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
APPL??? Long?? ? ? ? ? ? ? ??? 520.70?????? 518?????????????? 600
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Today's Working Orders
Sell?AAPL?@?"559 stop OCO 581?GTC? 1/2?remaining position
Sell?AAPL @?518 stop GTC? 1/2?remaining position
OCO = One Cancels the Other
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Looks like it will be a couple of more days before I can spend any serious amount of time at the screen.
This is the last piece until next week.
Stocks...
Spu's...I have an interest @ buying 1726-30's.
The big game is next week as 2014 will begin to set up.
1777.75 was last weeks low and this weeks ORL#. There will be stops below and this is a level the Spu's need to close over Friday to avoid lower into the Fed meeting Wed.
NASD 100...3453.25 is the weekly ORL#
SSO...94.84 is the weekly ORL#.
VIX...15.71 is the weekly ORH#
SPU/BONDS...are trading under the 18 day mvg avg, a level we've been above since Oct 10.
Bonds...
FX...
EUR/AUD & EUR/JPY...have been the features in the currency trade.
EUR/AUD...looks like it wants to test 153.70 next.
Both of these crosses will be pushed higher into year end.
AUD/USD...caution selling into 90.00 as it's a natural #. The macro sell stops are @ 88.48. If elected this would tgt another 2 cents lower.
?
Commodities...
Gold...needs above 1270 to rally. Small qtrly sell stops are @1206.90.
General Comments orValuable Insight
We were stopped out of the TBT on the low.
AAPL is the only position we have on. We'll leave the orders as is.
Today's game will be played out in the Equity Indices @ or around the ORL#'s.? Price action at these #'s will reveal the next move.
As long as the Equity Indices maintain above the aforementioned levels, the market remains in a big sideways pattern.
Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Less is more this time of year. Be patient, if you miss something it's much better than taking it in the shorts!
Individual stocks look to be an easier read based off their own technical s. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30/13 ( September 30th) closes as your macro pivots. Trade the opening ranges and early time frames.
Your short term pivots are Friday's closes unless stated.
Just ask yourself..is it trading higher or lower on the month?
For Glossary of terms and abbreviations click here.