Traders Corner   17 comments

The S&P 500 levels to watch today:

UPSIDE: 1991 (July’s high), 1993-1994 (2 data points and the all-time high), and 2003 (top of the Bollinger Bands).
LAST CLOSE: 1988 (August 20th’s high).
DOWNSIDE: 1986 (August 21st’s low), 1984 (August 22nd’s low), 1982 (August 19th’s high), 1977 (August 20th’s low), 1971-1972 (2 data points), 1968 (June’s high), 1964 (August 15th’s high), 1960 (50 day moving average), 1958 (August 18th’s low), 1955 (August 14th’s high), 1952 (20 day moving average), 1947-1948 (2 data points), 1944 (August 11th’s high), 1941 (August 15th’s low), 1927-1939 (July’s low and 9 data points), 1924 (May’s high and the 100 day moving average), 1921 (August 4th’s low), 1916 (August 1st’s low), 1909-1913 (3 data points), 1904 (August 7th’s low), and 1901 (bottom of the Bollinger Bands).

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bearish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures: Positive
Overall: Because of the low volume Friday, most of the technicals didn’t move much. But the S&P 500 futures are giving the bulls the opening today.

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17 responses to “Traders Corner

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  1. For those interested a video by Mark Gomes on techinicals on GLUU and market. At begining talks of AERO. Would be interested from some of the techinical people, trader, what you think of his take on market and GLUU?

    • bobb, charts do not look good on GLUU. It is possible that it is basing at around 5.00. Until it shows some price strength with technical support it’s anyones guess. I still own a small position. I’ll hold for now. Not interested in adding until I see some strength. For the market, S&P is overbought on the daily chart, lots of room on the weekly. I’ll reiterate what I said last week. Flat or slightly higher with shallow pullbacks for now. All bets are off if we get a geopolitical surprise. Baring that, I don’t see a correction in the near term. I would still be cautious. I’m taking some profits and using short term covered calls.

  2. Partial position in FEYE @ 28.50

  3. S&P is definitely overbought. I would expect we’ll see a few down days starting as early as tomorrow. Not saying a correction. If this market continues higher without some down days soon, we’re likely to see some 100 plus( Dow )down days when they come. That will get the correction talk started again.

  4. Why is AVG down over 3% today?

    • Jeff – I do not see any reason. It is on light volume. It is really just moving back to where it was last week, so perhaps some profit tasking from st traders.

    • Volume is a little low but looks like more than profit taking? Now down over 4%.

      • Jeff – I did find two negative seeking alpha articles written two and three days ago. Basically saying they are in a declining industry. Not sure I agree, I think computer security will be more and more important – but articles suggest that personal computer security does not work as too many new threats all the time and fir mobile, it us difficult to monetize as many free apps. Time will tell, I plan to hold.

      • I thought avg trying to shift significant focus to mobile? I’m holding as well but the drop today makes me wonder if I’m missing something. Wish I had more CA instead of avg. At least they pay a dividend.

  5. Not a very good day fir me. I am slightly in the red, on a day the markets are green. GTAT and avg are my big losers, BRCD is my best stock. I started the day thinking this was a good day to reduce risk, but did not see any positions I really wanted to sell. S I have just stood pat.

    I hope others got out of CAMT when I did on Friday. It is a volatile stock. As I stated, I like them longer term, but week to week it will swing around. As I am looking to reduce risk, I will not buy back for a while, unless it is too good to ignore.

    I am trying to make a list of what to buy if there is a pullback.

    • Are you thinking of buying back into CAMT at the significantly reduce close price of today?

      • Tom – not yet. Perhaps after I sell some other speculative stock (like TLM). I just don’t want to be in too many speculative names at once. Nothing against CAMT. 3.89 looks like a tempting price for lt holders.

  6. Curious to see TSL earnings this week. If they are strong, I will almost assuredly be called out of my September 13s. I suppose I should root for that and be happy with my 15% gain in three months.

    • I’ll get 13% for the same time frame. I never have a problem with being called. Profit in the bank. Unless is takes off, I’ll do much better by selling calls than just holding. I paid 12.80. Reduced my basis to 11.50 by selling calls.

    • I also will be interested since I’m guessing there will be a significant impact on my other solar shares, especially YGE.

  7. Very strange. BRCD has traded about 80,000 after hours this evening. Current bid/ask is about 2% above close. This is not a stock that trades after hours very frequently, except perhaps at earnings (which were last week). Not sure if it means anything, but strikes me as unusual.

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