May 14, 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
Long QQQ 23 -??May 14 - 87??Put ? ? ??.41?
Orders are "stop on close" unless stated otherwise
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Today's Working Orders
No Working Orders
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Stocks...
IWM...110.10-50 is support and the no sell zone. This is the area where the shorts can get spit out the first time down.
Nasd 100...needs to get under 3597 for any downside to materialize.
A close under 3460 is needed for a bigger decline.
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Bonds...
30 & 10 Yr. Bonds...were laid out yesterday in the Interest rate piece.
Bunds...as long as these stay above 144.65, there is more to go on the upside. Buy stops are over 145.42.
TLT...this gains upside momentum above 112.
The major Bond futures all had ORH days with follow through into the tgt areas which were hit in London trading.
FX...
Euro...pattern sell stops are @ 136.73.
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Commodities...
Oil...102.20 is where the last break started from. I would not be looking for upside follow through without some more price action.
101 is pattern support.
Grains...May (K) expires today.
SN...July Beans closed yesterday at an 18 cent discount to K (MAY)
WN..July Wheat closed yesterday at an 8 cent premium to K (MAY)
Corn was basically the same.
Cattle...June (M) 136.65 is mvg avg support. The Pit as well as the continuation charts show this level as key support. Buy before you sell with a very tight stop at this level.
Closing and maintaining under this area puts the weekly chart on the defensive for more downside.
General Comments orValuable Insight
We led off on buying some puts in the QQQ yesterday.
The board is still a Spu/Bond trade.
With the U.S. 5,10 & 30 yr Treasuries all into important resistance and momentum levels, the Equity Indices could take a couple of days to play out.
It's still way too early to tell if this trade will develop as we expect.
The Bonds will be the key.
Welcome to the mid-week shuffle.
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.