October 28, 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
Short (EU6Z) EURO ? ? ? ? ? ? ? ? ? ? ? ?? 127.27? ? ? ?? 127.43???????? 124/122
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Today's Working Orders
BUY JJG @ 37.00
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Stocks...
Spu's & Nasd are both higher on the month. If they maintain higher after tomorrow's Fed Minutes release, look for these to continue rallying into Friday's close.
Bonds ...
30 Yr. Futures...need back under 141.12 close to head lower. Price action over 142.10 is needed for higher.
140.02-05 is support and the downside closing pivot.
Bund...has a double top @ 151.12. 150.00 is mvg avg support.
Stuck in the middle.
FX...
Euro....we'll keep our resting stop @ 127.43 working 24 hours a day.
EUR/JPY...136.60 is pattern support for the cross to hold.
USD/JPY...? 107.60 (92.85 Futures) is resistance.
Commodities...
OIL... Price action over 81.50 will run out the shorts on the point & Figure chart. Resistance is 82.45 with a close over 83.15 needed for bottoming action.
Brent...84.50 is support. This now becomes the downside closing pivot as well.
Closes under 84.50 is needed for another swing down.
Brent has been holding every break to 84.50 support. This is the key to trading Oil.
Grains...Bottoming...
JJG breaks out to the upside with a close over 37 for another 10%. First tgt is 40 followed by an eventual 42 print.
Soybeans...Beans completed their first objective last week @ $10. Price action over 10.15 should lead to a 10.614 print. if the beans start a yearly retrace, $12 is in the cards.
Corn...is attempting an ORH month. A Friday close above 3.595 confirms the pattern.
I'm looking for an initial 60 cent rally.
Wheat...5.60-65 is the first tgt. 60 cents is the second, half way back up on the year.
General Comments or Valuable Insight
Currency are traders pushing the Yen crosses which is reflective of a Risk On board ( Selling Yen/ buying the other major currencies against it.)
Time to get the grains on with any mid week weakness.
?JJG
WHEAT??
CORN?
?SOYBEANS?
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.