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Two Ways To Play: How Low Will S&P Go?

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Strengthen your portfolio in good times and bad.

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S&P 500 Likely to Make New Lows

According to Bloomberg, the nation's top-ranked market technicians are calling for new lows in the S&P 500.

Last week's 11% rally from a 5-year low lasted just 1 day - and the index has slipped 6.6% during the last 2 sessions. Jeff de Graaf of ISI Group, the highest-rated technical analyst by a Institutional Investor magazine survey, said, "Historically, you would've had a better charge from the bulls at this point." And John Roque of Natixis Bleichroeder thinks the index will likely fall to 680 by the end of the year.

For a fundamental view of the markets, see Professor Bennet Sedacca's Why Debt is Now Best.

From the Bull Pen: Consider deep-discount retailer 99 Cents Only Stores (NDN). See the stock pulling back to its 20 DMA (11.15). A sell stop can be set near 10.60.

From the Bear Cave: Those bearish can consider pressing the downside in Deere (DE) on the belief it will make new 52-week lows. One option is to set an initial position here with a buy stop above $35.


Quick Check Around the World

Asian trading closed with the Hang Seng -4.54%, Nikkei -2.28%, Sensex -3.81%, Taiwan -3.03% and Shanghai -6.31%.

Glancing towards Europe, we see the CAC -1.48%, DAX -1.43%, FTSE -1.46%

As of 8:15 a.m. EST, S&P Futures are trading -8 to 842, and Nasdaq futures are -9 to 1150.
A Look At Commodities

Crude oil is trading -0.47 to 54.45. Gold is -9.00 to 733.00. Silver is -0.030 to 9.300 and copper is -5.200 to 164.95.

The dollar index is +0.150 to 86.966.


On the Radar

Economics

08:30 Producer Price Index
08:30 PPI ex Food and Energy
09:00 Total Net Tic Flows
09:00 Net long-term Tic flows

Click here for the full trading radar.

Good luck today!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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