November 30, 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 Bill Davis, 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
GOGO Long at $19.93
Premium collected - $1.25
NCR Long Jan 16 $27 Call
Net Debit - $.80
X Long at $14
Premium collected - $.89
ASNA Long at $14.20
Total Premium collected - $.75
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Today marks the last trading day for the month of November.? And Friday marked the sixth narrow range trading day in a row.
On a daily chart, it is starting to look like a cup and handle formation.? If the S & P 500 can close above the six day consolidation, it would be bullish and pave the way for a bull move into the year end.
2,093.80 is a strong resistance level and that is the level the S & P is trying to get through.
For the market to drop, it would need two closes under 2,085.98.? For the market to move up to the next level, which is 2,125, it would need two closes above 2,101.62.
The VIX is back down to major support levels.? The 12.50 level had been a major support line for the VIX and it is trading just above it, at 15.12.
If the VIX tests 12.50 and finds support, expect the markets to pull back.
Pre open the S & P futures are up slightly. Watch if the S & P can get through 2,093.80 this morning.
Here are the key levels for the markets.
?
VIX:?
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75 *
Minor level - 17.19 *
Minor level - 14.06
Major level - 12.50
Objective for the VIX should be back to 12.50.
14.06 can act as support, so this is a level to watch closely.
S & P 500 Cash Index:?
Minor level - 2,101.62
Major level - 2,093.80 *
Minor level - 2,085.98 *
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68
Minor level - 2,039.12
Major level - 2,031.30
Friday's high was just under the 2,093.90 level.
And the low was just under the 2,085.98 level.? It will need to close above 2,093.80 to keep moving up.
Nasd 100 (QQQ):?
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85
Minor level - 113.28 *
Major level - 112.50
Minor level - 111.72
Minor level - 110.16
Major level - 109.38
The objective should still be up to 115.63.
112.50 should act as support.
TLT:?
Major level - 125
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
Minor level - 121.09
Minor level - 119.53 *
Major level - 118.75
Minor level - 117.97
Minor level - 116.40
Major level - 115.62
Objective should still be back to 121.88.
Friday, the TLT closed at 120.97, or about one dollar under the objective.
119.53 should act as support.
GLD:
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Minor level - 102.34
Minor level - 100.78
Major level - 100.00
Major level - 96.88
The GLD is almost down to the 100 level.
A close today under 102.34 and it should confirm the move down to 100.
XLE:
Minor level - 75.78
Major level - 75.00
Minor level - 72.66
Major level - 71.88
Minor level - 69.53 *
Major level - 68.75
Minor level - 67.97 *
Minor level - 66.41
Major level - 65.63
The XLE closed Friday at 67.77,? just 20 cents under the 67.79 level.? A close today under 67.79 and the XLE should drop to 65.
It will need two closes above 69.53 to move up to 71.88.
The XLE is still consolidating between the 65 and and 69 levels.
Apple:
Major levels for Apple are 125, 118.75, 112.50, 106.25, 100, and 93.75.
106 should be a major support level for Apple.?
Apple did bounce off the down gap I mentioned last week.
It is trading just under the 253 day average on the daily chart, which is 118.94.
Two closes under 117.19 and Apple should drop to 112.50.
Watch list:
Bullish Stocks: GOOGL, AMZN, MNST, STZ, HD, TSO, NFLX, DY, VRSN, ALGN, QIHU, ATO, VLO, XLNX
Bearish Stocks: AKAM, AXP, ANTM, BMRN, CAR, CMG, MOS, POT, RGLD, RRC, WDC
Be sure to check earnings release dates.
