May 22, 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...
EPI...India is the higher volume ETF vs PIN. Investors wishing to add India should leave a resting order to start scaling in EPI @ 21-20.
PIN..I'd look to start a position @ 20 and then be willing to scale in against 19.00.
In short a 10% correction would be nice if we get it.
Nikkei...put in an ORH day. Closing over 14,450 will lead to more Nikkei strength and Yen weakness.
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Bonds...
30 yr. Bonds... 136.06, last night's low, is a good enough level to hold. The 30 has worked off it's short term overbought RSI and is now neutral.
FX...
AUD/USD...92.80 is mvg avg resistance. 91.70 is mvg avg support.
USD/INR...the Indian Rupee is very overbought matching this latest rip in it's Equity Indices.
While there is room for more appreciation on the qtrly charts the shorter time frames show some digestion is in order.
Commodities...
Soybeans...July Beans put in an ORH day. As long as they maintain above 14.90, I'm looking for 15.40-50 as a first tgt.
The resting buy stops get elected over 15.32. Longer term wave counts for this move are close to 16.00 as long as 14.90 holds on the breaks.
Corn...4.58 is 200 DMA support. Corn is getting oversold and this should be a priority buy before you sell level.
Wheat...shows the same picture as Corn. The monthly ORL # is 6.562 making 6.475 (200 DMA) the Buy before you Sell level.
Brent...support starts @ 109.40
Coffee... (N) only weakens with price action and a close below 180.
Once sustaining below, this should move in close to $5 increments to the downside
Cotton...(N) 88.58 is pattern support with resting sell stops below.
Closing price recovery over 90.25 is needed for bottoming action.
Weakness under 88.58 could open the way for another 3 dollar break.
General Comments orValuable Insight
Pick your poison carefully today, with elections going on across the Pond, I would expect most investors to be cautious ahead of the long weekend.
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.