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
FCX Short Nov 25th - $14 Call ?($.30)
Total Premium Collected $.54
DYN Long at $12.55
Premium Collected $.48
CERN Long Jan $50 Call - $1.65
CERN Short Jan $55 Call ? ($.40)
FEYE Long at $13.65
FEYE Short Nov 25th - $14 Call ? ($.28)
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Objective hit!
I must admit, it has been a grind for the S & P 500 to hit the 2,187.50 objective. The slow action gives you the impression that the target would not be achieved.? That?s by design, I am sure. Lures you in to make you think about a short.
That would be a mistake at this point.? And If I can caution you on avoiding a mistake, then I have succeeded.
The reason I say this is because after taking out a key level and being very close to an all time high, a little push up and the market will be in new territory.
If that can happen, the move up should be quick as it will trap all the shorts.
And we know that the move up should go to around 2,203.
At that price level, a short may be warranted. I know it may seem strange to be discussing the next move, but I like to look ahead to what is possible.
The other key technical event that I have been mentioning is the 60 minute chart and how it has been very close to crossing over into a bullish formation.
Now that it has crossed into an uptrend, it should help to push the market higher.
And the averages should offer support on a pullback.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
Major level ? 21.88
Minor level ? 21.10
Minor level ? 19.53
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
The VIX closed at 13.35, just 7 cents above the 13.28 level. It formed a narrow range doji yesterday, where the open was 13.37 and the close 13.35.? Though I am still biased for a move down to 12.50, there is no question the VIX is getting oversold.
Watch the minor support level at 13.28.? 14.06 should offer resistance.
$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
Objective to 2,187.50 hit. Minor resistance should be at 2,195.30.? And I would not expect 2,203 to be exceeded on the first attempt.
2,184 should offer minor support.
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
Objective is to 118.75 at this point.? The QQQ closed at 117.76, about one point under the objective.
117.34 should now act as support, not that it is cleared.? Also, 117.19 should offer minor support and 117.97 could offer resistance.
TLT:?
Major level - 131.25
Minor level ? 130.46
Minor level ? 128.91
Major level ? 128.13
Major level ? 125.00 *
Minor level ? 124.22
Minor level ? 122.66
Major level ? 121.88 *
Major level ? 118.75
The TLT broke and closed back under 121.88.? It closed at 121.20.? This is significant because if the TLT closes under 121.88 today, a move down to 111 is possible.
Stand aside and wait to see where the TLT closes.? A close under 121.88 tells us the TLT is going lower.? A close above it and a bounce to 125 is possible.
GLD: ?
Major level ? 125.00
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
Minor level -? 116.41
Major level ? 115.63 *
The GLD is sitting just above the 115.63 support level.? To move higher, it will need two closes above 116.41.
116.02 should be a minor support.? 116.60 should be minor resistance
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
Since hitting the 71.88 objective, the XLE has sol
d off to close at 70.84.? A close today under 71.10 and the XLE should retest 68.75.
70.31 should offer minor support and 71.88 is minor resistance.?
FXY:
Major level: 90.63
Minor level: 90.24
Minor level: 89.45
Major level: 89.06 *
Minor level: 88.67
Minor level: 87.89 *
Major level: 87.50
Minor level: 87.11
The FXY continues to drop and is within 75 cents of the 87 objective.? I don?t see the FXY breaking under 86.72, but if it does, expect further damage to the downside.
AAPL:
?Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple has bounced off its oversold condition and closed at 109.99.
Short term objective should be the 111 to 113 area.
WATCH LIST:
Bullish Stocks: PCLN, MLM, GS, GD, BA, CMI, ACN, CVX, JPM, MET
Bearish Stocks:? TSLA, BIDU, CLX, KMB, CTRP, FSLR, JD, G
Be sure to check earnings release dates
