June 19, 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
Short Euro??????????????? 136.31????????? 136.85 GTC????? 133.70
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Today's Working Orders
BUY Euro @ 133.75 OCO 136.85 Stop GTC ( Good Until Canceled)
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Stocks...
IBB...put in an ORH day. The weekly has room to move toward initial resistance around 260.
UNH...had a big hold at the 50 DMA yesterday. Sustained price action and a close over 79.40 will attract buyers for a run @ 83.
GOOGL...Once above 562 look for Google to be the lead dog for more risk on.
LNG...does not back off much. Above 69.50, look for another 10 dollars
Bonds...
30 Yr. Bonds (M)...137.02-04...(U) September 136.12-14 is near resistance and the upside pivot.
TLT...needs over 113 resistance for higher.
FX...
Euro...136.74 is 200 DMA resistance
Euro needs a close under 136.30 to weaken.
AUD/USD...put in an ORH day. A retest to 93.50-60 is possible.
A hold at this zone would lead to 94.30 's, first resistance.
A close above 94.60 would be needed for another 100-150 points higher.
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Commodities...
Oil...was weak yesterday on the spread against Brent. This had it's chance to break and could not retest last weeks breakout over 105.30.
Oil now needs over 107.10 for a run higher.
General Comments orValuable Insight
Bond strength is keeping a bid tone to the precious metals, Equity Indices and Currencies.
The currencies all had big moves after the Chicago pit closes to the upside as the greenback got sold off with the bond rally.
We'll watch this for a few minutes this A.M., but will likely just exit the rest of our short Euro position if the Dollar does not find footing early today.
The opportunity remains in the individual names.
Last night I listened to the former deputy director of the CIA discuss our options in the Mideast with Charlie Rose.
The bottom line was that the best outcome for all sides is one with the lowest probability of occuring. This should keep the Oil market a good trade throughout the summer.
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.