While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Jim Parker, 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.
I've looked at a myriad of names and written the technical levels to either exit shorts or buy, to play for a bounce.
Many names look ripe for oversold bounces. LVS, WYNN & UA look tempting.
Some names have retreated close to 50%.
LNKD is a good example. 158 is the 50% of life of the company + the instrument is very oversold short-term.
This makes it an appealing buy before you sell @ this level.
Play any name you've an interest very tight, and by tight I mean a maximum 1-2% stop.
Point being that many names look ripe for a rally.? It will be instrument specific!!
Today if an instrument your interested in holds early and starts up, you'll be able to hop on with a very tight stop to see what develops.
We've been down big for a few days in Nasd so it would follow that the bigger bottom fishing rallies come from names within this Index.
Let's see what type of wiggle the mid-Week Shuffle will give us. See the Glossary below.
I'm of the view that the calendar works against the Buy & Hold crowd until late summer/early fall.
In the meantime you have to trade a level at a time and keep trading to make money.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.