July 29, 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
Entry Stop TGT
Long GLD 125 123.80 Stp Close
Long TBT AUG 1 59.50 Call .29
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Today's Working Orders
SELL GLD @ 123.80 Stp Close GTC
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Stocks...
ABX...breaks out to the upside over 18.80.
FCX...gains upside momentum over 38.50.
MELI...?strengthens with a close over 92, which then gives it potential to reach 100.
Bonds
30 yr. Bonds...Price action and a close under 137.22 is needed for confirmation of a high.
138.02 is the monthly ORH # for the Sept futures. We need to see a close below this level Thursday or we're too soon on this trade.
Resting buy stops are over 139.03.
FX...
Commodities...
Gold,Silver & Natgas expiration s today.
General Comments or Valuable Insight
Markets will be in limbo until Wednesday's early data releases (ADP) followed by the Fed in the afternoon.
It will be a busy late week with this being the last full week of trading for senior staff in Europe.
The Bonds either top this week or they don't. The premium has been paid out in the TBT. There will be no stop used on the calls.
It wouldn't surprise me to see the calls @ .05 or 100 late in the week.
I'm still looking to sell futures @ 140.15. Paying out some premium in case they don't get there seemed like a low risk way to make a directional bet without being early in the Futures.
Shorter time frame traders should be looking to the miners for alpha.
GDX & GDXJ have both been good trades.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
