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
?.......................................................................................
Today's Working Orders
No working orders
?.......................................................................................
Stocks...
Equity Indices will be all about the mid-week shuffle. They've tried up early week.
We need to see where they hold late week.
Bonds ...
Bunds...155.74 is the key feature. Maintaining and closing below this level would mark the technical top of this instrument with very little in the way of support before the 200 DMA @ 153.97
30 Yr. Bonds... Eventually, this should trade close to the old continuation high of 153.11.
154.27 was the March low with resting sell stops below. This would be a good spot for a major screw job the first time down.
Gilts...QGAM5...are getting close to their 200 DMA @ 117.08
FX...
EURO...112.50 is weekly mvg avg resistance. Point & Figure chart shows new weakness under 110.60 is needed for more downside.
EUR/AUD...this cross failed to trade it's 200 DMA late last week. Below 142.00 look for the Euro to lead weakness in this cross back towards 140.60
DXEM...has had a descent retrace. As long as the index stays higher on the week (95.38), look for a retest of 96.55.
AUD/JPY...is attempting an ORH day with a close over 94.38
Commodities...
OIL..61.20 should prove to be good resistance the first time up.
NATGAS...the mid 2.80's should prove sticky the first time up
General Comments or Valuable Insight
I got a little out of step with the market while attending a conference last week. I'm going to be patient for a day or two.
The energy complex is doing a sideways to higher pressure relief pattern after the recent rally. Continue to look for the breaks to hold.
There is some profit taking in the Short Bund & Oats vs our 10 yr. this A.M.
EUR/AUD has done it's expected swing last night.
Just let the day play out.
NATGAS
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.