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.
Total Premium collected - $1.95
ASNA Long at $14.20
Total Premium collected - $.75
ETE Long $14.05
Total Premium collected - $2.47
Short Sept 16th-$19 Call - ($.18)
Long Sept 16th-$19 Call - $.35
P Long $13.38
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Short Sept 23rd-$14 call - $.50
DUST Long $4.50
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FCX Long $12.45
Premium collected - $.24
CIEN Long Oct 21-$22 Call - $1.39
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read 31.69.? And Tuesday when it read 25.33.
Though there has not been a strong bounce, for the past two days, the S & P 500 managed to close above the major 2,125 level.
Yesterday it managed to barely hold it, closing at 2,125.77.
I have mentioned the extreme lower bollinger band levels because they do the best job I have found at measuring when markets are truly overextended.
Even with a close yesterday above the 2,125 level, the S & P 500 closed under the lower band on the 60 minute chart.? That level is 2,132.48.
However, on the 30 minute chart, the S & P managed to close above it.? That level is 2,123.16
Pre open, the market appears set to open higher.? Look to see if the S & P 500 can hold the 2,132.48 level.
If it can, a move up to the midband should be the objective.
The midband on the 60 minute is 2,171.96 and on the 30 minute is 2,170.30.
Yesterday did not qualify as an inside day.? It actually made a lower low as compared to Tuesday by .37 points.
Having said that, the low for the past three days is around 2,120, which should offer support.
Continue to follow the levels.
Here are the key levels for the markets.
VIX:
Major level - 21.88
Minor level - 21.10
Minor level - 19.53 *
Major level - 18.75 *
Minor level - 17.96 *
Minor level - 16.41
Major level - 15.63
Minor level - 14.85
Minor level - 13.28
Major level - 12.50
The VIX closed at 18.14 yesterday. 18.75 should offer resistance at this point.
Also, the VIX is above the upper band on the 60 minute chart.? That level is 17.10.
To move lower, the VIX will need two closes under 17.96.? To move higher, it will need two closes under 19.53.
A reversal down and break under the upper band should confirm a bounce for the markets.
S & P 500 Cash Index:?
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50 **
Minor level - 2,171.88
Minor level - 2,140.62 *
Major level - 2,125.00 *
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50
Watch the 2,125 level, which should offer support.
?
For the S & P to move to the next lower level, it would need two closes under 2,109.38.
2,117.20 should be minor support.?
Minor resistance should be at 2,132 and 2,140.60. If the S & P gets above 2,132.80, expect it to offer support.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.84
Minor level - 113.28
Major level - 112.50
The QQQ managed to close to the upside and above the 115.63 level.? It closed at 115.84.? No doubt it was helped by the surge in Apple.
115.63 should offer support at this point.
To move higher, the QQQ will need two closes above 116.41.
116.80 could offer minor resistance.
TLT:?
Major level - 140.63
Minor level - 139.85
Minor level - 138.28
Major level - 137.50 *
Minor level - 136.72
Major level - 134.38 *
Minor level - 133.60 *
Minor level - 132.03
Major level - 131.25
The TLT appears to have held the 132.81 level.
The minor 133.60 level should offer support. If the TLT can reclaim the 134.38 level, look for a bounce higher.
GLD:
Major level - 131.25
Minor level - 130.46
Minor level - 128.91
Major level - 128.13
Minor level - 127.35 *
Minor level - 125.78 *
Major level - 125.00 *
Minor level - 124.22
125 should still be major support.
126.56 is a minor resistance level. If the GLD can get above it, expect it to offer support.
XLE:
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75 *
Minor level - 67.96 *
Minor level - 66.41
Major level - 65.63
The XLE closed under 67.96, so if it closes under that level today, expect a move down to 65.63.
Having said that, I expect? that 67.96 should offer support.? If it moves above it, expect it to offer support.
FXY:
Major level: 96.09
Major level: 95.31
Major level: 94.53
Major level: 93.75 **
Major level: 92.97
Major level: 92.19
93.95 should offer support for the FXY.
The FXY reversed off the 93.75 level. This is still the major level to watch.
94.53 should be resistance.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple hit the 112.50 level, with a high for the day at 113.03.
Minor resistance is at 114.06.? And minor support is at 110.94.
Apple is inching into an uptrend on it's daily chart.
Watch list:
Bullish Stocks: BIDU, BABA, MA, DXCM, OXY, OSK, SLR, TOT, PTC, CCE, FNSR, NLS
Bearish Stocks:? REGN, AAP, CELG, DIS, COL, SRCL, SIG, RHT, ESRX, RCL, DDS, SBUX, WSM, LEN
?
Be sure to check earnings release dates.
