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.
Spu's...just double topped on the Point & Figure chart.
All new price action is needed over today's high for more up.
Spu's have to close below 1995 to think there will be any pattern damage.
It will be a late day time frame trade.
Profit taking is starting in Biotech which has been the leader of the entire rally, however that looks limited to around 270 today.
Make sure you have trailing protective stops on your long positions that you can live with.
Sector rotation is big with every instrument, an island unto itself.
EURO...127.50 is the next macro qtrly area.
EUR/AUD...136.40 is the matching area.
GBP/USD...the original upside breakout was 162.50 last Oct. i expect the pound to revisit that level.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.