January 8, 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
SSO Long?????????????????? ? ? ?? ? 98 ????????????????????????? 99.80
These are stop on close orders.
...............................................................................................
Today's Working Orders
Buy?the?JJG?@ 43.55 Stop On Close. GTC
Sell Yen Futures @ 96.95 GTC
Buy USD/JPY @ 103.25??? GTC
Sell Euro @ 137.40 GTC
Good Till Canceled
........................................................................................................
Stocks...?
TRIP...TripAdvisor is attempting in an ORH week with a close over 82.90.? The first tgt. is 90.50, last years high. 83.85 is a low risk buy.
PG...Proctor & Gamble might not be a momo stock but it doesn't look to have more than a dollar and a half downside. Slow and steady..this ones worth a look.
APC...Anadarko is on the mend after a nasty 4th qtr. A Friday close over 79.86 puts in an ORH week. Sustaining over this level, I'd look for another 2 dollars. 83 is initial Fib resistance.
GOGO... is attempting an ORH week with a Friday close over 25.80. Sustained Price action over 26.40 is needed for further gains.
MU...Micron technology is attempting a similar pattern with a close over 21.93. Sustained Price action over 222.15 is needed for further gains.
Bonds...
30 yr....still looking to sell @ 130.15
?
FX...
Sell the big rallies in the Euro, Aussie, & Yen. Today or Friday will either give you the opportunity or it will be a long time coming.
The only chance of seeing a big break in the dollar would be on an event day coupled with an initial Bond rally.
EUR/JPY...gains upside momentum above 143.00.
Commodities...
Gold...support is 1219. A close below 1215 will be negative.
Today's 50 day mvg avg (resistance) comes in @ 1252.70.
Silver...will see renewed weakness on a close below 19.42.
20.25 is the 50 day mvg avg (resistance).
OIL...EIA petroleum report is released @ 9:30 CDT.
WTI will be active. The path of least resistance looks initially up.
The lowest risk area to sell Oil is 97.00 +- a few ticks with a 30 cent stop.
Closing weakness under 92.70 will lead to lower tgt's.
General Comments orValuable Insight
Welcome to the first mid week shuffle of the year.
Today you have the ADP release @ 7:15 CDT coupled with the afternoon? Fed Minutes release @ 1:00 P.M. CDT.
This screams two sectors...Precious metals and Bonds.
The Currencies will be effected by the Bonds.
A Bond rally will be initially positive the Currencies (negative the Greenback) hence the possibility of a rally to sell in the Euro & Yen.
Weak Bonds (rising U.S. rates) should have the opposite effect.
Both will be in play today through Friday's employment data.
Both today and Friday are event driven days. This means we're paying attention to where things start and stop (highs and lows) for confirmation of direction.
We're looking for extremes in prices that can hold or reverse direction in specific instruments, Levels that are low risk trade entries.
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. We'll be leaving our trailing stops as is.
For Glossary of terms and abbreviations click here.
