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 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
7/20 - Short 7/24 - $20 Call @ $0.25
7/20 - Long 7/24 $19 Put @ $0.20
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Today's Working Orders
No working orders.
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The S & P 500 continues to pullback after stopping at the 2,132.82 resistance line.
There have been some really notable moves off of earnings. ?And this morning it continues with Amazon.
AMZN is up almost $80 pre market.
This comes on the heal of the almost $100 move on Google last week.
On the next webinar, I will discuss how to project the earnings move and a few ways to trade before earnings.
GOGO is trading around $19.40, so it appears we will continue to hold the stock.
Here are the key levels for the markets.
Stocks...
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VIX: ?
Major level - 15.63
Minor level - 14.84
Minor level - 14.06
Minor level - 13.28 - 2 closes above & objective is 15.63
Major level - 12.50
Minor level - 11.71-2 closes under & objective is 9.38
KEY level is 12.50. ?The 12.50 level has proven to be major support for the VIX.
I would want to see a break under that level before initiating long positions.
S & P 500 Cash Index: ?
Major level - 2,156.30
Minor level - 2,132.82
Major level - 2,125.00
Minor level - 2,117.18
Minor level - 2,109.40
Minor level - 2,101.62?
Major level - 2,093.80
The 60 minute chart has moved into an uptrend, so I am biased to buying support levels.
You want to see the VIX reverse to the downside and the S & P 500 hold support at one the levels as a clue to initiate long positions.
Nasd 100 (QQQ): ?.
Major level - 115.63
Minor level - 113.28
Major level - 112.50
Minor level - 110.16
Major level - 109.38 - Should be support.
Minor level - 107.03
Major level - 106.25
115.63 is still the active objective.?
The QQQ closed just under the 112.50 level yesterday.
Look for a pop today.
TLT: ?
Major level - 121.88
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.84 *
121.88 level is the active objective.
GLD:?
Major level - 112.50
Major level - 109.38
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
The GLD is on it's way to the 100 - 103 level.
XLE:?
Major level - ?75?
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09
Major level - 68.75
Sell any rallies at this point.
Just like the GLD, be patient and wait for the flush out.
Watch list:
Bullish Stocks: ?REGN, AMZN, ILMN, ORLY, EW, DIS, PANW, GD, NKE, CELG, VRTX, CME, ACN, UA, FB, EA
Bearish Stocks: CMI, CLB, VMW, SLB, Z, APA, GMCR, SNDK and QCOM