June 29, 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
No current positions.
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Today's Working Orders
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The markets are down significantly pre open based on news that a settlement with Greece has stalled.
The news out of Europe continues to create excess volatility for markets worldwide.
And to add to this increased volatility, the Non Farm Payroll comes out this Thursday at 8:30 EST.? It is moved up a day due to a market holiday this coming Friday.
The market has a full session Thursday, but is closed this Friday for Independence Day.
Traditionally, Thursday afternoon should be slow with New York traders heading out early to the Hampton for a long weekend.
I mentioned Friday that short term momentum has shifted to the downside and this morning that trend continues.
Here are the key levels for the markets.
Stocks...
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VIX:? Key levels are 12.50 to 15.63
Short term levels:? 16.41 and 14.84
Friday, the VIX closed at 14.02.? This was the second day in which it closed above 13.28.
The objective is to 15.63.? After 15.63, the level is 18.75.
16.41 is a short term resistance level for the VIX.
If the VIX cannot get through 15.63, expect the market to bounce.
Where the VIX opens this morning will be important.
An open above 15.63, expect 15.63 to add as support.
If it opens under 15.63, it should be resistance.
S & P 500 Cash Index: ?
Key levels are 2,125, 2,093.80 and 2,062.50
The S & P 500 did not quite reach 2,093.80 Friday, the objective I had called for.? Friday's low was 2,095.38.
The next key level to the downside is 2,085.98.
Two closes under this level and the S & P 500 should drop to 2,062.50.
The S & P 500 could drop down to 2,062.50 and the bull market would still be intact.? In fact, a reversal around that area would create opportunity.
Nasd 100 (QQQ):? The QQQ and the NASD composite continue to show the most strength of all the major markets.
Key levels now are 109.38 and 106.25.
108.60 should be support. Two closed under this level and the QQQ should drop to 106.25.
TLT:? Key levels are 118.75 and 115.63.
115.63 and 114.85 should be support. ?
I mentioned that the objective for the TLT should be 118.75.
It is up to 117.50 pre open.
The level after 118.75 is the 122 area.
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GLD: Key levels are 115.63, 114.06, and 112.50.
The GLD continues to hover around the 112.50 level.
112.89 is the level just above 112.50.? And 112.11 is level just under it.
Two closes above 112.89 and the GLD should head up to 114.? Two closes under 112.11 and it should drop to 110.94.
XLE: Key levels are 78.13 and 75.
Short term support levels for the XLE is at 75.78.
I do expect a retest of the 75 level, which should happen today.
A break under 75 and the support level should be 74.22.
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Watch list:
Bullish Stocks: NFLX, EXPE, DPZ, UHS, NKE, FB, CASY, DE, LLY
Bearish Stocks: PCLN, CMI, MON, CVX, WDC, SNDK, WYNN, GMCR, SNDK and QCOM