July 13, 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
No current positions.
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Today's Working Orders
No working orders.
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The markets are up nicely pre open based on news out of Europe that a deal with Greece will be made.
I say will be, because there are a few hurdles that Greece needs to take to have a final deal.
But it certainly looks like it will get done.
I know it is easy to play Monday morning quarterback and think it was better to hold our short VXX position.
Certainly, that position should grow a bit today.
But, it also safer to book profits ahead of the event.
You can always get back in.
The question now is where does the market go.
I will outline the resistance levels as I see them.
Just a quick reminder that earnings season starts to heat up this week.? Be sure to check earnings release dates if you plan on putting on positions.
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 - 2 closes under & 15.63 is objective
Minor level - 16.41
Major level - 15.63
Minor level - 14.84
Friday closed under 17.96.? If the VIX closes under 17.96 today, expect it to continue down, and the markets to continue up.
S & P 500 Cash Index: ?
Major level - 2,093.80
Minor level - 2,070.33 - 2 closes above & 2,093.80 is objective
Major level - 2,062.50
Minor level - 2,054.68
Short term levels are 2,070.32 and 2,078.15
Friday closed at 2,076.62, so a close above 2,070.33 today and the objective is 2,093.80.
2,101.60 should be resistance.
Nasd 100 (QQQ):?
Major level - 109.38
Minor level - 108.60
Minor level - 107.03- 2 closes above & 109.38 is objective
Major level - 106.25
Minor level - 105.46
Friday the QQQ closed at 107.65, so a close above 107.03 today and the objective is 109.38.
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
Minor level - 114.84 *
The TLT is back to just above the 115.63 level.
Key short term levels will be 116.41 and 114.84.
Two closes under 114.84 and the TLT should drop to 112.50.? Two closes above 116.41 and it should run up to 118.75.
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 metal is more oversold than the miners (GDX).
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: AMZN, ORLY, CBRL, EW, DIS, NKE, DPZ, CME, ACN, UA, FB, EA
Bearish Stocks: PCLN, BIDU, CMI, MON, CVX, WDC, Z, GMCR, QCOM, GMCR, SNDK and QCOM
