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.
Both of these names followed the price action laid out this A.M. by spiking their respective qtrly stops and starting back higher.
Classic opening range trades.
Oil has held for now. 53.90 should be the stop used for any trader that attempted a long.
OXY...price action and a close today over 75.80 is needed to confirm an intermediate low.
CVX...price action and a close today over 104 is needed to confirm an intermediate low.
The 30 yr. Bond futures double topped a tick shy of 148.00, which is keeping the Equity Indices firm in the short term.
FORD...we were stopped out of the remainder of our Long position on today's opening right where we originally purchased the shares.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
