December 17, 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? JJG?????????????????????????????????????????? 38.21?????????? 38.21 Intra-day
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Today's Working Orders
No working orders.
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Stocks...
Spu's...(H) need to close above 1992 for bottoming action.(Z) Dec. level is 2000, they're respective 50 DMA's.
2022 is the qtrly Dec ORH # in DEC. (the level it failed at yesterday)
1995 is the Monthly ORL # which either month must maintain above to avoid a slide to 1945.
NASD 100... 4020 is the lowest risk buy zone.
VIX...think you're seeing things? you're not. It's been moving 20% an hour.
A close over 24.65 is needed for more upside.
IBB...290 is the 50 DMA. 286 is the monthly ORL # with stops below.
LINE...13.65 is resistance and the closing upside pivot.By sustaining above, look for a test of 15. 12 has to hold on a weekly closing basis for bottoming action.
A re-test of 10 is always possible with further weakness in the Oil patch, where it needs to hold to avoid further weakness.
Yesterday's 35% range illustrates that volatility is up.
Investors are playing the energy names intra day, or maybe it's just the computers.
Regardless, names like OXY could not get up to 77.50 resistance despite 3-4 % intra day rallies off the low in most of the big energy names and a 10% rally in DIG.
Bonds ...
30 Yr...there is no place else left for the money to go. Price action @ 148.00 should be monitored for a double top. There are resting buy stops above which could lead to another half to full point.
Italian Bonds...134.00 is resistance. Sustained price action above should lead to another 65 points.
FX...
USD/JPY...115.45 (86.60 Futures) is the first tgt level. With world equity markets heading south and Bond markets north (Risk Off mode), 113.50 is a real possibility (88.10 Futures).
USD/JPY needs to close back over 118.65 to confirm a lower Yen.
EURO...125.50-70 is resistance and the upside closing momentum level.
Price action and a close below 124.00 is needed for further downside.
Rouble...Needs a close under 6 to think the Russians have got a handle on the slide.
Commodities...
Brent Oil...60 dollars is now the pivot. Good above/negative below
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
FOMC....Equity Index Bulls need to see a capitulation Low after the minutes and a rally into tomorrow.
I will be leaving early to attend the funeral of Leonard Feldman.
Lenny was an early mentor to many of us in the Chicago pits. His humor,candor and levity will be missed.
He was a world class all around great guy whose picture graces my office wall.
When I'm having the worst of days, a quick look at that picture always puts a smile on my face.
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For Glossary of terms and abbreviations click here.