July 23, 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
GOGO? Long at $19.93
7/20 - Short 7/24 - $20 Call @ $0.25
7/20 - Long 7/24 $19 Put @ $0.20
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Today's Working Orders
No working orders.
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Running late this morning, so let's get right to the key levels for the markets.
Stocks...
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VIX: ?
Major level - 15.63
Minor level - 14.84
Minor level - 14.06
Minor level - 13.28 - 2 closes above & objective is 15.63
Major level - 12.50
Minor level - 11.71-2 closes under & objective is 9.38
KEY level is 12.50.? A break under and the markets head higher.
S & P 500 Cash Index: ?
Major level - 2,156.30
Minor level - 2,132.82
Major level - 2,125.00
Minor level - 2,117.18
Minor level - 2,109.40
Minor level - 2,101.62
Major level - 2,093.80
The 60 minute chart has moved into an uptrend, so I am biased to buying support levels.
You want to see the VIX reverse to the downside and the S & P 500 hold support at one the levels as a clue to initiate long positions.
Nasd 100 (QQQ):? .
Major level - 115.63
Minor level - 113.28
Major level - 112.50
Minor level - 110.16
Major level - 109.38 - Should be support.
Minor level - 107.03
Major level - 106.25
115.63 is still the active objective.
Look for support levels hold
TLT: ?
Major level - 121.88
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.84 *
The TLT closed yesterday above 119.53.? A close today above it and the objective is to 121.88.
GLD:
Major level - 112.50
Major level - 109.38
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
I do feel the GLD will head lower still.? Most likely to around the 100 - 103 level.
The objective is 103.13.? GLD is oversold on the daily chart.
XLE:
Major level -? 75
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09
Major level - 68.75
Sell any rallies at this point.
Just like the GLD, be patient and wait for the flush out.
Watch list:
Bullish Stocks:? REGN, AMZN, ILMN, ORLY, EW, DIS, PANW, GD, NKE, CELG, VRTX, CME, ACN, UA, FB, EA
Bearish Stocks: CMI, CLB, VMW, SLB, Z, APA, GMCR, SNDK and QCOM