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
Entry??????????????????? Stop??????????????? Targets
Long SX ? ? ? ? ? ? 12.62???????????????? ? 12.50 close ? ? ? ?15
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Stocks..
PBR & PSX...should be on your radar this A.M.
in the Oil patch. Both have underperformed the market.
JJG...Look for a test of 49.50, then 50.25.
Bonds...
30 yr....are breaking out to the upside. The first test should be 135.27-136.00.
As long as 134.20 holds the long awaited oversold rally seems to be materializing.
FX...
Euro...needs a close under 129.80 for lower.
EUR/AUD...could extend as low as 141.40 and hold.
AUD/USD...92.60 is resistance. Macro buy stops start? @ 93.15-30. This should
cap the rally the first time up.
AUD/JPY...as long as this cross remains above 91.40 today we're looking for a test of 93.00
Commodities...
Soybeans...12.79 is resistance. We'll be adding to our Long position with a close over 12.83.
Corn...is oversold and could easily rally 15 cents. 5.22 is 1st resistance followed by a test of 5.30
Gold...as long as there is no 1267 print, this remains firm on the very long term Point & Figure chart.
General Comments or Valuable Insight
Pay close attention to the 30 yr. today. Lower rates will keep the metals firm and lead to?more profit taking against the Dollar.
A strong Bond market would be a good catalyst to get the precious metals moving to the upside today.
Short Term View...
The melt up continues in the Equities. The market is trading just like it did in the first qtr.?with an overbought grind up.
Trade where you can define your risk.
For Glossary of terms and abbreviations click here.