August 18, 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
Premium collected - $1.25
NCR Long Jan 15 $27 Call
NCR Short Jan 15 $32 Call
Net Debit - $1.70
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As a quick reminder, the Mad Day Trader Webinar is tomorrow at 12:00 EST.
If there is a topic you would like me to address, please email it to me at davismdt@gmail.com and I will try and discuss it on the webinar.
Yesterday, the S & P 500 not only took out the objective of 2,093.80, but it managed to close at 2,102.44, which was above the 2,097.70 level.
This is significant because if the S & P 500 can close above 2,097.70 today, then the objective becomes 2,109.40.
At this point, support should exist at? 2,093.80 and 2,089.90.
The 2,097.70 level can also act as support.
Keep an eye on the VIX as it is getting close to the 12.50 level ... again.
As I said yesterday, a retest would be expected, but it has acted as key support for a long time.
Here are the key levels for the markets.
Stocks...
?
VIX: ?
Major level - 17.19
Major level - 15.63
Minor level - 14.45
Major level - 14.06
Minor level - 13.67
Minor level - 12.89
Major level - 12.50
Minor level - 12.11
Major level - 10.94
Watch where the VIX opens today.? A higher open and look for the higher levels to act as resistance.
S & P 500 Cash Index: ?
Minor level - 2,132.82
Major level - 2,125.00
Major level - 2,109.40
Minor level - 2,105.50
Minor level - 2,097.70
Major level - 2,093.80
Minor level - 2,089.90
Minor level - 2,082.00
Major level - 2,078.10
The objective of 2,093.80 has been achieved. ?
One more close above 2,097.70 and the objective becomes 2,109.40.
Nasd 100 (QQQ): ?
Major level - 115.63
Minor level - 113.28
Major level - 112.50
Minor level - 112.11
Minor level - 111.33
Major level - 110.94
Minor level - 110.16
Minor level - 109.77
Major level - 109.38
The objective of 110.94 has been achieved.? Yesterday, the QQQ closed just above the minor resistance at 111.33.
A close today above 111.33 and the objective becomes 112.50.
Lower levels should act as support.
TLT: ?
Minor level - 125.78
Major level - 125
Minor level - 124.22
Minor level - 122.66 ?
Major level - 121.88
Minor level - 119.53 ?
Major level - 118.75
Major level - 115.63
The 125 Objective has been achieved again.? 125 should be a very strong level of resistance.
A pullback down to the 122 would not be unexpected.
Short term timeframes remain in uptrends.
GLD:
Major level - 109.38
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Minor level - 102.34
Major level - 100
Yesterday was the first close above 107.03.? A close today above that level and the objective becomes 109.38.
XLE:
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Major level - 65.63
Major level - 62.50
The expected retest of 68.75 happened yesterday, with yesterday's low of 68.77.?? The XLE would need two closes above 69.53 to move up to 71.88.
Apple:
The objective is still up to 118.75.? Apple is slowing moving up to the objective.
Major levels for Apple are 125, 118.75, 112.50 and 106.25.
Watch list:
Bullish Stocks:? LMT,? BWLD, MLM, GD, STZ, VRTX, BA, FLT, NFLX, MA, ADBE, CLX, RAI, ALK
Bearish Stocks: FDX, BIDU, IBM, MMM, RL, DDS, ASML, Z, DECK, XLE, FOSL,QCOM, GMCR
Be sure to check earnings release dates.