March 3, 2016 - 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
Total Premium collected - $1.95
X Long at $14
Total Premium collected - $.89
ASNA Long at $14.20
Total Premium collected - $.75
ETE Long $14.05
Total Premium collected - $1.05
P Long $13.38
Total Premium collected? - $.35
DUST Long $4.50
Short March 4th - $4.50 Call @ $.40
..............................
The market followed through to the upside after the strong move on Tuesday.? The S & P closed up 8.10 points at 1,986.45.
It is now within 14 points of the major 2,000 level.
The VIX continues to drop and closed at 17.09.? At this point, the VIX should continues to drop.? The major objective now becomes 12.50 again.
Tomorrow at 8:30 EST is the release of the non farm payroll.? This is the type of report that can move the market. And this should be closely followed.
Here are the key levels for the markets.
?
VIX:
Minor level - 29.68
Minor level - 26.56
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75 *
Minor level - 17.19 *
Minor level - 14.06
Major level - 12.50
The VIX sold off and closed at 17.09 yesterday.? Closing under 17.19 and 18.75 was a key event.
Minor support is at 15.63, but the objective should be to 12.50.
S & P 500 Cash Index:?
Minor level - 2,015.62 *
Major level - 2,000.00
Minor level - 1,984.38 *
Minor level - 1,953.12
Major level - 1,937.50
Minor level - 1,921.88
Minor level - 1,890.62
Major level - 1,875.00
Minor level - 1,859.38
Minor level - 1,828.12
Major level - 1,812.50
The 2,000 level is within reach at this point.? Look for support at lower levels.
Short term, 1,984 should act as support.
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 107.03 *
Major level - 106.25
Minor level - 105.46 *
Minor level - 103.91
Major level - 103.13
Minor level - 102.35
Minor level - 100.78
Major level - 100.00
The QQQ is very close to taking out the 106.25 level.
Lower levels should act as support.
Two closes above 107.03 and the objective becomes 112.50.
TLT:?
Major level - 134.38
Minor level - 133.60
Minor level - 132.03
Major level - 131.25
Minor level - 130.46
Minor level - 128.91
Major level - 128.13 *
Major level - 125.00
The TLT closed at 128.43 yesterday, just 30 cents above the major 128.13 level.? 128.13 should be major support for the TLT.
If it breaks under 128.13, look for a move down to at least 125.
Same as yesterday.
GLD:
Major level - 121.88
Minor level - 121.10
Minor level - 119.53 *
Major level - 118.75 *
Minor level - 117.96 *
Minor level - 116.41
Major level - 115.63
Minor level - 113.28
Major level - 112.50
The GLD is right up against the 118.75 level.? I would expect a pullback here.
Two closes under 117.96 and it should try and hit 115.63.? Still very close to moving into an uptrend on the daily chart.
XLE:
Major level - 62.50
Minor level - 61.72
Minor level - 60.16
Major level - 59.38 *
Minor level - 58.60
Minor level - 57.03
Major level - 56.25
Minor level - 54.69
The XLE hit the 59.38 level yesterday, closing at 59.48.
The XLE will need two closes above 60.16 to move up to 62.50.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed yesterday at 100.75. If it reverses back under 100, a short maybe worth the shot.
Key level to watch is 103.13.? If it takes out 103.13, look for a move higher.
Watch list:
Bullish Stocks: PNRA, BCR, TWC, TFX, SAFM, FSLR, TJX, EW, COR, GIS, OTEX, CAG
Bearish Stocks: VRX, ALNY, AIG, WDC, RH, ABCO, SCTY, KKR, ARLP, AEL, ALJ
Be sure to check earnings release dates.
