July 10, 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
Long August 7th-$20.50 Puts on VXX @ $1.83
Value-Thursday July 9th close - $1.88
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Today's Working Orders
No working orders.
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As I mentioned yesterday, there was a possibility that the S & P 500 would form a double inside day.
And if it did, look for today to be a big day.
As it turns out, the S & P 500 did form a double inside day.
The other major markets did not have that set up.
Pre market, the S & P is up just over 27 points, so it appears what I said yesterday is accurate.
If the S & P can open above yesterday's high, look for the levels to act as support and for continuation today.
Here are the key levels for the markets.
Stocks...
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VIX: ?
Major level - 21.88
Minor level - 19.53-2 close above & 21.88 is objective
Major level - 18.75?
Minor level - 17.96
Minor level - 16.41
Major level - 15.63
Two closes under 17.96 and objective is to 15.63
20.31 should act as resistance. ?
Look for the levels to act as resistance and move down before initiating longs.
S & P 500 Cash Index: ?
Major level - 2,093.80
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68?
Short term levels are 2,070.32 and 2,078.15
An open above yesterday's high should be powerful. ?Look for support levels to hold.
Also, a close above 2,078.10 and the S & P should get higher.
The 2,062.50 level should also act as support.
Nasd 100 (QQQ): ?.
Major level - 109.38
Minor level - 108.60
Minor level - 107.03?
Major level - 106.25
Minor level - 105.46
TLT: ?
Major level - 121.88
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
Minor level - 116.41
Major level - 115.63
The TLT moved back below 118.75 yesterday and closed at 117.92, just under 117.96.
A close under 117.96 today and it should drop to 115.63.
GLD:?
Major level - 114.06
Minor level - 112.89
Major level - 112.50
Minor level - 112.11
Major level - 110.94
Major level - 109.38
The GLD should make an attempt back to 112.50.
XLE:?
Major level - ?75?
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09
Major level - 68.75
Two closes under 71.88 and it could drop to around 60.
Keep an eye on this.
Watch list:
Bullish Stocks: ORLY, RCPT, CBRL, EW, DIS, NKE, CELG, SWK, DE, FB, EA
Bearish Stocks: PCLN, BIDU, CMI, MON, CVX, WDC, SNDK, WDAY, GMCR, SNDK and QCOM