November 15, 2013 - 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
SSO Long ? ? ? ? ? ? ? ? ? ? ? ? 91.60 ? ? ?? 91.60 ? ? ? ? ?? 102
DXJ?Long ??????????????????????? 48.46??????? 47.50???????????? 53
TBT?Long ??????????????????????? 77.70??????? 75.75 ??????????? 82
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Today's Working Orders...
No working orders
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Stocks...
GOOG...is attempting an ORH week with a close over 1032.40.
This pattern tgt's another 10% higher for GOOGLE to the 1140 area.
?
Bonds...
30 yr. Bonds...We'd like to sell a rally into the mid 133's, however this looks unlikely.
FX...
USD/JPY...maintaining above parity will keep this weak. keep selling rallies.
Commodities...
Gold...macro sell stops are below 1261, which if elected will seek 1180.
Sustained price action above 1300 is needed for any upside to materialize.
Oil...buy stops are above 95.25-40. The pattern shows 94.50 must be breached and maintained for there to be any chance of seeing this level.
General Comments orValuable Insight
Focus should be on individual instruments.
Wednesday we liked EWW (Mexico), which
just had a day and a half 4+% rally.
EWZ (Brazil) benefited from the bear trap in Oil led by PBR which rallied 5% in short order.
LNG is up 15% since the last time we spoke about on the 11/7/13.
We're going to ride the ride until they turn off the power in the amusement park.
The individual names will be much better trades.
If you have a favorite we're more than happy to take a look.
Yesterday we canceled our resting buy orders in the TBT.
First, the ETF's don't always line up with the futures.
Second, I'm risk averse and don't like to have orders out there during possible events such as the Yellen grilling on Capital Hill.
Third, from a technical perspective, I didn't have a high confidence level I was in love with for a buy and hold.
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. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30/13 ( September 30th) closes as your macro pivots. Trade the opening ranges and early time frames.
For Glossary of terms and abbreviations click here.
