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…1682-83 is resistance. A close over 1686 is needed to reverse the pattern. Having said that, all new weakness is needed under 1675 for an attempt lower.
CAT…80.85 is the monthly ORL #. There will be resting sell stops below. This is a bear trap level the first time down. It’s a good place to look for an intermediate low to match up the equity indices.
Gold…needs a close over 1327 to avoid lower retests.
EWZ…investors are bottom fishing in the bombed out names.
This is a good place to look if you’re Bullish and wish to add risk.
As long as this remains above 43.80 the pattern is good.
Time Frame trading the rest of the day. Europe is close to shutting down for the day. It will fall on the U.S. to decide the next move.
For Glossary of terms and abbreviations click here.