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??????????TGT
Long GLD ?????????125?????????123.80??????????Stp Close
Long TBT AUG 1 59.50 Call .29
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Today's Working Orders
SELL GLD @ 123.80 Stp Close GTC
Stocks...
GPRO,TSLA,EXPELNKD,TMC,XOM & COP will report earnings today.
Bonds
30 yr. Bonds...Price action and a close under 137.22 is needed for confirmation of a high. Bonds have to keep rejecting this level on rallies which is the weekly ORL #.
138.02 is the monthly ORH # for the Sept futures. We need to see a close below this level Thursday or we're too soon on this trade.
137.00 +- a couple of ticks is weekly mvg avg support.
136.23 should be used as an exit zone the first time down.
TBT...60 +- a few ticks should roughly line up with the 30 yr. levels.
FX...
USD/JPY....is caught between two macro levels, 103.10 & 102.10 (98.10-97.15 futures) sell rallies not breaks.
Commodities...
OIL...98.90 is weekly support.Closes below this level can lead to a much deeper correction.
Gold...it's all about the unemployment number tomorrow. It either holds a break and starts a seasonal rally or it doesn't.
No change...leave the stop work.
General Comments or Valuable Insight
I've given you the technical s in the 30 Yr and TBT. These levels will not change.
Today is month end which means you'll be using today's closes as your pivots for market bias for tomorrow into next week.
We sold 70% of the TBT 1 Aug 59.50 calls yesterday @ 66.
We're hoping these go deep in the money on tomorrow's close.
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Crude Oil...WTI
30 Year Bonds
TBT
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.