July 22, 2013 - MDT Midday Missive

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.

OIH...48.25-30 is the big macro closing resistance area.

GOOG...897 is the closing pivot. As long as this remains above 897 you can see a rally towards 950 going into month end.

IBM...looks cheap compared to a lot of the board. This has to maintain closes?above 192. Weekly resistance comes in @ 197 and only a close over 200 will start another leg up.

LNG...won't break. As long as this maintains above 29.75 there is not much downside. Only a close under 27.50 would lead to a correction before month end.

SLW...23.72-24 is the next resistance area.Closing above 25.20 would be needed for another leg up.

DXJ...47.00-30 is first support.

DD...57 is the pivot, above it's good short term. 55 is the Macro support level.

Spu's...initially need sustained price action under 1682 and a confirming close below 1675 for a top.

So far all we're seeing is more stock rotation and an early flight out of the dollar.

The Equity Indices still look stuck.

GBP & Aussie are both trading at near term resistance. Do not buy strength in the currencies and expect to get rewarded, this is a time frame trade.

YCS....64 is the key closing hold level.

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