July 6, 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.
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The markets are down pre open based on the rejection of more austerity for the Greek economy.
The markets should open with a gap down based on this news.
Last Monday, was a long range day with a selling climax.
The low that day, which is 2,056.32 should be a price level to watch.? And pre open, the S & P 500 is just above it.
A violation of that level and the sell off should continue.
This week we will have a webinar.? If you have any questions or anything specific you would like me to review, please send me an email at davismdt@gmail.com.
Here are the key levels for the markets.
Stocks...
?
VIX: ?
Major level - 21.88,
Major level - 18.75
Two Close above 16.41 and objective is to 18.75
Major level - 15.63
Two closes under 14.85 and objective is to 12.50
Watch where the VIX opens this morning.? It should spike higher.
If the VIX can get through 20.31, expect more selling pressure in the markets.
S & P 500 Cash Index: ?
Major level - 2,093.80
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68 (two closes under 2,054.68 and the objective is to 2,031)
Short term levels are 2,070.32 and 2,078.15
2,046.90 is a key level on the downside.? I would not expect the S & P 500 to break under it.? If it does, expect further downside movement.
Nasd 100 (QQQ):?
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
104.69 is a key level on the downside for the QQQ.
A violation and expect the QQQ the head down.
TLT: ?
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
Major level - 112.50
Two closes above 116.41 and the TLT should move up to 118.75.
GLD:
Major level - 114.06
Minor level - 112.89
Major level - 112.50
Minor level - 112.11
The GLD closed under 112.50 yesterday at 111.98.
XLE:
Major level -? 75
Major level - 71.88
Minor level - 71.09
71.88 is a very key level or the XLE.? If the XLE closes under 71.88 for two consecutive days, it could drop 10% to 13%.
Watch list:
Bullish Stocks: UHS, DIS, NKE, FB, FL, SHOO, DE, LLY, HLF
Bearish Stocks: CMI, DDS, MON, CVX, WDC, SNDK, GMCR, SNDK and QCOM
