they are right but sure is nice when you’re selling at these prices.

  5. My second straight surprisingly strong day after an abysmal July. RIOM, ATVI, WNR, TC and BAC warrants are all up nicely. Even my buy of TNH yesterday is up a couple percent. Still looking to exit from a couple of my more speculative positions: TUBE and MBLY.

    • I’m up very nicely today as well. My solar and mining is helping once again csiq, scty, lysdy, tcmcf. even the majority of my shorts are up as well.

  6. I am stunned that TC is in the red right now. Did anyone see anything negative in their earnings? I do recall they increased estimate (slightly) of cost to extract materials.

    • Marshall, the price action on TC has never made sense. I’m not sure what moves the price, but move it does. I’m going to look to start a position at $2.70 and may chase.

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