June 6, 2014 - MDT Pro Tips A.M.
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.
Current Positions
No current positions
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Today's Working Orders
No working orders
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Stocks...
Nasd 100...has broken out again on the monthly & qtrly charts.
As long as the Nasd 100 holds 3740 it remains a buy.
There is a last remaining resistance zone @ 3790-3817.
Once above expect a test of 3885.
RIO...needs a close over 53.10 to gain upside momentum
GOOGL...by holding and closing over 564 this gains upside momentum.
EWA...Australian iShares have put in a trad able low with an ORH day. A close over 26.56 confirms more upside.
WFM...put in a bottoming formation on the weekly chart. I'm looking for another 5-10% upside.
FLR...Flour is putting in an ORH week. Upside momentum picks up with a close over 78.35.
WYNN...put in an ORL day. By staying under 206 a break into the low 190's is in the cards.
CCE...Coke Cola had an off day. It's starting to get oversold. I doubt it gets close to 43.50 (200 DMA).
JOY...should be on your buy on breaks list. Any pullback near 58 is a low risk opportunity with a tight stop. This has 10% upside potential from here.
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Bonds...
Bunds ...put in an ORH day by closing over 145.05 (U) 146.26 (M)
30 yr. Bonds...(M) 137.08 is resistance and the closing upside pivot.
10 yr. Bonds...(M)? 125.08-11 is support and the downside pivot.
FX...
EURO...136.47-61 is mvg avg resistance and the upside pivot.
EUR/JPY...needs over 140.20 for another wiggle up. You need to see sustained price action over this level for Euro strength.
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Commodities...
JJG...is getting very oversold, however I'm just going to eyeball it until I get better trade location in the Soybeans or a clear bottoming pattern presents itself.
General Comments orValuable Insight
The Bunds have the best looking chart pattern of the 10 yr Interest Rate futures.
Today will be about where equity Indices hold after the data release. High dividend stocks will be the place to look for opportunity on any weakness after the #.
Opening Range Time Frame Trading again today.
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Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical's.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.