August 15th: Ed’s Daily Notes and Traders Corner   11 comments

The S&P 500 levels to watch today:

UPSIDE: 1956 (50 day moving average), 1968 (June’s high), 1991 (July’s high and the all-time high), and 2003 (top of the Bollinger Bands).
LAST CLOSE: 1955 (August 14th’s high).
DOWNSIDE: 1952 (20 day moving average), 1947-1948 (2 data points), 1944 (August 11th’s high), 1927-1939 (July’s low and 9 data points), 1924 (May’s high), 1921 (August 4th’s low), 1917 (100 day moving average), 1916 (August 1st’s low), 1909-1913 (3 data points), 1904 (August 7th’s low), and 1902 (bottom of the Bollinger Bands).

S&P 500 Daily Momentum: Bearish (weakening, almost neutral)
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures: Positive
Overall: Based on the futures, the S&P 500 should open above the 50 day moving average. With the momentum turning bullish, at least on the daily charts, it looks like it could be a good day for bulls. But it also doesn’t look like a good time to buy, as the overbought/oversold indicators are getting closer to overbought. I would expect either a reversal or a flat market at some point next week. With President Obama unexpectedly coming off his vacation this weekend and returning to Washington, could we be seeing military action in Iraq over the weekend? Or something else?

Bloomberg: Spiderwoman Brings Hope to Winklevoss Twins’ Bitcoin ETF

Tyler and Cameron Winklevoss are fighting for approval from regulators for their proposed bitcoin exchange-traded fund. They stand a chance because Spiderwoman is on the case.

So nicknamed for her work on State Street Corp.’s “Spider,” the first ETF when it came to market in 1993, Kathleen Moriarty is the lawyer attempting to shepherd the Winklevoss Bitcoin Trust through the U.S. Securities and Exchange Commission. The twins, famous for their dispute with Facebook Inc. founder Mark Zuckerberg, aim to roll out the first ETF that invests in a virtual asset, an idea that has its skeptics.

“She brings instant credibility to a less-than-credible investment product,” Todd Rosenbluth, director of mutual fund and ETF research at S&P Capital IQ.

A lawyer makes an investment credible? Perhaps to the SEC…

Anyway, I am holding out for a tulip ETF!


11 responses to “August 15th: Ed’s Daily Notes and Traders Corner

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  1. I think some have looked Russian stocks any at YNDX?

    • YNDX is my favorite Russian stock. However, the Russian economy is a mess right now. But if you wanted to bet on the Russian economy bouncing back, YNDX is an outstanding play.

  2. Since when has an attorney brought credibility to anything? Cracks me up.

  3. Finally uvxy is on a bit of a tear today. Probably because Obama is coming back from vacation and no one knows why?

  4. Where has Trader been hiding?

    Hard week glad it’s over. Jeff, Nice moves on covered calls, that uvxy is risky for my taste right now 🙂 w_seattle Glad to see oil took a bounce for ya. Dollar looks topped out going to watch next week see it drops. I’d like to see oil come down if the dollar drops.

    Added more GTAT it’s been on fire this week. Weekly charts look good daily look topped out crossing figures.
    Have a great weekend folks.

    • Bill, if da dollar goes down, da oil goes up. Unless it doesn’t. Now that I’ve covered my bases, it’s time to eat some popcorn and watch what happens. Have a good weekend!

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