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 Bill Davis, 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
GOGO? Long at $19.93
Sell to Open 7/17-$20 Call at $.30
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Today's Working Orders
No working orders.
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Yesterday, the markets had a slight pause, with the S & P 500 closing down 1.55.
You may have recognized that the S & P closed at 2,107.40, which was the second day it closed above 2,101.62.
At this point, the objective becomes 2,125.? You want to be buying pullbacks.
The short term, 60 minute chart for the S & P is close to moving into an uptrend.? When that happens, all timeframes will be back in uptrend formations and we should see a nice move up.
Here are the key levels for the markets.
Stocks...
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VIX: ?
Major level - 15.63
Minor level - 14.84 - objective is 12.50
Minor level - 13.28
Major level - 12.50
Minor level - 11.71
The VIX is almost back to the major 12.50 level.
As you know, this level has acted as support for a long time.
If there is any negativity at the moment, it is if the VIX holds the 12.50 level.? Watch this level.
S & P 500 Cash Index: ?
Minor level - 2,132.82
Major level - 2,125.00
Minor level - 2,101.62 - 2 closes above & objective is 2,125
Major level - 2,093.80
Minor level - 2,070.33
Major level - 2,062.50
Objective is now 2,125.? When the VIX stalls and reverses to the downside is the trigger to get long the market.
Nasd 100 (QQQ):? .
Minor level - 113.28
Major level - 112.50
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
The objective is to 112.50 level.
TLT: ?
Major level - 121.88
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.84 *
The 115.63 level held as support on the TLT.
A close today above 116.41 and the objective is 118.75.
GLD:
Major level - 114.06
Minor level - 112.89
Major level - 112.50
Minor level - 112.11
Major level - 110.94
Major level - 109.38
Gold is oversold.? If it cannot hold 109.38, look for lower prices.
XLE:
Major level -? 75
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09
Major level - 68.75
Two closes under 71.88 and it could drop to around 60.
The XLE continues to try and hold the 75 level.? It would have to reclaim 75 before any signs of bullishness appear.
Watch list:
Bullish Stocks:? AMZN, AGN, ORLY, CBRL, EW, DIS, GD, NKE, CELG, DPZ, CME, ACN, UA, FB, EA
Bearish Stocks: CP, WDC, Z, GMCR, QCOM, APA, GMCR, SNDK and QCOM
