March 2, 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 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
LONG EFA 66 3/06/15 Call ? ? ? ? ? ? ? ? .13
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Today's Working Orders
SELL 30 EFA 3/06/15 66 Calls...when EFA prints 66.
Stocks...
NXP,FSL & ACT are in the news this A.M.
Euro Stoxx 50...would need sustained price action under 3563 for profit taking to ensue.
Bonds ...
30 Yr. Bonds...(H) needs over 147.27 resistance for higher.,d
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FX...
DXH5...Dollar Index needs a close over 95.45 to confirm yesterday's pattern and not just be another one day 2 hour move to the other end of the range.
A close under 94.84 would put the pattern back to a sideways to lower grind.
Commodities...
OIL...49.90-50.00 is resistance.
The trade has been Long Brent/Short WTI. Brent has been relatively stable with WTI being the wagging tail.
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Grains...
Soybeans...may (K) is front month, however I'm still following the March off a daily continuation chart.
10.60 is the Pit only 200 DMA...11.20 is the continuation # which is where I think we eventually go as long as this remains above $10.
Wheat... gains upside momentum with a close over 5.20. 5.40 followed by 5.70 are the levels for price rejection.
JJG...has to sustain over 36.20 to not roll over.
GOLD...doesn't look half bad if it can sustain above 1220. How much of this is just Gold buying from Euro or Yen investors fleeing their weakening currencies for a dollar denominated asset vs true Gold strength is worth monitoring.
The last $40 dollar rally has been against the the backdrop of a weakening Euro.
Pay attention to the spreads if you're trading the metal.
General Comments or Valuable Insight
Being the first day of the month the first expected flow in the Equity Indices is up.
Failure to hold a rally early will bring out the bears.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.