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.
ASNA Long at $14.20
Total Premium Collected $.75
DUST Long $4.50
Total Premium Collected $.70
FEYE Long at $13.65
Total Premium Collected $.68
DDD Long at $15.16
Total Premium Collected - $.49
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Today closes out the last trading day of 2016.? When you consider that 2015 closed at 2,043.94 and yesterday closed at 2,249.14, it has been quite a year.
As of yesterday, the market was up 205.20 points for the year or 10%.
Along the way we had the Brexit vote and meltdown and recovery.? And the Trump election and rally.
It really has been an incredible year.
The question for 2017 will be can this continue?
At least you know where the pressure points for this market are and I will continue to update them.?
I do want to wish you a Happy New Year!
Volume continues to be light and I expect more of the same today.? The S & P 500 is trying to hold the major 2,250 level and closed within a point of it yesterday. I would expect the minor 2,242 level to act as support if it does break under 2,250.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
Major level: 14.06
Minor level: 13.67 **
Minor level: 12.89
Major level: 12.50 **
Minor level: 12.11
Minor level: 11.33
Major level: 10.94
Major level: ??9.38
The VIX hit a high of 13.71 before closing at 13.37.? This is just under the minor 13.67 level. 12.50 should now act as support and 14.06 the upside resistance level.
$SPX:
Major level: 2,281.30 **
Minor level: 2,273.48
Minor level: 2,257.82
Major level: 2,250.00 ***
Minor level: 2,242.18
Minor level: 2,226.62
Major level: 2,218.80
The S & P 500 continues to try and hold the 2,250 level.? 2,246 is a minor support level and I would expect the market to drop under 2,242.18.
2,257.82 could offer resistance.
QQQ:?
Major level: 121.88
Minor level: 121.10
Minor level: 119.53 ***
Major level: 118.75 ***
Minor level: 117.97
Minor level: 116.41
Major level: 115.63
Minor level: 114.84
The QQQ closed at 119.71. Expect the QQQ to recoup the 119.92 level.? If it can?t, it should drop to 118.75.
TLT:?
Major level: 125.00
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: 117.96 **
Minor level: 116.41
Major level: 115.62
The TLT closed just above the 118.75 level.? To move to 121.88, it will need two closes above 119.53.?? 121.09 should offer minor resistance.
Daily trend remains bearish.
GLD: ?
Minor level: 113.28
Major level: 112.50
Minor level: 111.72
Minor level: 110.16 **
Major level: 109.38 **
Major level: 106.25
Major level: 103.13
Major level: 100.00
The GLD bounced from its oversold condition and closed at 110.29. ?A close today above 110.16 and it should try and test 112.50, which should offer resistance.
Daily trend remains bearish.
XLE:
Major level ? 78.13
Minor level ? 76.56 **
Minor level ? 75.78 **
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53
If the XLE can close above 75.59 today, it should move up to the 78 level. If it cannot close above 75.50, expect a drop to 74.
FXY:
Minor level: 87.11
Minor level: 86.33
Major level: 85.94
Minor level: 85.55
Minor level: 84.77
Major level: 84.38
Major level: 82.81
Minor level: 81.64
Major level: 81.25 **
Major level: 79.69
The FXY continues to bounce from its oversold condition.? The FXY closed at 82.76. just under the 82.81 level.? Look for this level to act as resistance.? I would not expect a move past 83.? If it does take out 83, look for the bounce to continue.
Longer term, the FXY is still bearish.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
115.63 should offer support.? Minor resistance is at 117.19.
Buying against support is still the best strategy.
WATCH LIST:
Bullish Stocks: DIA, AVGO, MMM, BA, CB, NFLX, QQQ, CVX, JACK, NVDA, JPM, APC, WDC, MSFT, XLNX, CRUS, HIG, DFT
Bearish Stocks:? VRSN, VFC, KORS, CTRP, EXPR, OMER
Be sure to check earnings release dates
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