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??Ford (F)???????????????????????????????????? 14.19?????????? 14.00 Close
LONG? JJG?????????????????????????????????????????? 38.21
LONG SLV 12 DEC 14 16.50 Call???? .16
Long UNH??????????????????????????? ????????????? 101.02
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Today's Working Orders
No working orders.
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Stocks...
Spu's...need to close back over 2064 resistance to confirm higher.
2037 is support.
UNH...put in an ORH day. As long as this closes above 99.50 we'll stay with this.
Look for an initial run up to 104.
DB...Deutsche Bank...31.00 is support and the downside closing momentum level.
This needs to maintain above 32.40 for higher.
Bonds ...
Bonds...December...145.03 is Fib resistance. Closing above this level leaves room to a move to 146.08 where there are resting pattern buy stops above.
The march Bonds trade at an app 1-1/2 point discount to December.
These #'s will not change.
FX...
AUD/USD...83.90 is resistance and the upside closing pivot.
Closing below 82.90 leaves way for lower.
Commodities...
OIL...needs sustained price action over 65.55 to go bottom fishing in the Energy names.
Soybeans...with a couple of closes above 10.57 the Beans can take the lead for another rally to just over $11.
General Comments or Valuable Insight
Trading has become the dating game. Instruments are going from support to resistance in one day.
I'm going to try not to look at the energy names until next Tuesday at the earliest.
Trade what you see and pay close attention to your time frames.
Yesterday was just another example of things changing direction after London's close.
SLV... Calls were a big disappointment. We got eaten alive by time decay, only to see a dollar rally in the Silver bringing us back to our entry level.
They missed trading our strike by 2 ticks yesterday, with a high of 16.48.
Such is the price of a good nights sleep.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.