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...
Spu's...price action under 1782 initially tgt's 1767-8.
SSO...94.20-93.85 is support. A close under 93.40 is needed for a good sell off.
Nasd 100...3370 is support. Maintaining under this levels leaves way for another 35 points. Sell stops are under 3338, the Weekly ORL#.
DVN...held weekly support yesterday and put in an ORH day and is now working on an ORH week with a close over 60.90.
This has gone from support to resistance in one trading session. A close over 63.20 is needed for more upside.
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Bonds...
30 yr. Bonds...133.15 is resistance and the upside pivot. Good above, negative below. 132.14 +- a couple is support and the downside pivot.
Once below the 30 could trade back to the unemployment low of 131.08
Bund...141.00 is first Fib support. The next significant level to look for a bounce is 140.55.
FX...
Commodities...
OIL...keeps having oversold bounces. EIA petroleum report is on tap for 9:30 CDT. I'd like to sell a rally @ 97.40. 94.00 +- 10 ticks will remain pivotal in the short term.
Gold...is presently electing it's long term sell stops. Gold needs a full 30 dollar rally off of any low to show bottoming.
General Comments orValuable Insight
Today's trade will revolve around the Fed minutes @ 1 CDT.
Not to worry you have no chance! As usual you'll be the last to know!
Those High Frequency boys have rigged the game.
Just keep your eyes on the screen with a minute or so before the scheduled release for the results.
Today is an event driven trading day. I've taken my chips off the table and will not get involved until the dust settles.
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. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30/13 ( September 30th) closes as your macro pivots. Trade the opening ranges and early time frames.
We'll continue to search for names that have relieved their overbought condition to look for low risk opportunity.
This will be the low risk game the rest of the year. Find names that
are out of favor with good trade location ( Risk/Reward profiles).
John's Citigroup trade is a perfect example of this strategy.
For Glossary of terms and abbreviations click here.