June 2, 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
No current positions
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Today's Working Orders
No working orders
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Stocks...
Nasd 100... 3740.50 is resistance and a potential monthly and qtrly double top #. Price action around this level will run the next swing.
We've been expecting a 3754 print in the Nasd for a long time. We'll reevaluate the board if it can print the level.
Nikkei...14,780 is 200 DMA resistance. Now that it's above the level we're looking for 15,100 as long as it maintains above the 200 DMA.
DXJ...is breaking out to the upside over 47.85. 47.55 is the 200 DMA which will act as support and the market pivot.
Any investor looking to buy this ETF should not risk more than a 46.40 close.
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Bonds...
30 yr. Bonds...(M) 137.15-20 is support and the low risk buy zone the first time down.
A close below 137.00 (M) is needed to change the short term trend.
140.15 is the target for this swing.
TBT...I will need a close over 61.55 to bottom fish in this ETF.
TLT...113.49 is first support. 112.60 is 2nd support and the downside closing pivot.
FX...
AUD/USD... 91.80 is mvg avg support. A close over 93.10 is needed for upside momentum.
USD/JPY...102.20 is mvg avg resistance (app 97.84 Futures). Price action and a close through this level is needed for more Yen weakness.
NZD/USD...put in an ORL # month. price action above 85.30 is needed for any short covering.
83.55-70 is 200 DMA & Fib support
AUD/NZD...109.90 is 200 DMA resistance. The RSI's are rich on the daily charts.
This could just signal some short term weakness before this level can be penetrated.
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Commodities...
Gold...it will take price action and a close over 1260 to run out weak shorts.
Any prints in the low 1220's should be a first partial profit cover zone for shorts.
JJG...46.70 is the 200 DMA and a low risk buy level.
Soybeans...14.80 is the mvg avg support zone. This will be a pivotal level for 40 cents either way. Macro sell stops are @ 14.56.
Wheat...is very oversold on the daily time frame.
OIL...has to sustain over 103.45-50 on the point & figure charts to gain upside momentum.
General Comments orValuable Insight
This is a big data week with ECB,BOE rate decisions followed by U.S. Non Farm payroll data Friday.
Today will revolve around just how much first of the month Equity buying materializes out of the U.S.
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.