July 15, 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
GOGO? Long at $19.93
Sell to Open 7/17-$20 Call at $.30
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Today's Working Orders
No working orders.
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I am running a tad late this morning because my wife and I actually had a chance to celebrate her birthday yesterday.
But the rally continues.
The S & P actually closed at 2,108.95 yesterday, which marks the first close above 2,101.
A close today above that level would indicate further upside movement.
There are a few companies reporting this week that have the potential to move off their earnings.
I do not advocate trading before earnings, but after the announcement is another story altogether.
I will review a few set ups on the next webinar.
Here are the key levels for the markets.
Stocks...
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VIX: ?
Minor level - 16.41
Major level - 15.63
Minor level - 14.84 - objective is 12.50
Minor level - 13.28
Major level - 12.50
Minor level - 11.71
The VIX is almost back to the major 12.50 level.
As you know, this level has acted as support for a long time.
S & P 500 Cash Index: ?
Major level - 2,125.00
Minor level - 2,101.62 - 2 closes above & objective is 2,125
Major level - 2,093.80
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68
2,101 level should act as support and a close above it today and the objective is to 2,125.
Nasd 100 (QQQ):? .
Major level - 112.50
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
A close today above 110.16 and the objective is to 112.50
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
Gold is oversold.? If it cannot hold 109.38, look for lower prices.
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.
The XLE continues to try and hold the 75 level.? If would have to reclaim 75 before any signs of bullishness appear.
Watch list:
Bullish Stocks: NFLX, AMZN, AGN, ORLY, CBRL, EW, DIS, NKE, CELG, DPZ, CME, ACN, UA, FB, EA
Bearish Stocks: CP, WDC, Z, GMCR, QCOM, APA, GMCR, SNDK and QCOM
