January 23, 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
APPL Long????????????? ? ?? ????? 520.70????????????????????? 520
Orders are "stop on close" unless stated otherwise.
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Today's Working Orders
No working orders........
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Stocks...
DPM...Midstream Partners has some upside potential as long as it holds today above 49.30-40 the 200 day mvg avg.
Spu's...the all session chart shows a possible ORL patten with a close below 1833. Spu's would need to sustain under 1825 during the day session to confirm pattern breakdown.
Nasd 100...3605 is the daily ORL#
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Bonds...
30 yr...there are resting buy stops above 131.15 today's ORH#.
Closing above 131.20 should lead to another full point higher.
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FX...
EUR/AUD...needs all new price action over 154.25 to extend the rally. 155.98 was last years high.?This is where to look for the next signal.
The cross either rejects with a possible double top or extends another 5 figures.
Given the length of the move last night, traders should not expect any follow through at the 156 level today.
AUD/USD...sustaining under 97.80 would give a 1st wave tgt just below 87.
USD/CAD...112 ( app 89.30 CA6H4 "March Futures") looks to be a very oversold area.? Sell big rallies not breaks.
The buck is back with a vengeance this year. Canada in particular has come down a long way.
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Commodities...
Oil... 95.25 is support. This is a low risk buy zone. Price action below 94.95 will see this roll over from this level. It will be pivotal going forward.
A retest of this level and maintaining a close over 95 is needed to keep the rally intact.
Resistance is at 98 which is the 1/1/14 breakdown level.
General Comments orValuable Insight
I live in Chiberia which means I have a built in aversion to shorting energy in the winter. I understand the up in the Oil and Natty because it's too cold to walk outside.
Both those rallies look in need of a rest.
It's earnings season, if you wish to get involved look to play the little lotto in the individual names via the options.
The game remains in the individual names, not the Equity Indices.?Tech and Healthcare continue to provide opportunity.
They tried to sell off the Spu's after China's PMI #'s last night. Spu's are still not getting the job done on the downside.
This is a Bull market...you've witnessed selling going into London's close for the past several days, followed by afternoon strength in New York.
For the bears to win you need to see late day weakness.
Let the day unfold.
Time Frame Trading.
Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s.
We have a Long Equity Bias.
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