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.
GOGO? Long at $19.93
Total Premium collected - $1.95
ASNA Long at $14.20
Total Premium collected - $.75
ETE Long $14.05
Short Sept-2nd-$18 Call - $.45 collected
Total Premium collected - $2.29
P Long $13.38
Total premiums collected - $.70
DUST Long $4.50
Total Premium collected - $.70
FCX Long $12.45
Total Premium collected - $.24
Today marks the last trading day of August.? We begin the final quarter of 2016 tomorrow. And the interest rate debate continues on.
At that time, the TLT was trading around 95.? Today, the TLT trades for almost 140.
So much for the talking heads getting that one right.
We were able to capture great gains on high yielding stocks. Not to mention high paying dividends.
Yesterday, the S & P 500 closed at 2,176.12, down 4.26 on the day.
The intra day price action essentially traded around the 2,175 level I mentioned yesterday.? The low for the day was 2,170.41, less than two points under the 2,171.88 support level.
And yesterday also qualified as another inside day.
When the market finally breaks out or down from this formation, the move could be large.? Down to up
volume picked up yesterday, so bias is to the downside.
Pre open, the markets are trading slightly to the downside.
The market may continue to trade in narrow ranges until the release of the non farm payroll this Friday.
Continue to monitor the shorter term levels for the VIX and the S & P 500.
Here are the key levels for the markets.
Minor level - 17.96
Major level - 15.63 **
Minor level - 14.85
Minor level - 13.28 *
Major level - 12.50 *
Minor level - 11.72
Minor level - 10.15
Major level - 9.38
The VIX closed at 13.12.? This was under the 13.28 level by 16 cents.? Resistance should be at 13.28.
Resistance should also be at 14.06.
The 12.50 level should offer support.
S & P 500 Cash Index:?
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12 *
Major level - 2,187.50 **
Minor level - 2,171.88 **
Minor level - 2,140.62
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50
2,171.88 should continue to offer support for the market. If the S & P 500 breaks under this level, it will then be resistance.
2,178 should be a level to watch as well. And 2,179.70 should offer resistance.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
The QQQ closed at 116.56 yesterday.? A retest of 115.63 should be the objective.
116.41 should offer minor support.? Resistance should be at 117.
Major level - 143.75
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28 *
Major level - 137.50
Minor level - 136.72
Major level - 134.38
The TLT formed an inside day yesterday.
Minor resistance is at 140.23.?? Support should be at 139.45.
Major level - 131.25
Minor level - 130.46
Minor level - 128.91 *
Major level - 128.13 *
Minor level - 127.35 *
Minor level - 125.78
Major level - 125.00
Minor level - 124.22
The GLD hit the 125 objective we were looking for.? The low for the day was 124.88 before closing slightly above it at 125.03.
Resistance should be at 127.35.
Short term levels to watch are 124.22 and 124.78. A break under 124.22 and expect the GLD to move lower.
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41
Major level - 65.63
Minor level - 64.85
The XLE is flirting with the minor 69.53 level. It closed just above it yesterday, at 69.61.
A close today above 69.53 and the objective should be to 71.88.
69.53 should continue to offer support.
Minor resistance should be at 70.12.
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple broke under 106.25 and closed at 106.
The key short term level is 105.47.? Two closes under 105.47 and Apple should drop to 103.? 106.25 should now be resistance.
Bullish Stocks: NTES, AVGO, XEC, ADBE, KSU, NSC, URI, VMW, AMBA, ADSK, DFS, EGN, CLR, CCE, NCR
Bearish Stocks:? AGN, EXPE, LLY, IAC, TEVA, AN, ALKS, FSLR, CAR, OMI, SCTY
Be sure to check earnings release dates.