October 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
Short 1 EURO ? ? ? ? ? ? ? ? ? ? ? ? 128.76 ??????? 126.90????????????? 122..00
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Today's Working Orders
BUY 1?EURO @ 122.40 GTC...This is a closing trade.
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Stocks...
SPU's ... the point & figure pattern shows a move back to 1928 is possible.
Sustained price action above the high 60's is needed to turn the pattern Bullish.
IYT...closing below 148.25 would target 141 a test of the 200 DMA.
GOOGL...needs sustained price action and a close over 591 to held propel the indices higher.
VIX...is another chart trying to make up it's mind on direction. Sustained price action and a close over 16.15 will keep the Bears in control of the Equity Indices.
IWM...needs a couple of closes over 110.30 "qtrly pivot" to rally.
Bonds ...
30 Yr. Bonds...treasuries will find buyers on small breaks going into tomorrow based on the equity weakness and upcoming data.
FX...
Euro...once below 125.80, look for a retest of last weeks low. We've lowered our trailing stop to just over yesterday afternoon's high @ 126.90 cash.
EUR/JPY...double topped last night on a daily chart. Monthly sell stops are @ 135.80.
With a Risk off board, this could trade down to 132.
USD/JPY...as long as the Futures hold above 91.75 on breaks ( 109 USD/JPY), it will remain firm on the cross.
Commodities...
Gold... the long term sell stops? are @ 1179. price action over 1215 is needed for a test of 1241.
GDXJ...needs a close over 33.60 to rally anywhere.
Crude...needs above 90.58 for higher. 88.85 is semi-annual mvg avg support.
Look for a bounce at this level, however once below ,Oil has lower targets.
General Comments or Valuable Insight
Going into tomorrow it will be Full On "Full Moon Trading" with a Lunar eclipse.
(Volatility will pick up).
Daily market tone has been set early with the NYC Equity openings ( Time Frame Trading). Look for more of the same.
Spu's, after months of grinding, are giving day traders 20 point moves again.
EURO
VIX
IYT...Dow Transports
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.
