December 3, 2015 - 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 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.
Current Positions
GOGO? Long at $19.93
Total Premium collected - $1.25
Short December $20 Call - $.30
NCR Long Jan 16 $27 Call
Net Debit - $.80
X Long at $14
Total Premium collected - $.89
ASNA Long at $14.20
Total Premium collected - $.75
LUK Long December $18 Call - $.35
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Yesterday, the S & P 500 took out the major 2,093.80 level and ran up to 2,104.27 before it gave back all those gains and dropped to a low of 2,077.51.
2,104.27 is just under 3 points from the next confirming level, which is 2,101.62.
With the S & P closing at 2,079.51, it would need to close today under 2,085.98, to move down to 2,062.50.
2,078.10 was the minor support level I mentioned on Tuesday.? Yesterday's low was within 60 cents of that support level.
Another way to look at this is that for the S & P to remain bullish, it would have to reclaim the 2,085.98 level today.
Tomorrow morning at 8:30 EST is the release of the Non Farm Payroll and I would expect some extra
volatility.
Here are the key levels for the markets.
?
VIX:?
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75 *
Minor level - 17.19 *
Minor level - 14.06
Major level - 12.50
15.63 is a minor support level for the VIX.
I would still expect major resistance for the VIX to be at 17.19.
S & P 500 Cash Index:?
Major level - 2,125.00
Minor level - 2,101.62
Major level - 2,093.80 *
Minor level - 2,085.98 *
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68
Lower levels to act as support, especially 2,078.10.?
A close under 2,085.98 and the S & P 500 should drop to 2,062.50.
Nasd 100 (QQQ):?
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85
Minor level - 113.28 *
Major level - 112.50
Minor level - 111.72
Minor level - 110.16
Major level - 109.38
The 115.63 objective was hit yesterday.
Minor support should be at 114.85.
If the QQQ can reclaim that level, it should act as support.
TLT:?
Major level - 125
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
Minor level - 121.09
Minor level - 119.53 *
Major level - 118.75
Minor level - 117.97
Minor level - 116.40
Major level - 115.62
A close today above 122.66 and the TLT should run to 125.
Support should be at 121.88 and 121.09.
GLD:
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Minor level - 102.34
Minor level - 100.78
Major level - 100.00
Major level - 96.88
The GLD is inching down to the 100 level.
Still a market to avoid.
XLE:
Minor level - 75.78
Major level - 75.00
Minor level - 72.66
Major level - 71.88
Minor level - 69.53 *
Major level - 68.75
Minor level - 67.97 *
Minor level - 66.41
Major level - 65.63
A close under 66.80 today and the XLE should drop to 65.63.
67.19 should be resistance.
Apple:
Major levels for Apple are 125, 118.75, 112.50, 106.25, 100, and 93.75.
106 should be a major support level for Apple.?
A close today under 117.19 and Apple should retest 112.50.
Watch list:
Bullish Stocks: GOOGL, PANW, EW, MNST, NFLX, DY, ADBE, SWK, DPS, QIHU, ALGN, GIS, MPC, XLNX
Bearish Stocks: CBRL, CELG, TGT, CRI, AXP, DECK, CAR, RGLD, SHO, MOS, RRC
Be sure to check earnings release dates.