While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to a 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
ASNA Long at $14.20
Total Premium Collected $0.75
DUST Long $4.50
Total Premium Collected $0.70
RRC Long at $11.85
Total Premium Collected $0.70
RRC Long at $9.20
RIG Long at $8.81
Premium Collected - $1.45
FEYE Long at $17.18
Total Premium Collected $1.06
ET Long at $11.78
Premium Collected $0.35
DBX Long at $19.70
Premium Collected $0.75
ET Long at $7.50
Premium Collected $0.60
AGNC Long at $13.19
Premium Collected $1.20
AGNC Short April 3rd - $13.50 call @ $0.80
MFA Long at $4.20
MFA Short April $5 Call @ $0.40
FCX Long at $6.93
Premium Collected $.68
FCX Short April 17th - $7.50 Call @ $0.33
FRO Long at $8.58
FRO Short April 17th - $9.00 Call @ $0.50
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I did suggest on Thursday a covered call on FRO. The idea was to buy the stock and sell the $9 call that expires next week.
This now means that there are three short call positions that expire this coming Friday.
You will recieve a separate email if I make any adjustments.
The short week closed out 301.17 points higher. The range for the week ended up at 188.31 points.
The range turned out to be 130% of the weekly average true range, which is 244 points.
And the weekly price bar closed at 88.2% of the range of the bar. This suggests that the high for last week, which was 2,818.57, should be violated before the low of 2,574.57.
And the first support level from last week's price bar is 2,696. Beneath this level is support around 2,684.
Thursday's daily price bar ended up being a narrow range doji candle.
This does suggest weakness to start this week.
And pre open, the S & P is trading about 10 points lower.
The key levels from the last daily price bar are right round 2,790. Watch this level today for support or resistance.
This week we begin to get earnings reports from the major banks.
Tomorrow morning, we hear from JPM. And then Wednesday, before the close, we hear from GS, MS, and C.
Here are the Key Levels for the Markets:
$VIX:
Minor level: 44.53
Major level: 43.75
Minor level: 42.97 **
Minor level: 41.40
Major level: 40.62 <
Minor level: 39.84
Minor level: 38.28
Major level: 37.50
Minor level: 36.72
Minor level: 35.16
Major level: 34.38
Minor level: 33.60
Minor level: 32.03
The VIX closed at 41.67. The VIX closed 1.68 points lower. The close was still below the upper band, which now reads 55.75.
The VIX is close to crossing into a downtrend on its 60 minute chart. Assuming it does cross into a downtrend, it suggests the VIX will head lower. This would tell us that the S & P should continue higher.
Resistance should be at 50. And the minor 42.97 level should be resistance as well.
And a close under 42.97 today and the VIX should drop to 40.62.
S & P 500:
Minor level: 3,007.85
Major level: 2,968.80
Minor level: 2,929.75
Minor level: 2,851.65
Major level: 2,812.50
Minor level: 2,773.45
Minor level: 2,695.35 **
Major level: 2,656.30 <
Minor level: 2,617.25
Minor level: 2,539.06
Major level: 2,500.00
Minor level: 2,460.95
Minor level: 2,382.85
Major level: 2,304.75
Minor level: 2,226.65
The S & P closed at 2,789.82. Yesterday was the second close above the minor 2,695.35 level. This now suggests that this level should be support.
And the objective should be to 2,812.50.
2,690 should offer technical support.
QQQ:
Minor level: 201.56
Major level: 200.00 <
Minor level: 198.44
Minor level: 195.31
Major level: 193.75
Minor level: 192.19
Minor level: 189.06
Major level: 187.50
Minor level: 185.94
Minor level: 182.81
Major level: 181.25
The QQQ closed at 200.86. The midband on the daily chart is 195.58, and should now be support.
Support should now be around 200. Watch the minor 198.44 level. This should be support.
And if the QQQ can clear 201.56, look for it to continue higher.
Watch the 201 area today.
IWM:
Major level: 175.00
Minor level: 173.44
Minor level: 170.31
Major level: 168.75
Minor level: 167.19
Minor level: 164.06
Major level: 162.50
Minor level: 160.94
Minor level: 157.81
Major level: 156.25
Minor level: 154.69
Minor level: 151.56 **
Major level: 150.00 <
Minor level: 148.44 **
Minor level: 145.31
Major level: 143.75
The IWM closed at 123.72. The IWM closed above the lower band on the daily chart for the second day, which is now 114.33.
The lower band should now act as support.
If the IWM can clear the 126 area, it should head higher. Support should be at 118.
TLT:
Major level: 156.25
Minor level: 155.48
Minor level: 153.91
Major level: 153.13
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.66
Major level: 146.88
Minor level: 146.10
The TLT closed at 165.39. The TLT closed under the upper band on the daily chart for the third time in about a week and one half. The upper band is now 167.14.
167.14 should be resistance at this point.
Resistance should be around 167. And support at 160.
GLD:
Major level: 159.38 <
Minor level: 158.60
Minor level: 157.03
Major level: 156.25
Minor level: 155.47
Minor level: 153.91
Major level: 153.13
Minor level: 152.35
Minor level: 150.78
Major level: 150.00
Minor level: 149.22
Minor level: 147.67
Major level: 146.89
Minor level: 146.11
The GLD closed at 158.69. Watch to see how the GLD reacts around the major 159.38 level, which should be the objective.
The 161 area should now be resistance. And 157 should be support.
XLE:
Major level: 56.25
Minor level: 55.47
Minor level: 53.90
Major level: 53.12
Minor level: 52.34
Minor level: 50.78
Major level: 50.00
Minor level: 49.22
Minor level: 47.65
Major level: 46.88
Minor level: 46.09 **
Minor level: 44.53
Major level: 43.75
The XLE closed at 33.91. The XLE closed again above the lower band on the daily chart. That level is now 31.63. And it should offer support.
The 32 area should now be technical support. And resistance is at 37.
The 35.30 level is also technical resistance. The XLE needs to clear this level to head higher.
AAPL:
Major level: 312.50
Minor level: 309.38
Minor level: 303.13
Major level: 300.00
Minor level: 296.88
Minor level: 290.63
Major level: 287.50
Minor level: 284.38
Minor level: 278.13
Major level: 275.00 <
Minor level: 271.88
Minor level: 265.63 **
Major level: 262.50
Apple closed at 267.99. Apple is still in an uptrend on its daily chart.
Watch for support at the 265.63 level. And 267.50 is a minor support level. If Apple can hold this level, I would expect it to continue higher.
If it can't, look for a pullback.
Technical support is at 260.
WATCH LIST:
Bullish Stocks: AMZN, REGN, VRTX, AMGN, DG, LLY, FCN, WMT, AKAM, DOCU, CCOI, CNC, FIZZ, STX, CAG
Bearish Stocks: QID, SQQQ, SPXS, TECSWHR, WCN, DGX, DLTR, CRI, WPC, OMC
