June 14, 2017 - 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
Total Premium Collected $1.95

ASNA Long at $14.20
Total Premium Collected $0.75

DUST Long $4.50
Total Premium Collected $0.70

DYN Long at $12.55
Premium Collected $0.48

VRX Long at $13.69

APA Long Oct $47.50 Call at $3.45
APA Long Oct $45 Put at $2.75

DIS Long June 23, 2017 $107 Call at $.73
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The S & P 500 ended the day closing to the upside 10.96 points, at 2,440.35. It is now within 60 points of what I believe is the ultimate objective for this market.

This is the sixth day that the S & P 500 has closed above the 2,437.50 level.

The reversal to the upside coincided with the VIX stalling just under the 12.50 level. This is the level I mentioned should be resistance and once again it offered the ability to turn the VIX down.

At this point, a retest of the 9.38 level is the most likely scenario for the VIX.

Today at 2:00, we will hear from the Fed and what they plan to do with interest rates. This is an event that can create unusual volatility for the markets.

Continue to follow the levels for the VIX and the markets.

Here are the Key Levels for the Markets:

$VIX:

Minor level: 14.45
Major level: 14.06
Minor level: 13.67
Minor level: 12.89
Major level: 12.50
Minor level: 12.11
Minor level: 11.33
Major level: 10.94 ***
Minor level: 10.55 <
Minor level: 9.77
Major level: 9.38 <

The VIX closed under 10.55, at 10.42. A close today under 10.55 implies a retest of 9.38.

12.11 should be resistance. And the short term 11.72 level could also offer resistance.

$SPX:

Major level: 2,500.00
Minor level: 2,484.38
Minor level: 2,453.12
Major level: 2,437.50 <
Minor level: 2,421.88 ***
Minor level: 2,390.62
Major level: 2,375.00
Minor level: 2,359.38
Minor level: 2,328.12
Major level: 2,312.50

Minor support should be at 2,433.60. 2,445.30 could offer resistance.

Watch how the S & P 500 reacts around the major 2,437.50 level.

QQQ:

Major level: 146.87
Minor level: 146.09
Minor level: 144.53
Major level: 143.75 <
Minor level: 142.97
Minor level: 141.41
Major level: 140.63
Minor level: 139.85
Minor level: 138.28
Major level: 137.50 <
Minor level: 136.72

Watch to see if the QQQ can clear the 140.63 level. Yesterday's high was just under it.

139.84 should offer minor support.

IWM:

Major level: 143.75
Minor level: 142.97
Minor level: 141.41 **
Major level: 140.63 <
Minor level: 139.85 **
Minor level: 138.28
Major level: 137.50
Minor level: 136.72
Minor level: 135.16

The IWM closed just above the 141.41 level. A close today above that level and the IWM should move up to 143.75.

145.31 should be resistance. 141.41 should be minor support.

TLT:

Major level: 128.13
Minor level: 127.35
Minor level: 125.78
Major level: 125.00 <
Minor level: 124.22 **
Minor level: 122.66
Major level: 121.88
Minor level: 121.09
Minor level: 119.53
Major level: 118.75
Minor level: 117.96

The TLT closed again just above the minor 124.22 level. Minor support should be at 124.

If the TLT can hold the 124 level, it could test 125 again. Could be volatile today with the Fed announcement.

GLD:

Major level: 125.00
Minor level: 124.22
Minor level: 122.66
Major level: 121.88 <
Minor level: 120.32 **
Minor level: 119.53
Major level: 118.75
Minor level: 117.97
Minor level: 116.41
Major level: 115.63

The GLD held just above the 119.53 support level. 120.70 could offer resistance.

With 119.53 holding, a retest of 121.88 is likely. Watch to see if the GLD can clear this level.

XLE:

Major level: 71.88
Minor level: 71.10
Minor level: 69.53
Major level: 68.75
Minor level: 67.97
Minor level: 66.41 ***
Major level: 65.63 <<
Minor level: 64.85
Minor level: 63.28
Major level: 62.50

The XLE should test 68.75.

67.97 is minor resistance. And 66.80 should be support.

FXY:

Minor level: 87.89
Major level: 87.50 <
Minor level: 87.11 **
Minor level: 86.33
Major level: 85.94
Minor level: 85.55
Minor level: 84.77
Major level: 84.38
Minor level: 83.60
Minor level: 83.20
Major level: 82.81

The FXY is back to testing the 87.50 level. It closed at 87.46 yesterday.

A break under 87.11 and the FXY should continue down.

AAPL:

Major levels for Apple are 162.50, 156.25, 150, 143.75, and 137.50

Apple could retest 143.75 again, but continues to be oversold.

150 could offer resistance on a rally. Watch 145.31 today. If this level holds as support, look for Apple to rally.

WATCH LIST:

Bullish Stocks: TSLA, NTES, MLM, MMM, FDX, CI, MPC, DAL, CHD, PENN, CONN, POT, CENX

Bearish Stocks: AZO, AAP, CASY, DLTR, EXR, LSI, SLB, JCI, SFLY

Be sure to check earnings release dates.