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
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DUST Long $4.50
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RRC Long at $11.85
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RRC Long at $9.20
RIG Long at $8.81
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FEYE Long at $17.18
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ET Long at $11.78
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ET Long at $7.50
Premium Collected $0.60
MFA Long at $4.20
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BOX Long at $17.65
BOX Short Dec 18th - $18 call @ $.25
Premium Collected $1.30
HEAR Long at $19.60
HEAR Short Dec 19th - $20 call @ $.65
IQ Long at $22.40
IQ Short Dec 18th - $23 call @ $.25
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The S & P 500 continued higher yesterday.
For the day, the S & P 500 closed 6.55 points higher. The market closed the day out at 3,701.17.
The intra day range did contract and was only 22.70 points. This was 54% of the daily average true range, which is now 41.95 points.
And the daily price bar closed at 56% of the range of the daily bar.
By closing above the high of the inside bar on Tuesday, that level should now be support. The high was 3,695.29.
And the midpoint from yesterday should also be a support level. That price area is
3,700.
The S & P continues its move up to the 3,749.80 objective. Yesterday's high was 3,711.27 or about 40 points below the target.
And pre open, the S & P is trading about 21 points higher. This would put the market about 20 points away from the objective we have been calling for.
Assuming an open 21 points higher would put the open around 3,722.17 or about 11 points above yesterday's high of 3,711.27.
Watch for support around 3,716 or at yesterday's high.
JBL reported and is trading about $3.50 higher. ACN reported and is trading about $15 higher.
Today, after the close, we get earings from FDX. DRI and WGO report Friday before the open.
Here are the Key Levels for the Markets:
$VIX:
Major level: 31.25
Minor level: 30.47
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 <
Minor level: 21.10 **
Minor level: 19.53
Major level: 18.75
The VIX closed at 22.50. The VIX closed .39 points lower. This was the second close under 24.22.
The objective for the VIX should be down to 18.75.
24.22 should be resistance. And technical resistance is around 23.
The midband on the 60 minute chart, which is 25.40 should still be resistance.
S & P 500:
Major level: 3,749.80 <
Minor level: 3,710.75
Minor level: 3,632.65 **
Major level: 3,593.60 <
Minor level: 3,554.55
Minor level: 3,476.45
Major level: 3,437.40
Minor level: 3,398.35
Minor level: 3,320.25
Major level: 3,281.20
Minor level: 3,242.15
Minor level: 3,164.00
Major level: 3,125.00
The S & P closed at 3,701.617. The S & P closed 6.55 points higher.
The objective should still be to the 3,749.80 level.
And support should still be at the 3,632.65 level. And 3,710.75 should alos offer support.
The 3,684 area should be a technical support area.
QQQ:
Major level: 312.50
Minor level: 310.94
Minor level: 307.81 **
Major level: 306.25 HIT
Minor level: 304.69 **
Minor level: 301.56
Major level: 300.00
Minor level: 298.44
Minor level: 295.31
Major level: 293.75
Minor level: 292.19
Minor level: 289.06
Major level: 287.50
Minor level: 285.94
The QQQ closed at 308.98. The QQQ closed 1.69 higher.
The next level for the QQQ is 307.81. And yesterday was the first close above it.A close today above 307.81 and the QQQ should head up to 312.50.
Support should be at the 306.25 level. And at 307.81.
Technical support is also around 306.
IWM:
Minor level: 195.31 **
Major level: 193.75 HIT
Minor level: 192.19
Minor level: 189.06
Major level: 187.50
Minor level: 181.25
Minor level: 176.56
Major level: 175.00
Minor level: 173.44
Minor level: 170.31
Major level: 168.75
The IWM closed at 193.98. The IWM closed .70 lower on the day.
The IWM closed above the 193.75 objective we were looking for.
At this point, the IWM needs to close above 195.31 to head higher.
193 should be technical support.
TLT:
Minor level: 166.41
Major level: 165.63
Minor level: 164.85
Minor level: 163.28
Major level: 162.50
Minor level: 161.72
Minor level: 160.16
Major level: 159.38
Minor level: 158.60
Minor level: 157.03 **
Major level: 156.25 Hit
Minor level: 155.47
Minor level: 153.91
Major level: 153.13
The TLT closed at 157.38. It closed .42 lower. Watch the minor 157.03 level today. This should be support. A break and expect the TLT to drop.
The objective for the TLT should be up to159.38.
Watch the 156.25 level. A break under this level and the TLT should head lower.
The TLT is right at the midband on the 60 minute chart. This level is 158.27. Watch for either a break of this level, ot for it to hold as support.
GLD:
Minor level: 182.03
Major level: 181.25
Minor level: 180.47
Minor level: 178.91
Major level: 175.00 <
Minor level: 174.25
Minor level: 172.70 **
Major level: 171.88
Minor level: 171.10
Minor level: 169.53
Major level: 168.75
Minor level: 167.97
The GLD closed at 174.90. The GLD closed .96 higher on the day. The GLD closed back above the minor 172.70 level.
The objective for the GLD should be 175 and the GLD is within 10 cents of it. If the GLD can clear 175, it should head higher.
The GLD is under the midband on its 60 minute chart. That price level is 174.90 and the GLD closed just above it.
XLE:
Major level: 43.75
Minor level: 42.95
Minor level: 41.40
Major level: 40.63 < HIT
Minor level: 39.83 **
Minor level: 38.28
Major level: 37.50
Minor level: 36.72
Minor level: 35.15
Major level: 34.37
Minor level: 33.59
Minor level: 32.03
Major level: 31.25
The XLE closed at 40.26. The XLE closed .20 lower on the day. Watch the major 40.63 level today. A move above this level and the XLE should head higher.
Two close under 39.83 today and the XLE should drop to 37.50.
But, the XLE is above the midband on the daily chart, which is 38.36 and should be support.
AAPL:
Minor level: 140.63
Major level: 137.50
Minor level: 134.38
Minor level: 128.13
Major level: 125.00 HIT
Minor level: 121.88
Minor level: 115.63
Major level: 112.50
Minor level: 109.13
Minor level: 103.13
Major level: 100.00
Apple closed at 127.81. Apple closed $.07 lower.
The next minor level is 128.13. Two closes above this level and Apple should head up to 137.50.
Watch for support at 125.
The 124.00 area should provide technical support.
WATCH LIST:
Bullish Stocks: TTD, NOW, ROP, RNG, TWLO, SPOT, ROKU, PANW, SEDG, CVNA, GS, SQ, TTWO, DIS, ETSY, BAND, FIVN, BIDU, JNJ, PKI, MTCH
Bearish Stocks: AMT, RETA, ETR, PNW, D, ED, K, BMY, CNC, SO, ELS, NUVA
