7While 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
DBX Long at $19.70
Premium Collected $0.75
DBX Short March 27th - $21 Call @ $.25
ET Long at $7.50
Premium Collected $.60
AGNC Long at $13.19
Premium Colleced $1.20
AGNC Short April 3rd - $13.50 call @ $0.80
MFA Long at $4.20
MFA Short April $5 Call @ $0.40
FCX Long at $6.93
FCX Short April 3rd - $7 Call @ $0.35
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There is one position that expires today. And that is the short $21 call on DBX. If I suggest an adjustment to the position, you will receive a separate email.
The S & P 500 managed to follow through yesterday and close higher. This was third consecutive day where the market closed higher.
Which quite frankly, is a strong feat considering that the S & P could only close one day higher during this whole sell-off.
The other feat was that the S & P managed to close above the lower band on the daily chart. The lower band now reads 2,499.66.
And yesterday, the S & P closed at 2,630.07, or about 130 points above the lower band.
This now suggests that the lower band should be support.
Yesterday's daily bar closed at 89% of the range for the day. This does suggest the high will be violated before the low.
Support from yesterday's daily bar is in the 2,565 to 2,570 area.
Pre open the S & P is trading about 74 points lower.
This suggests an open around 2,556. Watch to see if it can reclaim the 2,569 area on a rally. If it can't, the market may test the low of 2,500.72.
The weekly price bar is shaping up to be a bullish engulfment.
The range for the week through yesterday is 445.15 points. This is just over 250% of the weekly average true range.
So, it is quite possible the weekly high and low has been put in.
And the midpoint for the week is 2,414. The projected open would still be around 142 points above the midpoint.
And last week's high was 2,562.98, which is right around where the market would open. Watch to see if the market can hold this level.
A close above 2,562.98 would be particularly bullish. A close above the midpoint would be bullish, but not quite as bullish as a close above last week's high.
Here are the Key Levels for the Markets:
$VIX:
Major level: 40.62
Minor level: 39.84 **
Minor level: 38.28
Major level: 37.50
Minor level: 36.72
Minor level: 35.16
Major level: 34.38
Minor level: 33.60
Minor level: 32.03
The VIX closed at 61. The VIX closed 2.95 points lower.
The VIX is stll trading above the upper band on the daily chart. The upper band is 50.34.
So, the VIX is about 10 points above the upper band. This shows you how overextended the VIX is.
Technical resistance is around 65. And support is at 50.
S & P 500:
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
Minor level: 2,617.25
Minor level: 2,539.06 **
Major level: 2,500.00
Minor level: 2,460.95
Minor level: 2,382.85
Major level: 2,304.75
Minor level: 2,226.65
The S & P closed at 2,630.07. Support should be at the minor 2,539.06 level.
2,585 should provide technical support. Watch to see if the market can hold this level. If it can't, it should head down.
QQQ:
Major level: 185.92
Minor level: 185.94
Minor level: 182.81
Major level: 181.25 **
Minor level: 179.69
Minor level: 176.56
Major level: 175.00
Minor level: 173.44
Minor level: 170.31
Major level: 168.75
Minor level: 167.19
Minor level: 164.06
Major level: 162.50
The QQQ closed at 191.90. The QQQ took out the 187.50 level, I mentioned yesterday.
Technical support is around 188.
And support from yesterday's daily bar is in the 188 area as well.
IWM:
Major level: 175.00
Minor level: 173.44
Minor level: 170.31
Major level: 168.75
Minor level: 167.19
Minor level: 164.06
Major level: 162.50
Minor level: 160.94
Minor level: 157.81
Major level: 156.25
Minor level: 154.69
Minor level: 151.56 **
Major level: 150.00 <
Minor level: 148.44 **
Minor level: 145.31
Major level: 143.75
The IWM closed at 116.81.
Still trading below the lower band on the daily chart, which is now 121.78. This level should be resistance, until the IWM can close above it. The IWM is getting close to the lower band.
The 115 area should provide technical support.
TLT:
Major level: 156.25
Minor level: 155.48
Minor level: 153.91
Major level: 153.13
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.66
Major level: 146.88
Minor level: 146.10
The TLT closed at 163.34. The TLT closed virtually on the upper band on the daily chart, which is 162.66, for the third day.
If the TLT breaks under the upper band, look for a move lower.
Watch this level again today.
Resistance should be at 175. And support at 158.
GLD:
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
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.67
Major level: 146.89
Minor level: 146.11
The GLD closed at 153.24. Look for support at the minor 152.35 level.
Watch the major 153.13 level today. If needs to clear this level to head higher.
The 150 area should now be support.
XLE:
Major level: 56.25
Minor level: 55.47
Minor level: 53.90
Major level: 53.12
Minor level: 52.34
Minor level: 50.78
Major level: 50.00
Minor level: 49.22
Minor level: 47.65
Major level: 46.88
Minor level: 46.09 **
Minor level: 44.53
Major level: 43.75
The XLE closed at 30.39.
Still about $6 under the lower band. The lower band on the daily chart is now 36.18.
The 28 area should now be technical support.
AAPL:
Major level: 325.00
Minor level: 321.88
Minor level: 315.63
Major level: 312.50
Minor level: 309.38
Minor level: 303.13
Major level: 300.00
Minor level: 296.88 **
Minor level: 290.63
Major level: 287.50 <
Minor level: 284.38
Minor level: 278.13
Major level: 275.00
Minor level: 271.88
Apple closed at 258.44. Apple closed $12.92 higher yesterday.
Apple is still in an uptrend on its daily chart. But, it below the midband, which is 236.64. This should now be support until it is violated.
The 250 area should be technical support.
WATCH LIST:
Bullish Stocks: ERY, CLX, TDOC, DOG, KR, UUP
Bearish Stocks: CMG, ORLY, INTU, AVGO, FLT, IDXX, LII, MCD, ALGN, MMM, NSC, CMI, ADP, HON, IBM, BA, DIS, ADI, UHS, AZPN, AAP
