July 30, 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
SELL USAU (30 yr. Bond Futures) @ 140.15
Stocks...
Nasd 100...3926 is daily support.
Spu's...holding 1958 keeps this Index on positive footing. A significant violation could see prices go into the low 1930's.
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.
140.15 is the swing count we've had on our matrix for months.
We're going to sell Futures if the Bonds trade that level today.
FX...
EURO...133.30-60 is a possible trap the first time down. This is a level to take profit on shorts. The level will need some work to get through.
AUD/USD...has been going sideways for weeks. New sustained and closing price action under 93.40 is needed for more downside.
The current forward to Futures has shrunk to -30 points discount.
NZD/USD....Kiwi has room to move to 84.40.
AUD/NZD...resting sell stops are 109.70. The Thursday monthly ORH # and current resistance is 110.37.
Commodities...
Gold...needs to hold 1285 on any break today.
Yesterday's ORL was not technically constructive, however we've seeing so many reversals in various instruments that have not followed through (XLU Utilities comes to mind), I'll just leave the stop alone.
OIL...there is an inventory # today @9:30 CDT. 99.85 is 200 DMA support. 102.80-103.25 is resistance.
General Comments or Valuable Insight
Today there is a distinct possibility of two very separate capital flows today.
You'll have the early show with the economic data, followed by the afternoon Fed statement, which could be entirely different.
I'm focused on the Metals and the Bonds for this mid-week shuffle, looking for signs of a possible trend change.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.