August 8, 2013 - MDT Midday Missive

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.

NEM...put in a terrific low today on a very long time frame chart.

We'll look to buy it tomorrow or on a small pullback against today's low which
is also a double bottom on a monthly chart.

It's already gone from support to resistance on the daily maps for me to chase today.

BHP...has broken out to the upside. We'll look at this on the next pullback.

GDX & GDXJ...both look great against today's low. Again both of these have gone from support to resistance in one day. I want some confirmation that this is not just another one day rally before I bite.

ABX...John spoke of this miner yesterday in the webinar.
This has gone from support to resistance in one day just like the mining
ETF's. ABX remains firm above 16.65.

EUR/JPY...as mentioned last night, holding 128.40 area is big stuff leading me to believe that 95.80 USD/JPY will cap the Yen rally in the near term.

AUD/JPY...we spoke about how big of a level 86.40 was yesterday morning.

DXJ...anyone wishing to buy Japan should use 44.30 close as a stop.
45.61 is unchanged on the qtr. By maintaining above this level tomorrow
it can catch a bid into month end.

Japan and the Yen are trading in tandem. You can't trade the stocks without
paying attention to the currency.

Gold...closing above 1315 tomorrow will have investors piling back in. This
would act as a catalyst for the miners to go higher.

Just a few things to digest overnight and put on your radar for the A.M.

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