While 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
ET Long at $7.50
Premium Collected $0.60
MFA Long at $4.20
Premium Collected $0.95
PRA Long at $16.45
Premium collected $1.00
BOX Long at $17.65
Premium Collected $.40
GILD Long Dec 11th - $60 Call @ $2.20
GILD Short Dec 11th - $65 Call @ $.45
AAPL Long Dec 4th - $118 Call @ $2.93
AAPL Short Dec 4th - $122 Call @ $1.33
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The short $17.50 call on PRA did expire on Friday. The premium collected on this position is now $1 per share.
Friday, the S & P 500 closed 24.33 points lower. The S & P closed at 3,557.54. And the low for the day was 3,556.85.
This was 2.30 points above the minor 3,554.55 level, which should be support.
The range for the day ended up at 24.38 points. This was 43% of the daily average true range, which is now 56.62 points.
Friday ended up being the 9th consecutive range contraction.
And daily bar on Friday ended up as an inside bar, with a lower high and higher low.
The inside bar, along with the multiple contractions suggests we will see an expansion forthcoming.
And pre open, the S & P is trading about 18 points higher.
This projects to an open around 3,575 of about 6 points below Friday's high of 3,581.23.
Watch to see if the market can clear Friday's high on a rally. On a sell off, watch for support at 3,557.54, which was Friday's close.
Also, there is support around 3,568.
For the week, the S & P also formed an inside bar. The weekly bar closed 27.61 points lower.
And the range for the week was 84.67 points. This was 61% of the weekly average true range, which is now 139.45 points.
The key levels to watch on the weekly bar are the high, close, and low.
These levels are 3,628.51, 3,557.54 and 3,543.84 respectively.
On the downside, support should be at 3,529, which is the high of the bullish long range weekly bar from three weeks ago. This price bar should still provide support.
If the high does not provide support, the midpoint, which is 3,404 should be support.
We do have a shortened trading week with the celebration on Thursday of Thanksgiving here in the states. The markets will be closed for the holiday.
And Friday, there is a shortened trading day, with the markets closing at 1:00 PM EST.
Earnings do continue this week.
BIDU reports after the close today. NVDA reports Wednesday after the close.
And INTU and WDAY report Thursday after the close.
Here are the Key Levels for the Markets:
$VIX:
Minor level: 35.16
Major level: 34.38 <
Minor level: 33.60
Minor level: 32.03
Major level: 31.25
Minor level: 30.47
Minor level: 28.91
Major level: 28.13
Minor level: 27.35
Minor level: 25.78
Major level: 25.00
Minor level: 24.22 **
Minor level: 22.66 **
Major level: 21.88
The VIX closed at 23.70. The VIX closed .59 points higher.
Watch the 24.22 level today. This level should still be resistance. And on the downside, watch the 22.66 level.
A break under 22.66 and the VIX should test 21.88.
Resistance on the VIX should still be at 25.00 level.
There should be strong resistance at 28.31. This is the midband on both the daily and 60 minute charts.
S & P 500:
Major level: 3,749.80
Minor level: 3,710.75
Minor level: 3,632.65 **
Major level: 3,593.60 <
Minor level: 3,554.55 **
Minor level: 3,476.45
Major level: 3,437.40
Minor level: 3,398.35
Minor level: 3,320.25
Major level: 3,281.20
Minor level: 3,242.15
Minor level: 3,164.00
Major level: 3,125.00
Minor level: 3,085.95
Minor level: 3,007.85
Major level: 2,968.80
The S & P closed at 3,557.54. The S & P closed 24.33 points lower.
Watch for support at the minor 3,554.55 level again. This is the key level to monitor at the moment. Two closes under this level and the S & P should drop to 3,437.
3,585 is minor technical resistance. The S & P needs to clear this level to head higher.
Support is at 3,568.
QQQ:
Minor level: 295.31 **
Major level: 293.75 <
Minor level: 292.19 **
Minor level: 289.06
Major level: 287.50
Minor level: 285.94
Minor level: 282.81
Major level: 281.25
Minor level: 279.69
Minor level: 276.56
Major level: 275.00
Minor level: 273.44
Minor level: 270.31
Major level: 268.75
The QQQ closed at 290.38. The QQQ closed 2.00 lower.
A close today under 292.19 and the QQQ should drop to 287.50.
The 289.06 level should also be minor support. Technical support should be around 291.50.
IWM:
Major level: 187.50
Minor level: 181.25
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
Minor level: 160.94
Minor level: 157.81
Major level: 156.25
Minor level: 154.70
The IWM closed at 177.50. The IWM closed .19 higher on the day.
A close today above 176.56 and the IWM should test 187.50.
I am looking for a retest of the upper band on the 60 minute chart. That level is 183.
176 should be technical support.
TLT:
Minor level: 166.41
Major level: 165.63
Minor level: 164.85
Minor level: 163.28
Major level: 162.50
Minor level: 161.72
Minor level: 160.16 **
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
The TLT closed at 161.51. It closed 1.42 higher.
Biased for a test of 162.50. Watch for support at 160.16.
The TLT did clear the midband on the 60 minute chart. That level now is 159.36, and it should now be support.
GLD:
Minor level: 188.28
Major level: 187.50
Minor level: 186.72
Minor level: 185.16
Major level: 184.38
Minor level: 183.60
Minor level: 182.03
Major level: 181.25
Minor level: 180.47
Minor level: 178.91 **
Major level: 175.00 <<<
Minor level: 174.25 **
Minor level: 172.70
Major level: 171.89
The GLD closed at 175.69. The GLD closed .53 higher on the day.
Watch the major 175 level. This is the key at the moment. A break under this level and the GLD should head lower.
The GLD is back under the midband on the 60 minute chart. This level is 178.03 and should be resistance. A drop to the lower band, which is 173 should be the objective.
Technical resistance is around 176 as well.
XLE:
Minor level: 41.41
Major level: 40.63
Minor level: 39.83
Minor level: 38.28
Major level: 37.50
Minor level: 36.72
Minor level: 35.15 **
Major level: 34.37 <
Minor level: 33.59
Minor level: 32.03
Major level: 31.25
Minor level: 30.47
Minor level: 28.90
Major level: 28.13
The XLE closed at 35.81 The XLE closed .19 lower on the day.
The XLE needs to hold the major 34.37 level to head higher. If it breaks under this level and closes under 33.59, look for a move lower.
Support is at 34.37.
The XLE did close above the upper band on the 60 minute chart, which is now 37.32.
AAPL:
Minor level: 140.63
Major level: 137.50
Minor level: 134.38
Minor level: 128.13
Major level: 125.00
Minor level: 121.88
Minor level: 115.63 **
Major level: 112.50
Minor level: 109.13
Minor level: 103.13
Major level: 100.00
Apple closed at 117.34. Apple closed $1.30 lower.
The objective for Apple should still be up to the 125 level.
And look for support at 115.63. There is minor technical resistance at 119. If Apple can clear this level, it should continue higher.
Apple cleared the midband on the 60 minute chart. That level is 116.72 and should now be support. This level should be strong support.
WATCH LIST:
Bullish Stocks: TTD, TSLA, RH, LRCX, MSCI, CTAS, ZBRA, PODD, ROKU, ADSK, KLAC, URI, EDU, MMM, CAT, CBRL, DIS, XLNX, AAXN, KEYS
Bearish Stocks: AEP, BLUE, NRG, CHL, LMNX, FE
