June 9, 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

COWN - Long at $14.95

VRX Long at $13.69

APA Long Oct $47.50 Call at $3.45
APA Long Oct $45 Put at $2.75
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The James Comey testimony seemed to do little to sway the markets either way. Other than to churn people's accounts.

The S & P 500 opened at 2,434.27 and then ran up to a high of 2,439.27 before selling off to a low of 2,427.94.

After bottoming out, the S & P 500 rallied back to close at 2,433.79.

The end result was that the market closed virtually where it opened.

The VIX could have helped to time these turns.

The VIX stalled in the morning at 10.53. This was just 2 cents under the 10.55 resistance level. After stalling at this level, the VIX dropped to a low of 9.73.

The was just 4 cents under the minor 9.77 level for the VIX.

So, basically, the VIX ran between the two minor levels. And these levels are known well in advance.

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 <

9.38 should still be major support. And watch the minor 10.16 level today.

The VIX is trading between the major 9.38 and 10.94 levels. Watch for reversals off the major and minor levels today.

$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

Continue to watch the minor 2,433.60 level today. 2,429.70 should also offer minor support.

2,437.50 should most likely be tested again.

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

Yesterday's high was 5 cents above the 143.75 level. Even though it was only 5 cents, it ws critical in that the 143.75 level was taken out. This now implies a move higher for the QQQ.

144.14 should be minor resistance. 143.36 should be 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 took out the 140.63 level yesterday. It closed at 140.88.

138.28 should still be minor support. And look for 139.06 to offer 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 dropped under 125, closing at 124.59.

124.80 should offer resistance and 124.22 should be minor support.

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 closed at 121.65, just under 121.88.

Minor support should be at 120.32. 121.88 is a key level for the GLD. Watch to see if it can recover this level. If it can't, it should drop sharply.

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 is back under the 65.63 level. It will need two closes under 64.85 to move down to 62.

Yesterday's close was 64.86, so I will count that as the first close under 64.85.

As I have been saying, a move down to the 62 area is projected.

64.45 is a minor support level and 65.23 is minor resistance.

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 did close under 87.50 yesterday. 87.70 should be minor resistance.

And watch see if the FXY breaks ubder 87.30. If it does, a move to 86.50 should be imminent.

AAPL:

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

154.69 should be minor support. 155.47 is a minor resistance level. Target is back to 156 though. Same as yesterday.

WATCH LIST:

Bullish Stocks: PCLN, AMZN, GOOGL, REGN, TSLA, AVGO, ULTA, DPZ, MMM, GD, COST, NFLX, BDX, FB, ALGN, EXPE, CB, NVDA

Bearish Stocks: GWW, CXO, SLB, DXCM, DRQ, PDCE, DKS, GCO, CLR, CNQ, CNQ, NBL, KORS

Be sure to check earnings release dates