August 27, 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 IWM ?????????????????????
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Today's Working Orders
Sell IWM 114.35 Stop Close
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Stocks...?
DAX...94.77-95.15 is weekly resistance and the closing upside pivot. Now that we've broken above this zone I'm looking to buy a 100 point pull back
HEDJ...56.60 is the buy zone for this ETF. Buy breaks not rallies.
DXJ...is a tough pattern at this level. 49.50 would be a level to start a position.
EWW...maintains upside momentum over 70.85 close.
X...U.S. Steel has been on fire since we previewed it last week. This should have trouble closing over 40 on this wiggle up.
39.85 is the low risk buy zone.
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Bonds ...
30 yr. Bonds...140.29 is the top of value and short term resistance on the point & figure charts. Once above, look for 142.00
FX...
Euro...is trading short term oversold. Sell rallies not breaks.
132.80 is the low risk sell zone for the rest of the week.
USD/JPY...103.30 ( app 96.80-90 Futures) is the place to sell Yen.
Commodities...
OIL...94.80-95.00 is resistance. Look for price rejection here the first time up.
General Comments orValuable Insight
It's the mid-week shuffle.
Time to analyze each instrument on it's own merits.
Our initial Nasd 100 Futures tgts are 4080 followed by 4160.
Let the market breathe at the targets, particularly mid-week when you can get some profit taking.
Spu's...we stated that 2000 was just one of those #'s not to buy index strength at. Let the market do the work.
The low 2020's followed by 2060 are the next upside levels to get hung up at.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
