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
LONG GOOGL?????????????????????????????????????? 561?
LONG USO 17.5 PUT?????????????? ? ? ? ? ? ? ???? .39
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Today's Working Orders
BUY? AUD/NZD @ 99.95?
Stocks...
Spu's...2044 is the weekly hold # and the closing downside pivot for more weakness.
Downside support is 2024 followed by the 200 DMA just below 2000.
Spu's need recovery over 2044 for a start.
Nasd 100...4333...4285...4265; these are the support levels coming down. They will
not change. FYI...NASDAQ being NASDAQ generally over runs it's levels. Trade the names.
ASX 200...needs a couple of closes over 5875 resistance to gain upside momentum.
DAX...12,000 is the next tgt.
HEDJ...as long as this holds 65 this ETF can trade to 69.
EWW...Mexico bears watching with yesterday's Peso reversal. 55.50 has to hold to take a run back towards 58. There are major sell stops building under that level. If given it can go a lot lower.
PCLN...1168 is the 200 DMA support . A failure to hold this level will give way to another 30 dollars lower.
AAPL...strengthened from 119. It should find support here on an initial retest.
Bonds ...
BUNDS... 159.00 is resistance. Sustained price action and closes over this level are needed to start another rally.
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FX...
USDMXN...put in an ORL day yesterday which in turn put in a bid to Mexican stocks. it's following through today.
USD/CHF...101.42 (98.59 Futures) is the level where the Swiss cut the peg with the Euro from.
As Long as the Suisse remains over 99.47 (under 100.53 Futures) it's headed south. Sell any rally to this level with a 25 point stop. This is a the qtrly OR #, it's not insignificant.
Commodities...
OIL... above 49.25 Oil can rally another dollar.
Brent...56.30 is 50 DMA support. A close under this level is needed for more weakness.
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General Comments or Valuable Insight
The Midcap and Russell were bid all day against the S&P and Nasdaq.
The Spu's are beginning to smell like three day old dead fish.
Let's see if the U.S. Indices pick up today with profit taking in the Dollar with the Kiwi and Mexican Peso leading.
The greenback has been very overbought for a while. Don't be in a hurry to trade it from the Long side today.
The Dollar Index traded within a couple of ticks of 100. Being a natural # price rejection shouldn't be unexpected. This will need time to set up again.
GOOGL...I'm going to use a 552 closing stop, however if the price action in the broader Indices don't pick up I'm moving on to a more willing dance partner.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.