July 30, 2015 - 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 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.
Current Positions
GOGO? Long at $19.93
Premium collected - $.70
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Today's Working Orders
No working orders.
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After stopping a point above the 2,062.50 support level, the S & P 500 has rallied for the past two days and moved back above the 2,093.50 level.
And yesterday the S & P closed at 2,108.57 or above the next confirming line.
If the S & P can close above 2,101.60 today, the objective becomes 2,125.
The VIX however, is back to the strong 12.50 support line.
This is a key level for the VIX and could result in another rally for the VIX.
Not much of a reaction off the Fed announcement yesterday. ?
Earnings reaction continue to be sharp and yesterday there were a few companies with substantial moves.
Here are the key levels for the markets.
Stocks...
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VIX: ?
Minor level - 16.02
Major level - 15.63
Major level - 14.06
Minor level - 12.89
Major level - 12.50
Major level - 10.94
The VIX is back to the major 12.50 level.? This has been a major support level for a long time.
A bounce here would not be unexpected.
S & P 500 Cash Index: ?
Major level - 2,156.30
Minor level - 2,132.82
Major level - 2,125.00
Minor level - 2,101.60
Major level - 2,093.80
Minor level - 2,085.98
Minor level - 2,070.32
Major level - 2,062.50
If the S & P can close above 2,101.60 today, the objective becomes 2,125. ?
Nasd 100 (QQQ):? .
Major level - 115.63
Minor level - 113.28
Major level - 112.50
Minor level - 110.16
Major level - 109.38
Minor level - 107.03
Major level - 106.25
The active objective remains at 112.50.
TLT: ?
Major level - 125
Minor level - 122.66? *
Major level - 121.88
Minor level - 119.53? *
Major level - 118.75
Minor level - 117.96
Minor level - 116.41
Major level - 115.63
The TLT remains above the 119.53 level.? Look for a move back up to 121.88.
GLD:
Major level - 112.50
Major level - 109.38
Minor level - 107.03
Major level - 106.25
Minor level - 105.46 *
Major level - 103.13
Minor level - 102.34 *
Major level - 100
Price action has flatlined and the GLD is oversold.? The GLD is trying to consolidate.? If it can hold above 1013.13, it could move up sharply.
XLE:
Major level -? 75 ?
Minor level - 74.21
Minor level - 72.66
Major level - 71.88
Minor level - 71.09 *
Major level - 68.75
Minor level - 67.96 *
Major level - 65.63
XLE has bounced sharply the past 2 days.? The 75 level still remains as a key resistance level.
A reversal around 75 would be a great place to short the XLE.
Watch list:
Bullish Stocks:? AMZN, PANW, GD, EW, MNST, NKE, SKX, DIS, CVS, RAI, NKE, V, SBUX, GIS
Bearish Stocks: BIDU, RL, MON, DDS, CVX, Z, CAT, EOG, DECK, XLE, LNG, UA, MON
Be sure to check earnings release dates.