Traders Corner   23 comments

The S&P 500 levels to watch today:

UPSIDE: 1936-1937 (2 data points), 1955 (50 day moving average), 1958 (20 day moving average), 1968 (June’s high), 1991 (July’s high and the all-time high), and 2010 (top of the Bollinger Bands).
LAST CLOSE: 1931, inside the 1930-1931 (July’s low and August 8th’s high) range.
DOWNSIDE: 1927-1928 (2 data points), 1924 (May’s high), 1921 (August 4th’s low), 1916 (August 1st’s low), 1914 (100 day moving average), 1913 (August 5th’s low), 1911 (August 6th’s low), 1909 (August 8th’s low), 1906 (bottom of the Bollinger Bands), 1904 (August 7th’s low), and 1886 (150 day moving average).

S&P 500 Daily Momentum: Bearish (weakening)
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures: Positive
Overall: Friday’s strong results might signal a change in momentum. At the very least, the overbought/oversold indicators have gotten some oversold relief. S&P 500 futures are pointing up this morning, but if the opening pop gets sold off as the day goes on, the bearish momentum may not be over.

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23 responses to “Traders Corner

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  1. Ed and Marshall

    I currently own EMC but want to add a other big name tech to buy. Looking at CA, SAP, CHKP and SYMC all as turnaround plays. Any thoughts?

  2. Bobb – I own CA and think they are good turn-around play. Regarding the others, I would go with Oracle before SAP and AVG before SYMC. Do not know anything about CHKP.

  3. BTW – I think EMC is a very solid pick

  4. Back from a few days of backpacking in Glacier Park. Called out on one position on Friday for plus 1.82 4.6%. Had a limit sell order fill for plus 2.58 7.1%. In this morning @ 33.59.

    • Trader, how does uvxy look to you today?

      • Jeff, I would hold off for now unless you want to buy and sell some in the money calls. I bought this morning since all of my positions were closed out last week. Obviously, I should have waited. Need to see if this move higher is the real deal or just a head fake.

      • Thanks Trader, I’m holding probably till tomorrow

    • Nice. Glacier is a beautiful place to backpack.

      • Saw three grizzlies. One a little too close for comfort. About 25 yards. He walked right by us and didn’t even look at us. Sow and cub on the other side of a small lake. We were watching a moose feed in the water when the bears showed up. The bull took one look at the bears and took off. Quite a sight watching him move through the water like it wasn’t there.

      • We got to see a moose lay waste to a patch of shrubs from about 20 feet while standing in a grove of tight trees in our campsite. Crazy how much that sucker ate. I never got that close to a grizz but did watch one go down the trail from the pass that we had to follow down. Big boy too. Glacier is a great place 🙂

  5. I hope this move is real, added gtat 15.72 and upro 111.07.
    Trader, w_seattle what is your take on oil? I looked at the charts for both uco and sco. I don’t know what to expect.

    • Bill, I’m going to establish a good sized position if sco heads to the low 27’s. I’ve already got one position covered with calls that should get exercised. Other than that, I’m just waiting and watching.

  6. I haven’t played these for a while. Looking at the charts, I would lean towards UCO with the usual slightly out of the money covered calls.

  7. Ed and Marshall,

    Also looking, on a pullback in market, at some industrial names to add to my portfolio as I currently do not have any.

    GE-turnaround play as it has not participated as much in rally. Reminds me of MSFT as Immelet is hated, mostly for cutting divy.
    FLS-Opposite of GE as it has been a steller stock over last 5 years…can it continue on that pace though.
    KAI-Small value, kind of unknown stock but has operations across the world.
    HON-well run company but has had nice run.

    Thanks for you input.

  8. Keep an eye on the S&P 50 day moving average around 1955. If we break above, we should move higher.

  9. Nice move in GTAT today. If market continues higher, next resistance level is 17.50-18.50 range.

  10. Trader, w_seattle, Thank you for answering my questions. Well I’ll keep my figures crossed on GTAT. My order did complete for GTAT @ 15.72 but not for upro. I see a bottom in GLUU.

  11. Closed WWAV Aug32.50C for .at .50 today for plus.10. Also sold Gtat weekly 17 call for .15 on part of the position and Sept 17C for 1.05 on another part of the position. Fully covered at this point.

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