August 21, 2013 - 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 Jim Parker, 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?
No current positions or working orders
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Stocks..
NFLX...I have a near term 280 tgt. This level should prove to be descent resistance, causing this stock to back and fill. This is an exit zone the first time up.
Nasd 100...needs a close over 3105 to turn up.
EWP...Spain is back in the news. This gets interesting around 30.20.
Bonds...
Will be a price action trade off the fed minutes. The levels remain the same.
FX...
AUD/USD...90.59 will be pivotal the rest of the week. This is the weekly ORL # that will drive price action late week. ( firm above...weak below)
EUR/AUD...with the Aussie maintaining under 90.59 look for a test of 150 in the cross.
Commodities...
Oil...104.95 is the near term pivot with sustained action needed under 104.50 for more downside. 107 is resistance and the upside closing pivot. These levels are static and will not change.
Brent...as long as this maintains above 108.20 it remains on firm footing.
Gold...needs back above 1375-77 for an attempt at 1400.
Silver...22.50 has to hold an initial break to avoid a bigger correction to as low as 21.82.
?
General Comments or Valuable Insight
The weakness in the WTI Crude has been a correction off the WTI/Brent spread from parity, which was a 20 dollar move from the beginning of the year.
The weakness in the WTI crude was accelerated by technical breaches of the 18 & 50 day mvg avg's in the spread. Technically the spread itself is a tough read in here.
Oil traders have to decide which one is leading, making trading the WTI difficult.
Precious metals and the Equity Indices will be in play @ 1 P.M. CDT when the FED minutes are released. Expect volatility driven by the Bots dissecting every word.
Short Term View...
Trade instruments off their own technical s
Time Frame Trading.
For Glossary of terms and abbreviations click here.
