May 15, 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
This is a situational order not a market order!
Sell 1/2 your Long 23 May 87 QQQ Put position When the QQQ trades 87.25
The idea here is to take 1/2 the trade off when the strike gets just to the money. Meaning when the QQQ trades close to 87!!!
This is when the options will be pumped up and we're unloading 1/2 the trade.
This order is Good until Canceled (GTC)
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Stocks...
Spu's...sustained price action under 1882 is needed for a further sell off.
Nasd 100...still needs under 3575 to do any pattern damage.
DAX...9600 is today's support.
FTSE...6995 is the 1999 high with resting buy stops above.
This is the spot for a bull trap the first time up.
AAPL...price action under 590.50 is needed to get help with Index weakness from AAPL.
Sustained price action under this level is needed for another 10-15 dollars of correction.
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Bonds...
30 yr. Bonds...136.07-10 is support. 135.15 would be the ideal level to initiate a new long position with a tight stop.
FX...
Euro...pattern sell stops are @ 136.73. 136.30 is support and an exit level for shorts the first time down.
AUD/USD...94.10 is short term resistance and the upside pivot.
EUR/AUD...we're looking to go short the cross just below 148.
Short Euro/Long Aussie.
Commodities...
Oil...101.75 will be pivotal all day. 10 ticks either side of 103 is resistance.
101 is pattern support.
Grains...
SN...July Beans need to close over 15.02 to get anything going to the upside. 14.50 is a low risk buy zone.
WN...July Wheat weakens by closing under 6.81.
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General Comments orValuable Insight
Everybody is waiting for the PPI #'s at 7:30 CDT.
We'll be patient and see what happens.
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.