July 3, 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
No Current Positions
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Today's Working Orders
BUY GCEQ (August Gold) @ 1289?
GLD ETF=124.25
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Stocks...
Spu's...will need below 1952-3 for a downside to materialize.
IWM...188.50 is daily support.
MVV...71.60 is support and weakens below.
ASX 200...is attempting an ORH week with a close over 54480. I would give that level at least above the 50 DMA @ 54540 to be safe for upside follow through.
Bonds...
30 Yr. Bonds...yesterday's low is a key hold #. Price action below should not be faded.
137.00 is resistance and the closing upside pivot.
FX...
EUR/JPY...139.20 is the 200 DMA and first resistance. 139.55 is the 50 DMA which is the next resistance area.
The monthly chart looks positive as long as 138.75 holds on a retest.
AUD/USD...93.54 is the weekly ORL and hold level.
Commodities...
?Gold...?
?put in an ORH month. Upside momentum builds with a close over 1342.
The dream trade would be to buy gold @ 1288, just above the 50 & 200 DMA cross.
There are lots of levels in between where it could hold and rally.
1312-15 is one, which is the retest of the monthly ORH pattern.
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General Comments orValuable Insight
?Use Monday's close for general market tone in whatever instrument you're trading today. Above is good/Below negative.
The Bonds, Currencies and Metals will be in play early
(7:30 CDT) with the monthly employment data release coupled with a Draghi press conference at the same time.
Follow the Bonds for they typically will move first, with the equity Indices being an afterthought.
It will be just you and the bots after London's close.
Opening Range Time Frame Trading again today.
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Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical's.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.
