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
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Short Euro ???????????????????????? 133.40????? 133.40???????
Long Line (Sept 28 Calls)??????? ?? 1.30
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Stocks..
No change
Bonds...
30 Yr. Needs over to sustain 134.00 to start any type of rally.
FX...
AUD/USD...finally traded 88.50 last night. This has the potential for a small oversold rally with price action over 89.40.
Euro...we're leaving the stop as is. A 133.40 trade and we're out.
Keep your stops working 24 hours a day.
Commodities...
Gold...1317 is near term resistance with all new price action over 1327 needed for any further upside.
Silver...19.25 is support with 20.50 resistance.
Oil...105.75 is near term support and the downside pivot. 107.50 is resistance and the upside pivot.
General Comments or Valuable Insight
It's officially summer break in Europe with everyone at the beach.
Less is more.
There is little to say and less to do.
The Yen crosses are in profit taking mode from last night. They could go sideways to lower.
Short Term View...
Trade instruments off their own technical s
Equity traders should continue to review the earnings calander for names to play?for short term pops via calls 5-10% higher than the curent prices. Since most names reporting have been surprising to the upside with the rest of the board left in a rotational churn, this would seem a reasonable strategy for those left willing to take on more risk.
Review each instrument independently. It's been a stock pickers paradise.?The game has not been in the Indices.
For Glossary of terms and abbreviations click here.