While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to a 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
Total Premium Collected $1.95
ASNA Long at $14.20
Total Premium Collected $0.75
DUST Long $4.50
Total Premium Collected $0.70
RRC Long at $11.85
Total Premium Collected $0.70
RRC Long at $9.20
RIG Long at $8.81
Premium Collected - $1.45
FEYE Long at $17.18
Total Premium Collected $1.06
ET Long at $11.78
Premium Collected $0.35
ET Long at $7.50
Premium Collected $0.60
MFA Long at $4.20
Premium Collected $0.95
CLVS Long at $7.31
Premium Collected $0.80
Short July 10th- $7.50 Call @ $0.30
PRA Long at $14.10
Premium Collected @ $0.40
DXC Long at $15.50
Premium Collected $0.55
Short July 17th - $17 Call @ $.65
BMY Long July 24th - $57 Call @ $2.44
Short July 17th - $17 Call @ $0.65
CME Long July 17th $167.50 Call @ $3.50
CME Short July 17th $172.50 Call @ $1.50 ................................................................................
I suggested a debit spread on Thursday. And it was on CME. The idea was to buy the $167.50 call and sell the 172.50 call that expires on July 17th.
The short week closed with the S & P 500 closing 14.15 points higher. The short week closed out at 3,130.01.
This was the first close above the objective of 3,125 we were looking for.
And the S & P got as high as 3,165.81 before closing at 3,130.01. The day closed out at 13% of the range of the daily bar. And the range for the day was 41.29 points, which was 67% of the daily average true range.
For the week, the S & P closed 120.96 points higher. The weekly price bar closed at 78.4% of the range of the weekly price bar.
The weekly range was 166.07 points, which was just under the weekly average true range, which is 173.44.
The support area from last week's weekly price bar is in the 3,074 to 3,082 area.
Pre open, the S & P is trading about 40 points higher. This projects to an open around 3,170 or about 5 points above Thursdays high.
Watch for support at Thursday's high of 3,165.81. Below that level there is support around 3,145.
On the upside, watch the upper band on the monthly chart, which is now 3,213.
The support area from the monthly price bar is around 3,100 and should still be valid.
Here are the Key Levels for the Markets:
$VIX:
Major level: 37.50
Minor level: 36.72
Minor level: 35.16
Major level: 34.38
Minor level: 33.60
Minor level: 32.03
Major level: 31.25
Minor level: 30.47
Minor level: 28.91
Major level: 28.13 <
Minor level: 27.35
Minor level: 25.78
Major level: 25.00
Minor level: 24.22
The VIX closed at 27.68. It closed .95 lower on the day. This was the first close under the major 28.13 level.
This now suggests that 28.91 should be resistance and two closes under 27.35 and the VIX should drop to 25.
And technical resistance is at 30. The 60 minute chart is still bullish, but is close to crossing into a downtrend. If the 60 minute does cross into a downtrend, it would suggest the market will continue higher.
S & P 500:
Major level: 3,281.20
Minor level: 3,242.15
Minor level: 3,164.00 **
Major level: 3,125.00 < Hit
Minor level: 3,085.95
Minor level: 3,007.85
Major level: 2,968.80
Minor level: 2,929.75
Minor level: 2,851.65
Major level: 2,812.50
Minor level: 2,773.45
Minor level: 2,695.35
Major level: 2,656.30
The S & P closed at 3,130.01. The market is projected to open above the minor 3,164 level.
This level should be support on a pullback. And two closes above 3,164 and the S & P should test 3,281.20.
Technical support is around 3,115.
QQQ:
Major level: 256.25
Minor level: 265.68
Minor level: 251.56 **
Major level: 250.00 < Hit
Minor level: 248.54
Minor level: 245.31
Major level: 243.75
Minor level: 242.15
Minor level: 239.00
Major level: 237.50
Minor level: 235.91
Minor level: 232.78
Major level: 231.22
The QQQ closed at 252.19. The QQQ closed just above the minor 251.56 level.
The QQQ should test 256.25 if it can close above 251.56 today.
Technical support is around 250. The key now is the upper band on the daily chart, which is 255.01. It the QQQ cannot clear this level, I would expect a pullback.
IWM:
Major level: 156.25
Minor level: 154.70
Minor level: 151.56
Major level: 150.00
Minor level: 148.44
Minor level: 145.31
Major level: 143.75 < Hit
Minor level: 142.19
Minor level: 139.06 **
Major level: 137.50
Minor level: 135.94
Minor level: 132.81
Major level: 131.25
The IWM closed at 142.40. The IWM hit the major 143.75 level, hitting a high of 145.28.
At this point, the IWM needs to clear the major 143.75 level. And the midband, which is 146.44.
Technical support is now at 141.
TLT:
Major level: 165.63
Minor level: 164.85
Minor level: 163.28 **
Major level: 162.50 < Hit
Minor level: 161.72
Minor level: 160.16
Major level: 159.38
Minor level: 158.60
Minor level: 157.03
Major level: 156.25
Minor level: 155.47
Minor level: 153.91
Major level: 153.13
The TLT closed at 163.59. If the TLT can close above 163.28 today, it should test 165.63.
Support is still around 162, which is the midband on the 60 minute chart. And technical support is around 162 as well.
A break under 162 and the TLT should head lower.
GLD:
Major level: 168.75
Minor level: 167.98
Minor level: 166.41 **
Major level: 165.63 Hit
Minor level: 164.85
Minor level: 163.28
Major level: 162.50
Minor level: 161.72
Minor level: 160.16
Major level: 159.38
Minor level: 158.60
Minor level: 157.03
Major level: 156.25
Minor level: 155.47
The GLD closed at 166.98. The objective for the GLD should still be to 168.75.
The major 165.63 level should be support.
Technical support should be at 166.
XLE:
Minor level: 47.65
Major level: 46.88
Minor level: 46.09
Minor level: 44.53
Major level: 43.75
Minor level: 42.97
Minor level: 41.41
Major level: 40.63
Minor level: 39.83
Minor level: 38.28 **
Major level: 37.50 <
Minor level: 36.72 **
Minor level: 35.15
Major level: 34.27
The XLE closed at 37.34 The XLE needs to clear the major 37.50 level to head higher.
To move higher, the XLE will need two closes above 38.28.
The midband on the 60 minute chart is now 39 and the XLE is below it. This should now be resistance. This level is 39 and the XLE will need to clear it to head higher.
The 36 area should be support.
AAPL:
Major level: 375.00
Minor level: 371.88
Minor level: 365.63
Major level: 362.50 <
Minor level: 359.38 **
Minor level: 353.13
Major level: 350.00
Minor level: 346.88
Minor level: 340.63
Major level: 337.50
Minor level: 334.38
Minor level: 328.13
Major level: 325.00
Apple closed at 364.11. Apple closed flat on the day.
The 362.50 level should be support. And watch to see if Apple can clear 365.
Apple needs two closes above 365.63 to move up to 375.
Technical support is around 362.
WATCH LIST:
Bullish Stocks: AMZN, TSLA, SHOP, REGN, NFLX, ADBE, NOW, NVDA, ASML, ILMN, AAPL, LRCX, AMGN, WIX, VEEV, WST
Bearish Stocks: BYND, PNC, MMS, COF, CLUE, RAMP, AMBA, XOM, ADS, FTDR, FANG, DIN, AJRD, FUN, HFC