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.
They’ve held for now…
You can buy the Spu’s or the SSO with a stop at today’s low looking for upside follow through into month end.
The most important aspect of buying these dips in here is you know exactly where you are wrong.
The banking index is trying to bottom as well.
QQQ…this has the best potential on the upside. 75.75 is minor resistance. As long as 75.30 holds look for a test of 76.20.
FB…Facebook has held support on an interim pattern. 42.05 is resistance and the upside pivot. Closing 2 days over this level can lead to another 20%.
TLT…106.16 is weekly resistance. As long as today’s low of 104.79 holds, this has the chance to rally. 106.99 is daily resistance and the 50 mvg avg.
IYT…as long as today’s low holds this looks to trade back toward 114.10
This has been another opening range trade. It will continue to be a Time Frame Trade the rest of the day.
Buy breaks if you get one. Any attempt at a long must be managed against today’s low!
For Glossary of terms and abbreviations click here.