May 23, 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
No current positions
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Today's Working Orders
No working orders
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Stocks...
Nikkei..is attempting an ORH week with a close over 14,490.
DXJ...The lotto ticket for those looking for leverage on an upside breakout is the 47 or 47.50 "30 May Call" or the "June 6 Call".
Caveat Emptor...I'm not a huge fan of this ETF. I don't think it tracks particularly well.
Russell...has been lagging this rally and is testing resistance and the upside pivot.
IWM...The lotto ticket for those looking for leverage on an upside breakout is the 112 or 112.50 30 May Call.
A break out to the upside in the Russell will propel all Risk assets higher.
TWTR...price action and a close over 32.40 is a buy in Twitter.
This name is trying to bottom and there is plenty of upside potential.
Bottom fishers ( Little Lotto Lovers) should look at the 32.50 or 33 calls expiring May 30 or June 6.
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Bonds...
30 yr. Bonds... are caught between 136.27 and 136.10. The RSI's are neutral.
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FX...
USD/JPY...102.50-70 is the next dollar support level. (9758-37 Futures).
Wednesday's Dollar low (High In Futures) is good enough for a move toward 107, however I do not think this will be a fast move.
GBP/USD...has become overextended on the monthly charts. 168.30 should be monitored for new direction today.
Price action below gives way for a retest of 167.50.
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Commodities...
Crude... looks rich up here. While I'm not going to try and pick a high, a pull back into the 102.50 level would be healthy and a low risk buy zone.
General Comments orValuable Insight
The slow stochastic has crossed higher in the Midcap which is a bullish indicator.
I would pay attention to the Russell and the Midcap on breaks today, since these are the two lagging indices.
Bottom fishing in the names in these Indices should be on your radar.
Bonds and Commodities close early today with Equity Indices closing at the usual time.
The later it gets in the day the greater the chance of a melt up.
Everybody will be out the door except the guy left to turn the power off the computers.
Markets will get extremely thin after London closes.
The Futures should be very active Sunday night into Monday's Globex session with the elections in Europe.
If you're not a Futures trader you're wearing whatever position you take home into Tuesday.
Wishing everyone safe travels over the weekend, we'll write again Tuesday 5/27/14.
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.
Russell 200 ETF ishares
Nikkei
