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?
No current positions or working orders
.................................................................................................................
Stocks..
The major Stock Indices including the Nikkei,Dax,Euro Stoxx,Spu's, & Nasd 100 all put in ORH days yesterday. I would consider those lows to be it for the next few weeks.
Bonds...
FX...
USD/JPY...99.15 (100.85 Futures) is macro support and the upside break out in the dollar.
EUR/JPY...maintaining and closing above 132 will lead to a few more figures.
AUD/JPY...above 89.50 look for 90.20.
Commodities...
OIL...105.80 is next resistance followed by 106.40-50 which is the short swing count for this latest wiggle.
General Comments or Valuable Insight
Yesterday was an opening range trade. If you didn't get on board in the first 10 minutes you were chasing all day.
I don't think today will that much different given I fully expect comments out of Jackson Hole to be market positive.
Beware any headline that has any hint of postponing the taper tomorrow. You'll know because the algo's will have the Bonds bid up a full point before you can click your mouse and
the stocks will soon follow.
For market tells today I'd keep a weather eye on the Yen.
The Yen started selling off way before the equity indices ever caught a bid in Asia Wednesday night.
It will be a price action day. Trade your time frames and take what you can get.
Short Term View...
Trade instruments off their own technical s
Time Frame Trading.
The best looking sectors technically for a bounce are XLV,XLP,XLE & XLF as long as they maintain above yesterday's lows.
The later it gets in the day today without a pullback the greater the likelihood of the bots running the market up late day.
For Glossary of terms and abbreviations click here.
