March 7, 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
Long BAC ? ???????????????????????????????????????????????????? .11
Long CAT ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? .20
Orders are "stop on close" unless stated otherwise
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Today's Working Orders
I've placed 2 currency ideas for the professional FX trader above.
This is not for retail investors!
If these were to be filled it would be in a 30 second blip after the release of NFP #. Then you would have to manage the trade.
There would be no chance for the inexperienced or a retail broker to leg the spreads, let alone place a stop.
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Stocks...
Spu/Bonds are attempting an ORH week.
I'll comment on the pattern near the NYSE opening.
Spu's..1856 is the lowest risk buy level.
Nasd 100.. the low 3680's should hold
Bonds...
30 yr. Bonds (H)...132.21 are where the macro sell stops lie, the weekly ORL#.
FX...
EUR/AUD....151.60 is moving avg support. Sell stops are below 151.82, the weekly ORL#.
GBP/JPY...171.21 is support that has to hold. FX traders should place orders buy here with a tight stop. This is for pros only with a cash FX platform.
AUD/USD...90.51 is where the Aussie has to hold on a break.
USD/JPY...follow the Bonds. The Yen will follow the Bonds.
Bonds up= Yen up/Dollar down
AUD/JPY...92.85 is support. FX traders should place orders buy here with a tight stop.This is for pros only with a cash FX platform.
AUD/USD...should have trouble at 91.70, the 200 day mvg avg.
EURO...139.50 ish is the swing count tgt. 140.15 is possible.
Commodities...
OIL...we got the test of the 200 day mvg avg @ 100.12. 102.70 is resistance and the upside closing pivot.
Wheat (H)...sustaining over 6.44 should lead to another 40 cent rally. 6.68 is the start of the next resistance area.
Soybeans...14.50 is going to be resistance and the key level to sustain over for more upside.? Look for another 60 cents by holding 14.50
GDX & GDXJ...both have the potential for another 10% to the upside with an early hold in the metals.
Gold...needs to hold an initial test of 1337-40 and hold to go higher.
Cattle...the Pit only April chart and the all contract continuation look very different.
The pit shows 142.61 as support and the downside pivot.
The continuation looks like it could retest the 50 day mvg avg @ 140.84 via 142.
Both need price recovery over 144.50 to confirm a low and to move higher.
General Comments or Valuable Insight
Unemployment data will have the Bonds and the Metals in focus.
Follow the Bonds today. They will lead the Currencies and metals.
Bonds down=Yen Down.
Spu's & Nasd will be all about how they hold an initial break.
I have no opinion in the Bonds. They could be 2 point either side of yesterday's close 30 seconds after the NFP release.
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.
We are positive Equities.
January, 2014 MediumTerm Outlook-1st-qtr-2014/
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