December 15, 2014 - 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
Long??Ford (F)???????????????????????????????????? 14.19?????????? 14.00 Close
LONG? JJG?????????????????????????????????????????? 38.21
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Today's Working Orders
No working orders.
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Stocks...
Spu's...(DEC) the Mid 1990's, which will be a retest of the 50 DMA and Gap we took off from in Oct. is the support level we bounced from last night.
2022 will remain a key pivotal level for the rest of the month. It's will act a resistance and the upside closing pivot.
NASD 100... 4118-4105 basis December is the bounce zone.
Midcap 400...13,962-13,906 is big mvg avg support. Look for a bounce the first time down. Midcap put in a weekly ORL by closing below 14,222.
Nikkei...(H) March is now the lead contract. This remains firm as long as there is no close below 17,200. Closes above 17,700 are needed for upside follow through.
It's done nothing since March trading pretty much where it ended the first qtr.
Bonds ...
30 Yr...145.27 Dec. (144.08 March) is today's ORL level. key off this level for more Equity strength and Bond weakness.
Italian Bonds...134.00 is resistance. Sustained price action above should lead to another 65 points.
FX...
USD/JPY...needs a close under 117.50 ( app 85.10 Futures) to rally anywhere.
GBP/USD...157.50 remains resistance and the upside closing momentum #.
156.45 is support and the downside closing momentum #.
AUD/USD...currently shows a potential double bottom @ 82 +- a few ticks on the point & figure chart.
Commodities...
OIL...needs sustained price action and a close over 59.60 for bottoming action.
Soybeans...with a couple of closes above 10.57 the Beans can take the lead for another rally to just over $11.
General Comments or Valuable Insight
Last night's low was the level we were looking to play a bounce from in the Spu's.
Admittedly, it didn't happen when I was looking for the print, however it doesn't make it less valid.
I like the Low in Spu's. Traders and investors alike should buy it on a retest of that level
if we're shown the price again this week with a few point stop.
Let the early price action be your guide today.
The Board will pick up around 9:15 today.?
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.