December 5, 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??Ford (F)???????????????????????????????????? 14.19?????????? 14.00 Close
LONG? JJG?????????????????????????????????????????? 38.21
Long GDX 5 DEC 14 21 Call????????????? .36
LONG SLV 12 DEC 14 16.50 Call???? .16
?LONG LINE ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? 16.45?????????? 16.45 intra day
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Today's Working Orders
No working orders.
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Stocks...
Spu's...2060.75 is the must hold level. 2060.75 is the level to key off of. This is the weekly ORL#..
This will act as support and the closing downside pivot with resting sell stops below.
Price action below here will run out all the new longs in this market and
could well see bigger players closing out many positions and calling it a year.
Nikkei...18,365 was the 2007 high with resting buy stops above. First macro Multi decade Fib resistance comes in around 19,500.
I'm expecting the 2007 high to be tested in the next week or so.
HCA...is set to put in an ORH week. This is a Leon Cooperman holding that can get bid up into year end.
Line...Linn Energy needs to hold early or it could take into year end to bottom. Sustained price action under 17 is not good.
Any longs should use a break even stop.
Bonds ...
Bund & Italian Bond Futures expire Monday.
FX...
Euro...124.60 is point & figure resistance and the upside pivot. 123.30 +- a few is Point & Figure support.
USD/JPY...I'm looking for an eventual running of the long term dollar buy stops @
124.16 (app 80.50 in the Dec Futures).
EUR/JPY...149.15 was November high. Currency traders will continue to use the patterns that are working into year end.
GBP/JPY...has a couple of more figure of upside as well.
Commodities...
OIL...short term point & figure resistance is 68.10. Only price action above 69.50 will hurt the long term Bears.
Below 66 look for weakness to extend.
Brent...74.57 is resistance and the upside closing pivot.
Silver....today is decision time for the metals. Sustained price action over 16.80 is needed to extend the rally.
General Comments or Valuable Insight
Full Moon Trading into the weekend.
It's going to be warm in the Midwest for the next week which will likely keep the lid on Natgas and OIL prices.
DAX/BUND held it's 200 DMA providing some relief to the overbought RSI's in the Dax Futures.
As Long as the Spu's hold 2060 there is no downside and the board will retain it's risk on bias.
I'll be out of office early for the remainder of the day.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
