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 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
DYN Long at $12.55
Premium Collected $0.48
SNAP Long at $15.20
Premium Collected - $1.53
Short Oct 27th-$15.50 Call - ($0.30)
AMC Long at $15.27
Premium Collected - $0.43
THC Long at $14.63
Short Oct 27th-$15 call - ($0.40)
Premium Collected - $0.80
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The S & P 500 ended up closing at 2,557.15, down 11.98 points on the day. The low for the day was 2,544, so the market managed to rally about 13 points off the low.
Yesterday was the first close under 2,558.60, which tells us that if the market closes under that level today, the S & P 500 should drop to 2,539.10.
You want to watch the 2,558.60 level today as it should offer support if the market can get above it.
2,5556 is the support area from yesterday's daily price bar. This is another key level to watch for today.
The VIX got as high as 13.20 yesterday, before dropping to close at at 11.23. I felt that 12.50 should offer resistance and the VIX managed to get 70 cents above it before selling off to get back under it.
Earnings continue. CELG should gap down this morning at the close. And tonight we will hear from Google.
Continue to follow the resistance levels.
Here are the Key Levels for the Markets:
$VIX:
Major level: 12.50
Minor level: 12.11
Minor level: 11.33
Major level: 10.94 <
Minor level: 10.55
Minor level: 10.16 **
Major level: 9.38 <
Minor level: 8.99
Minor level: 8.20
Major level: 7.81
The VIX closed at 11.23. 12.50 should still be resistance. To move up to the 12.50 level, the VIX would need two closes above 11.33.
10.55 should be minor support.
$SPX:
Minor level: 2,587.88 **
Major level: 2,578.10 <
Minor level: 2,558.60 **
Minor level: 2,548.85
Major level: 2,539.10
Minor level: 2,529.33
Minor level: 2,509.78
Major level: 2,500.00
Minor level: 2,492.20
To move lower, the S & P 500 will need to close under 2,558.60 today.
Minor support should be at 2,548.80. 2,587 could offer resistance.
Short term momentum still remains bullish.
QQQ:
Major level: 150.00
Minor level: 148.44
Minor level: 145.31 ***
Major level: 143.75 <
Minor level: 142.18 ***
Minor level: 139.06
Major level: 137.50 5
Minor level: 135.94
Minor level: 132.81
The QQQ closed at 147.43.
The minor support is at 146.88. 148.05 could offer minor resistance. Short term momentum remains bullish.
IWM:
Minor level: 150.78 **
Major level: 150.00 <
Minor level: 149.22 **
Minor level: 147.66
Major level: 146.88
Minor level: 145.32
Minor level: 144.53
Major level: 143.75
Minor level: 142.97
The IWM closed at 148.45. A close today under 149.22 implies a drop to 146.88.
146.88 should offer support. And the minor 148.44 level should also offer support.
TLT:
Major level: 128.13
Minor level: 127.35
Minor level: 125.78
Major level: 125.00
Minor level: 124.61
Minor level: 123.83
Major level: 123.44
Minor level: 123.05 **
Minor level: 122.27
Major level: 121.88
The TLT closed at 122.84. Look for a move down to 121.88. 123.84 should be resistance.
123.05 is minor resistance and 122.27 is minor support.
GLD:
Minor level: 125.78
Major level: 125.00
Minor level: 124.22
Minor level: 122.66
Major level: 121.88 <
Minor level: 121.10
Minor level: 119.53
Major level: 118.75
The GLD closed at 121.35. To move lower, the GLD will need two closes under 121.10.
Resistance is at 121.88. And minor support is at 121.09.
XLE:
Major level: 71.89
Minor level: 71.11
Minor level: 69.54
Major level: 68.75 **
Minor level: 67.97 <
Minor level: 66.41
Major level: 65.63
Minor level: 64.85
Minor level: 63.28
Major level: 62.50
The XLE closed at 67.08. The XLE broke under the mid band on its daily chart. The mid band is 67.73. This should be resistance. A close under 67.97 and the XLE should drop to 65.63.
Look for support at 66.80. 67.38 should be minor resistance.
FXY:
Major level: 89.06
Minor level: 88.67
Minor level: 87.89
Major level: 87.50
Minor level: 87.11
Minor level: 86.33
Major level: 85.94 <
Minor level: 85.55 ***
Minor level: 84.77
Major level: 84.38 <
The FXY closed at 84.43.
83.98 should offer minor support. 84.77 should offer minor resistance.
Expecting a bounce soon.
AAPL:
Major levels for Apple are 165.63, 162.50, 159.38, 156.25, 153.13, and 150.
Apple closed at 156.41, just above the 156.25 level. Still trying to hold this level.
Low risk trade buying against 156.25 with a tight stop.
158.38 should also be a resistance level. And 156.25 is minor support.
WATCH LIST:
Bullish Stocks: BIIB, BA, MMM, LRCX, NVDA, CMI, ADBE, FB, PANW, HON, BLUE, DE, CAT, ADSK, VRSN, KLAC, ALL
Bearish Stocks: AYI, TSRO, PZZA, MMP, ACIA, DXCM, NWL, BPL
Be sure to check earnings release dates.