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.
No Positions
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Stocks..
IBM...200 is monthly resistance matching the 200 & 50 day mvg avg's.?This is macro resistance requiring a couple of closes over this level for higher.
Nasd 100...the close below 3065.50 puts in an ORL day. 3023 is the first area of? support.
Spu's...need to close today below 1675 to begin showing signs of weakness.
GOOG...897 is the weekly ORL level ,this should prove to be good resistance the first time up. Failing to recover over 887 will keep pressure on tech.
Bonds...
30 yr...has to close over 135.27 for any upside. Trade the range.
FX...
CAD/JPY...96.20 is support.
Commodities...
OIL...pay attention to the WTI/Brent spread sent out yesterday. WTI could trade as high as?110.50 today while the spread is trying to trade parity in the spread.
September Crude is now front month
General Comments or Valuable Insight
7/8/13 update
Oil is an event driven trade off unrest in Egypt. We have higher levels from 2008 we eventually think we'll see trade around 116. The question is always when?
Brent Oil...we be key to understand how this is moving. WTI broke out to the upside on a qtrly chart at the beginning of July. The macro Buy stops in Brent remain @ 115.
Both instruments will stay firm into Monday.
Short Term View...
Summer time trading is here with thin bot driven trading. Many markets are extremely overbought.
Trade instruments off their own technical s
For Glossary of terms and abbreviations click here.
