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.
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Ed's Talking Stock 
Feye @ 32.27. Sold Friday 32 calls for .95. 2.2 % profit if called.
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.
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.
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.
We will have to see on GTAT. I am actually traveling to Atlanta on the 9th, so may miss the excitement.
Great positive article on SYNA this weekend in Barron’s. It is up 6% today and 81% since bought last November.
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.
Closed UCO calls for +$0.45.
Trader, Are you going to buy a 2015 vett? That’s a nice ride.
They are nice. Like the new Jaguar F-Type more. I would be in trouble at home if I buy something before I sell some of what I already have. One of my daughters calls me a hoarder. She just doesn’t understand car guys.
She’ll appreciate them a lot more when she inherits them. 🙂
I plan to sell all of them before she gets the chance.
If you have more cars than she has shoes I’m going to call you a hoarder 🙂 I didn’t know you were a car enthusiast.
Yep, muscle cars and a few odds and ends. I’m not competing on the shoes. She has more shoes than General Motors has cars.
Have you gone to http://www.barrett-jackson.com/ car auctions? My brother was at the Florida auction.
I’m going to the Barrett auction the end of this month in Las Vegas
You’ll enjoy.
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
Question, if the fed starts to raise rates, does anyone know what the US dollar might do? Will it strengthen?
iwm/spy is up to .584 I’d expect to see market move higher