Traders Corner   23 comments

The S&P 500 levels to watch today:

UPSIDE: 2005 (August’s high and the all-time high), and 2025 (top of the Bollinger Bands).
LAST CLOSE: 2003, inside the 2001-2003 (3 data points) range.
DOWNSIDE: 1993-1998 (6 data points), 1982-1990 (July’s high and 5 data points), 1968 (June’s high), 1966 (50 day moving average), 1963 (20 day moving average), 1927-1939 (July’s low and 9 data points and the 100 day moving average), 1924 (May’s high), 1904 (August’s low), and 1901 (bottom of the Bollinger Bands).

S&P 500 Daily Momentum: Bullish (weakening)
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: Slightly Positive
Overall: The markets were running last week on low volume. Will the volume come back this week? Until then, the momentum indicators seem headed to neutral, in spite of the price action.


Posted September 2, 2014 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

23 responses to “Traders Corner

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  1. Feye @ 32.27. Sold Friday 32 calls for .95. 2.2 % profit if called.

  2. Mixed signals this morning in the S&P. Daily is still overbought, weekly is starting to show some strength. Conclusion – no idea at the moment.

  3. Marshall, Hope GNW is now green for you. I am now a positive 0.35.

    • Tom – GNW is very green for me. It definitely dipped further than I expected, but has been steadily going up. My overall basis is 10.08, my most recent buy on the dip was 13.59.

    • Charts look good. I bought at 14.30. Probably a longer term hold. Not going to sell calls for now. I would like to see if it moves up.

  4. Sold half of GTAT for plus 74 4.3% My guess is GTAT trades flat until the Apple announcement. Decided to take some profit now and let the rest ride. I expect it will make a good size move on the announcement. Hopefully, to the upside.

  5. Great positive article on SYNA this weekend in Barron’s. It is up 6% today and 81% since bought last November.

  6. Trader, wondering what PM charts are showing? It has been dead money for a year and I have sold off shares to lock in some profits. Not sure if next move might be to upside after a year of treading water or if it has been simply hanging by its finger nails before it falls?

    • I don’t see anything indicating much movement one way or the other. It looks like it will continue flat to slightly higher baring any adverse developments. If you like it as a long term hold for the dividend, you could consider selling some longer term out of the money calls to increase your yield. Premiums are not expense indicating the market doesn’t expect any big upside moves.

  7. Closed UCO calls for +$0.45.

  8. Trader, Are you going to buy a 2015 vett? That’s a nice ride.

  9. Sold OIH 54P for .70. Might not be the bottom but if 100 day holds again I’ll be ok on this. I’ll sell calls if I’m assigned in 15 days

  10. Question, if the fed starts to raise rates, does anyone know what the US dollar might do? Will it strengthen?

  11. iwm/spy is up to .584 I’d expect to see market move higher

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