December 3, 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
Long GDX 5 DEC 14 21 Call????????????? .36
LONG SLV 12 DEC 14 16.50 Call???? .16
?LONG LINE ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? 16.45
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Today's Working Orders
No working orders.
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Stocks...?
DAX...10,000-10,050 is the resistance zone and the closing upside pivot.
Bonds ...
30 Yr. Futures...the world is trading (H) March Bonds, however I'm in Dec Bonds which need to hold around 141.31 to avoid a further slide.
FX...
Euro...122.30 is mvg avg support.
Commodities...
OIL...short term point & figure resistance is 68.10. Only price action above 69.50 will hurt the long term Bears. Sustaining above this level is needed for another 2-3 dollar rally.
Brent...74.57 is resistance and the upside closing pivot.
JJG...we're seeing another mid-week sell off in the grains. Soybean weakness has been the main culprit, with the Wheat now profit taking mode.
For me to stay with the JJG I need to see the Beans have a bounce off the 50 DMA @ 9.87.
I'll make a decision closer to the opening to lose the position or keep it another day.
General Comments or Valuable Insight
Welcome to the Mid-Week shuffle.
If anyone was able to buy the 5 DEC 165 IBM calls for .14 cents let me know and I'll add it to my position list.
I did not get any bought and time and sales was ambiguous. I'm not leaving the order working for today, however I like the set up and the potential risk/reward.
Today into tomorrow keep an eye on the 5 DEC 55 calls in Citigroup. An early hold in this name could put these in the money by Friday.
These went out @ .12 cents
54.52 is the weekly ORH #, with 55.28 being the yearly high.
Since London opened the Euro has been sold on the crosses and against the metals gong into tomorrow's ECB meeting.
The rally in the metals has proved fleeting. Silver needs over 16.70 to get going on the upside.
Oil inventories come out today @ 9:30 CDT.
Oil would have to put in a low and have a sustained rally to think the tide has turned.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.