While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to a six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three-day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
CURRENT POSITIONS:
GOGO Long at $19.93
Total Premium Collected $1.95
ASNA Long at $14.20
Total Premium Collected $0.75
DUST Long $4.50
Total Premium Collected $0.70
RRC Long at $11.85
Total Premium Collected $0.70
RRC Long at $9.20
RIG Long at $8.81
Premium Collected - $1.45
FEYE Long at $17.18
Total Premium Collected $1.06
ET Long at $11.78
ET Short March 13th - $12 call @ $0.35
DBX Long at $19.70
DBX Short March 13th - $20 call @ $0.50
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Yesterday saw another massive one-day move in the markets. The S & P 500 closed 126.75 points higher. This after a bullish gap open of 42.38 points.
The range for the day ended up at 96.59 points. Of course, the bullish gap open resulted in the intraday range being less than the close-to-close relationship.
And the daily average true range is now 74.94. And yesterday's range, even with the bullish gap, exceeded the average.
The last time we had a daily average true range greater than 70 was on January 9, 2019, when the daily average true range was 71.94 points.
The daily bar closed at 99% of the range of the bar, which does suggest we will take out yesterday's high before the low.
And support from yesterday's daily price bar should be in the 3,082 to 3,088 area.
And pre open, the S & P is trading about 58 points lower.
This would project to an open around 3,072 or about 10 points below the daily price bar support level.
Watch to see if the S & P can move above this resistance area.
The S & P closed at 3,130.12. This put the market back above the major 3,125 level.
Technical support should be around 3,050.
SPLK reported and is trading about $7 lower.
This afternoon, we get earnings from COST.
Here are the Key Levels for the Markets:
$VIX:
Major level: 37.50
Minor level: 36.72 **
Minor level: 35.16
Major level: 34.38
Minor level: 33.60
Minor level: 32.03
Major level: 31.25 <
Minor level: 30.48
Minor level: 28.91
Major level: 28.13
Minor level: 27.35
Minor level: 25.78
Major level: 25.00
Minor level: 24.22
Minor level: 22.66
Major level: 21.88
The VIX closed at 31.99, closing 4.83 points lower on the day. The VIX closed just above the major 31.25 level.
And the VIX pulled back from the upper band on the 60 minute chart. That price is 39.63 and should be resistance.
Watch the minor 30.48 level and the minor 32.03 level to the upside.
34.30 should be technical resistance.
S & P 500:
Major level: 3,427.40
Minor level: 3,398.35
Minor level: 3,320.25
Major level: 3,281.20
Minor level: 3,242.15
Minor level: 3,164.08
Major level: 3,125.00 <
Minor level: 3,085.95
Minor level: 3,007.85 **
Major level: 2,968.80
Minor level: 2,929.75
Minor level: 2,851.65
Major level: 2,812.50
The S & P closed at 3,130.12. The S & P did test 3,125, as I mentioned yesterday.
At this point, watch the minor 3,085.95 level. The S & P will need to close above this level to continue this bull move.
The lower band should now offer support. That price level is 2,970.
The 3,050 area should offer technical support. Look to buy support.
QQQ:
Major level: 221.85
Minor level: 221.07
Minor level: 219.50 **
Major level: 218.75 <
Minor level: 217.97
Minor level: 216.43
Major level: 215.65
Minor level: 214.87
Minor level: 213.30
Major level: 212.50
Minor level: 211.72
The QQQ closed at 218.22. Watch to see if the QQQ can clear 218.75.
The QQQ will need to hold the 217.97 level to move higher.
The 212 area should offer technical support.
IWM:
Major level: 175.00
Minor level: 173.44
Minor level: 170.31
Major level: 168.75
Minor level: 167.19
Minor level: 164.06
Major level: 162.50
Minor level: 160.94
Minor level: 157.81
Major level: 156.25
Minor level: 154.69
Minor level: 151.56 **
Major level: 150.00 <
Minor level: 148.44 **
Minor level: 145.31
Major level: 143.75
The IWM closed at 152.16. A close today above 151.56 and the IWM should test 156.25.
The midband on the daily chart is 155.40 and the IWM is trading just under it. This level should be resistance, until it is violated.
146.87 is the low band on the 60 minute chart. Watch for support at this level.
Technical support is at 150.
TLT:
Major level: 156.25 <
Minor level: 155.48 **
Minor level: 153.91
Major level: 153.13
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.66
Major level: 146.88
Minor level: 146.10
Minor level: 144.53
Major level: 143.75
The TLT closed at 154.67. The upper band is 157.67 and yesterday's high went to 157.35, before closing under it.
The upper band should be resistance. Watch this level today.
A close under 155.48 today and the TLT should test 153.
The upper band on the 60 minute chart is 158.35 and should be resistance.
GLD:
Major level: 156.25
Minor level: 155.47 **
Minor level: 153.91
Major level: 153.13
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.67
Major level: 146.89
Minor level: 146.11
Minor level: 144.54
Major level: 143.75
The GLD closed at 154.16. Biased for a move up to 156.
157.41 is the upper band on the 60 minute chart. This should be resistance.
153 should be technical support.
XLE:
Major level: 56.25
Minor level: 55.47
Minor level: 53.90
Major level: 53.12
Minor level: 52.34
Minor level: 50.78
Major level: 50.00
Minor level: 49.22
Minor level: 47.65
Major level: 46.88
Minor level: 46.09 **
Minor level: 44.53
Major level: 43.75
The XLE closed at 46.74. Still trading well under the lower band on the daily chart, which is 49.38.
The XLE is still above its lower band on its 60 minute chart. That price is 43.49 and should be support.
46.71 is a minor technical resistance level. If the XLE can clear it, look for it to offer support.
AAPL:
Major level: 325.00
Minor level: 321.88
Minor level: 315.63
Major level: 312.50
Minor level: 309.38
Minor level: 303.13
Major level: 300.00
Minor level: 296.88
Minor level: 290.63
Major level: 287.50 <
Minor level: 284.38
Minor level: 278.13
Major level: 275.00
Minor level: 271.88
Apple closed at 302.74. Apple closed $13.42 higher.
The lower band on the 60 minute chart os 278 and should offer support.
Look for a move up to the 312 area.
WATCH LIST:
Bullish Stocks: REGN, TLT, EVBG, AMN, GILD, NTRA, PDCO
Bearish Stocks: BA, ALGN, VRSN, WDAY, MMM, FDX, WIX, EEFT, TWLO, PYPL, EXPE, YUM, RCL, ZEN, CHRW, CXO, DNKN, W, PLCE
