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.
GOGO? Long at $19.93
Total Premium collected – $1.95
ASNA Long at $14.20
Total Premium collected – $.75
ETE Long $14.05
Total Premium collected – $1.40
P Long $13.38
Total premiums collected – $.70
DUST Long $4.50
Total Premium collected – $.70
FEYE Long $16.71
Short July 29th – $17 Call – $.31
We have one open position that expires today and that is the short $17 call on FEYE.
With FEYE spiking up to over $18 yesterday, it appears highly probably that the calls will be assigned.
Assuming that FEYE settles above $17 today, your calls will be assigned and your shares sold at $17. Should this happen, you will book a 3.5% profit for 4 days.
If the position requires an adjustment, you will receive a separate email.
The S & P 500 closed 3.48 points to the upside yesterday, at 2,170.06.? Today will be the 12th day that the market traded in this tight range.
This quiet action is designed to try to fool you into thinking a short position is warranted.? However, I warn against that.
Yes, the VIX is down at major support, but it still has not confirmed a move to the upside.
In fact, the VIX has had trouble trying to hold the key short level of 13.28.? If you look at an intra day chart, you can see how the VIX got above that level on two occasions yesterday and promptly sold off under it.
Until we see two closes above 13.28, the bias still remains to the upside with an objective up to 2,187.50.
Both Amazon and Google reported last night and are trading to the upside off their earnings.
Here are the key levels for the markets.
Minor level – 17.96
Major level – 15.63
Minor level – 14.85
Minor level – 13.28 *
Major level – 12.50 *
Minor level – 11.72 *
Minor level – 10.15
Major level – 9.38
13.28 is still the level to watch.? Two closes above that level and the VIX should move up.
But, the VIX has struggled to get above it.
And 12.11 should act as a short term support level. And 12.89 is a short term resistance level.
S & P 500 Cash Index:?
Major level – 2,187.50 *
Minor level – 2,171.88 *
Minor level – 2,140.62 *
Major level – 2,125.00
Minor level – 2,109.38
Minor level – 2,078.12
Major level – 2,062.50
Minor level – 2,046.88
Minor level – 2,015.62
Major level – 2,000.00
2,175.80 should act as a short term resistance level.
The market topped out 1 point above the 2,171.88 level.? Watch this level today.
2,166 should be a short term support level.
Nasd 100 (QQQ):?
Major level – 118.75
Major level – 115.63 *
Minor level – 113.28 *
Major level – 112.50 *
Minor level – 111.72
Minor level – 110.16
Major level – 109.38
Minor level – 108.60
The QQQ came within 52 cents of the 115.63 objective.
114.65 should offer support.
Major level – 143.75
Minor level – 142.96
Minor level – 141.41 *
Major level – 140.63 **
Minor level – 139.85 *
Minor level – 138.28
Major level – 137.50
For the TLT to move higher, it will need two closes above 141.41.
139.84 should be short term support.? 141.41 should be a short term resistance level.
Major level – 131.25 **
Minor level – 130.46
Minor level – 128.91 *
Major level – 128.13
Minor level – 127.35
Minor level – 125.78
Major level – 125.00
Minor level – 124.22
The GLD will need two closes above 128.91 to move up to 131.25.
128.91 is minor resistance.? 127.34 should be support.
Major level – 71.88
Minor level – 71.10
Minor level – 69.53
Major level – 68.75
Minor level – 67.96
Minor level – 66.41 *
Major level – 65.63 *
Minor level – 64.85
Minor level – 63.28
Major level – 62.50
The pullback is coming to an end.? The XLE is almost down to the level that should act as support, which is 65.63.
Watch the 43.75 level on the oil vix.? If it fails and heads down at that level, the XLE should move up.
66.60 is a short term support level.
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple is right up against the mid band on the daily chart. That price level is 104.73.? Watch to see if Apple can break through this level.
If it can’t, it should pullback.? If it does, it would be bullish and higher prices would be expected.
106.25 is also a key level for Apple.? Closing above that level would also be quite bullish and bring higher prices.
Bullish Stocks: AMZN, ULTA, DPZ, IBM, UNH, LH, UHS, CASY, VMC, JNJ FB, ITW, CRI
Bearish Stocks:? NFLX, PSX, CMP, AMCX, MANH
?Be sure to check earnings release dates.