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 GBP/USD? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? 166.75???????? 166.60 Stop Close
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Today's Working Orders
SELL 1/2 Long GBP/USD @ 167.45 GTC
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Stocks...
Midcap 400...140420 is the 50 DMA. I'm focused on this level to run the Indices today.
MVV...69.16 is the corresponding level in the ETF
DAX...9115 is support. 9390 is resistance and the upside closing pivot.
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Bonds...
30 Yr. Bonds...Friday's high was a good enough level to be the high for a while in the treasuries given that much of the price action was options related in the ETF's, however I'll wait this out until later in the week for the Jackson Hole comments to confirm the high.
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FX...
Euro...Price action and a close under 133.30 is needed to see another 100 point sell off...Price action above 134.25 is needed to run out weak shorts.
GBP/USD...leave the order to take partial profits working. We came within a few ticks of getting filled last night.
Commodities...
Crude...the point & figure shows 95.91 is short term support.
Price action over 97.50 would be needed to start changing the pattern.
The Oil complex is trading oversold. Sell rallies not breaks.
CORN...looks constructive on the charts, however the other grains do not. It looks like it's still too early for much upside follow through.
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General Comments orValuable Insight
Today I'll be focused on the Russell and the Midcap to see if new money starts too bottom fish.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.