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
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No current positions.
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Today's Working Orders
No working orders.
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IYT...this needs a couple of closes below 151.80 to break down. The Long term # is 150.90 the June 2014 close.
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SHCOMP...with just one week week of correction since the beginning of March, this is still vertical with higher targets.
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TLT...120.00 is support. Above look for continued strength.
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EUR/JPY....135.25 is today's momentum #. Above, look for a test of 135.75.
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Commodities...
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OIL...needs sustained price action below 60 for lower retests.
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Natty..2.94 will be pivotal all day. Much below, look for a retest of 2.80.
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General Comments or Valuable Insight
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Yellen speaks @ 1:00 EST.
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The U.S. Indices should be on hold until the Yellen speech is out of the way.
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Investors will be waiting to see if she tries to talk down Equities. A hold in the Indices after the speech will be a green light for the rest of the day.
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Early trading should be supportive of the Bonds given the height of our Indices + trepidation about the content of her comments.
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Keep your names focused on the widely held Fund names : ACT,GOOGL,AAPL ect.
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Individual names are trading much better than the associated sector ETF's.
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Enjoy the holiday weekend. As for me It's time to recharge and refocus.
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June will be a very busy month!
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Mortimer is turning off the power.
