May 20, 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 ?YELP?????????????????????????????????? 47.00? ? ? ????? 45.85
?.......................................................................................
Today's Working Orders
S?ELL? YELP? @ ?45.85 intra day? stop
?.......................................................................................
Stocks...
YELP...I gave it a go and it rallied 3% right into weekly resistance @ 48.50 and rejected. I'm not married to it.
Biotech always has a couple of names in play for 5-10% a day.
Time to refocus.
KITE....rallied 10% out of the opening range yesterday right into momentum resistance.
ICPT...broke out in March from the low 220's and rallied 30%. By failing to get back and close above 269 by the end of the week, it could go back there.
MELI...tried up and so far failed. Price action and a close under 145 (support and the must hold level) would put in an interim high.
Bonds ...
30 yr..follow the Bonds for they will lead the currencies and metals.
151.28 is the closing downside pivot for more weakness.
TBT...remains firm over 48.70, the 200 DMA. Sustaining over 50 is Bullish.
ZQEV5...FED FUND Oct Futures...99.746 seems to be the hold and downside pivot level.
FX...
Commodities...
NATGAS...put in a topping and upside exhaustion pattern yesterday. We'll need a day or two for confirmation that the rally is over.
OIL...57.00 + a few, should be the first hold area. Sustained price action and a close below leads to a test of 55. Closing below 55 is needed for a fulfillment of Goldman's call and target of 45.
Copper...has just spent 3 weeks trying to get above old qtrly support @ 2.95.
The Bottom of the channel is in the mid-low 2.70's.
This is attempting an ORL week with a close below 2.90-91 the low risk sell zone.
General Comments or Valuable Insight
?OIL...yesterday Goldman's call for lower Oil prices, which they've been speaking about finally got to mainstream media yesterday.
I'll be monitoring the Oil Futures for a failed rally to buy some puts in the USO.
I did this trade in March and it was quite effective as it captured the direction of Oil as well as the decay built into the ETF.
Today will be "parse the Fed day". It will be an afternoon show.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
