June 16, 2015 - 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 Bill Davis, 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
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Today's Working Orders
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The Greek debit stuation continues to affect worldwide markets pre open.
Worldwide markets continues to sell off as a result.
If that is not enough, we have the FOMC meeting on Tuesday and Wednesday, with a statement on Wednesday at 2:00.? This event has the potential to create extra volatility for the markets.
I would watch the VIX and where it opens.? If it opens above 15.63, expect further down movement.
The next level to watch is 16.41.? If the VIX stalls there and heads down, expect the markets to head up.
Stocks...
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VIX:? Key levels are 15.63 and 12.50
Above 15.63 is 16.41.
Below 15.63 is 14.85
The VIX closed yesterday at 15.39, just under the 15.63 resistance level.? If the VIX gets through 15.63, expect further selling pressure in the markets.? If the VIX can get through 15.63, resistance should be at 16.41.
If the VIX fails at that level and heads down, look for the markets to rally.
A move above 16.41 and the S & P should continue down.
S & P 500 Cash Index:? Key levels are 2,093.80 and 2,062.50.
Short term support should be at 2,070.33.? If the S & P can close above 2,070.33 or two straight days, expect a rally back to 2,093.80.
On the downside, 2,085.98 is the key price level.? Yesterday closed just under it at 2,084.43.
If the S & P closes under 2,085.98 today, the market will want to drop to 2,062.50.
2,070.32 should be a short term support level.
With the FOMC announcement tomorrow, profits should be booked quickly on any intra day trades
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Nasd 100 (QQQ): Key levels are 109.38 and 106.25.
Short term support at 107.03.? If 107.03, is violated, look for a move to 106.25.
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108.60 is a resistance level and yesterdat the QQQ closed at 108.01, or just under it.
If the QQQ closed under 108.60 today, it should drop to 106.25.
TLT:? Key levels are 118.75 and 115.63.
Two closes under 117.96 and the TLT should drop to 115.63.
119.53 should act as resistance.
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The TLT closed at 118.64 yesterday, so 117.96 should be support.
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GLD: Key levels are 114.06 and 112.50.
Two closes above 112.89 and the GLD should try tto go to 114.06.
The GLD closed yesterday at 113.29.? If it can close above 112.89 today, it should move to 114.06.
XLE: Key levels are 78.13 and 75.
Key levels for the XLE are 77.34 and 75.78. Yesterday, the XLE
closed at 76.77 and it closed today under 77.34, it should drop to 75.
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Watch list:
Bullish Stocks: NFLX, FDX, GS, PANW, ALNY, AMBA, GILD. GD and MA
Bearish Stocks: CMG, GOOGL, Z, KLAC, CAR, QCOM
On this week's webinar, I will share how to read the VIX levels to help time the markets.
