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.
GOGO? Long at $19.93
Total Premium Collected? $1.95
ASNA Long at $14.20
Total Premium Collected $.75
DUST Long $4.50
Total Premium Collected? $.70
FCX Long $12.45
Total Premium Collected? $.24
DYN Long at $12.55
Premium Collected $.48
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As we wind down to the end of October, the S & P 500 continues to trade in a tight range.? The market closed 6.39 points to the downside, at 2,133.04.
Once again, the minor resistance level of 2,132.80 came into effect.? The first sell off stopped at 2,133.11 or .31 points above that level.
After rallying to just above the 2,140.62, the market moved and rallied back to up 2,140.53 before selling off to stop at 2,132.52, or .28 points under it.
With a close Wednesday under 2,140.62, a retest of that level would not be out of the question and that is what happened.
Now that there have been multiple closes under 2,140.62, a push down to 2,125 should be the logical move.? Yesterday?s low was within 7.50 points of that price.
Minor levels for today will continue to be 2,132.80 and 2,128.90.
AMZN reported last night and is down about $44 before the open.? GOOGL reported and is trading to the upside off a positive report.
There were a few large moves yesterday off earnings.? TREE was down 15.56% and CLF dropped 18.23%.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
Major level - 18.75
Minor level - 17.96
Minor level - 16.41 *
Major level - 15.63 *
Minor level - 14.85
Minor level - 13.28
Major level - 12.50
Minor level - 11.72
The VIX opened under 14.06 yesterday and immediately rallied to 15.05. At that point, 14.06 should have been support. And the VIX dropped to 14.17 after that and closed at 15.36.
The VIX is now within 27 cents of the 15.36 objective.
Watch the 16.41 level on the upside today.? I would not expect the VIX to get through that level, but if it does, expect more selling in the markets. If the VIX stalls there and heads down, the markets should head up.
$SPX:
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50
Minor level - 2,171.88
Minor level - 2,140.62 *
Major level - 2,125.00 *
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50
2,140.62 could be retested again today.
Minor levels are at 2,132.80 and 2,136.70.? Also, 2,128.90 could be tested today.
QQQ:?
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41
Major level - 115.63
Minor level - 114.84
Minor level - 113.28
Major level - 112.50
The QQQ closed just under the 117.97 level, at 117.84. The implication today is that if the QQQ closes under 117.97, the downside objective should be 115.63.
117.58 is a minor level that if it is violated, it should also confirm a move lower.? Also, the mid band on the 60 minute chart is 117.71 and the QQQ is trading just above.? If it breaks under that level, expect lower lows.
TLT:?
Major level - 137.50
Minor level - 136.72
Minor level - 135.16
Major level - 134.38
Minor level - 133.60
Minor level - 132.03 *
Major level - 131.25
Minor level ? 130.46
Minor level ? 128.91
Major level ? 128.13
?The TLT broke under the 131.25 level and closed at 130.74.? To move down to 128.13, the TLT will need two closes under 130.46.
At this point, higher levels should be resistance an move back to 125 is possible.
GLD:
Minor level - 124.22
Minor level ? 122.66
Major level ? 121.88
Minor level ? 121.10
Minor level ? 119.53 *
Major level ? 118.75
Minor level ? 117.97
The GLD continues to trade under the 121.88 level, which should be resistance.? A move down to 118.75 should be the objective.
Minor support is at 1119.53.
XLE:
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41
Major level - 65.63
The XLE has now closed twice above 69.53, so the objective should be to 71.88. 68.75 should offer support.
Watch 69.46.? If the XLE breaks under that level, it should head lower in the short term.
FXY:
Major level: 96.88
Minor level: 96.49
Minor level: 95.70
Major level: 95.31
Minor level: 94.92
Minor level: 94.14
Major level: 93.75 *
Minor level: 93
.36
Minor level: 92.58 *
Major level: 92.19
Minor level: 91.80
Minor level: 91.02
Major level: 90.63
The FXY did move down to 92.19 as expected and closed at 91.70. A close today under 91.80 and the FXY should drop to 90.63.
92.19 should now be resistance.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple is trying to find support after the gap down off their earnings.? Look for a short term move up to the 116.50 area.
WATCH LIST:
Bullish Stocks: GOOGL, NTES, GS, CXO, BA, MA, FANG, SWKS, MSFT, AKAM
Bearish Stocks:? REGN, KMB, CLX, TSCO, CTSH, WTR, RH, CREE
Be sure to check earnings release dates
