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.
Current Positions
LONG? AAPL ? ? ? ? ? ? ? ? ? ? ? ?????????? 129.50 ?
LONG UVXY???????????????????????????????? 10.02
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Today's Working Orders
No working orders
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Stocks...
IBB...347 +- a couple has to hold to avoid a deeper correction.
XLK...43.46 needs to be monitored for a potential monthly double top.
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Bonds ...
Bunds...159.00 is the qtrly pivot. A close under the 50 DMA @ 158.84 is needed to confirm lower. 159.85 is resistance,yesterday's breakdown level.
FX...
EURO...held mvg avg support last night. Pattern buy stops are @ 110.36
AUD/USD...has been in a three figure range for the past 12 weeks. pattern buy stops are @ 79.40.?
AUD/JPY...94.52 is first fib resistance.?
EUR/JPY...130.40 is today's resistance and upside momentum level.
Commodities...
OIL..55.25 is a bear trap the first time down.
The upside breakout in Oil is over 58.65 close (20.25 USO)
Gold...needs some price action under 1197 to roll over again. By holding there isn't much until 1226.50 ( 200 DMA).
Dollar weakness can keep a bid tone to the metals today.
General Comments or Valuable Insight
The order to take profits in the UVXY was a day session order for yesterday. We missed getting filled by 4 ticks when the Nasd 100 Futures ran the 4511 pattern sell stops.
Given the breakdown in Spu/Bonds yesterday, I'm not going to put the order back in.
We'll give it some time this A.M. to see if it can turn into something more than a 5% trade.
Pay attention to the IBB. Yesterday only 5 of 135 Pharma names I monitor were positive.
?UVXY...Double long VIX
IBB
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.