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
No current positions
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Today's Working Orders
No working orders
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Stocks...
Nasd 100...we're back to the March levels in Nasd. 3700 is resistance and the closing upside pivot.
Price action today under 3675.75 will lead to profit taking by weak longs.
Nikkei... is testing it's 200 DMA (14,750). This is resistance the first time up.
BAC...needs over 14.90 to rally.
IWM...11370 is resistance.
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Bonds...
FX...
Commodities...
Brent...there is a potential daily double bottom with resting sell stops @ 109.75 (this is also the daily ORL #). Mvg avg support starts @ 109.26-109.
Copper...May contract expires Wed. July (N) is the current front month. As seen on the chart the 200 DMA comes in around 322.
This will act as resistance and the upside pivot.
Cattle...the weekly continuation chart looks terrible with an ORL week, however 135.57 is the 200 DMA (mvg avg support).
Price action and a close over 138.35 would be needed to signal a good low.
General Comments orValuable Insight
Investors who took our suggestion Friday to buy calls in the IWM or DXJ should sell 1/2 the position on the opening and use a break even stop on the remainder.
In the Equity Indices we'd be looking for some weakness to occur from current levels mid-week with a strong finish into Friday which is month end.
Opening Range Time Frame Trading again today.
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Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical's.
Nikkei
Copper
Bank of America
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.
